Finance Stocks And Mining.

Free Lance, Volume X, Issue 477, 21 August 1909, Page 10

Finance Stocks And Mining.

THE London money inai'ket, as indeed those of Pans, Berlin, and New York, are in a very satisfactory state. Money is extiemely plentiful in Paris, and it is stated that several loams will be issued in the JFiench capital. In the ©ldfliniairy course of events September should wittness a stiffening of the money markets, but, judging by the pieserat ease, the- haidening should be deferred until! October, and possibly later. A 3 per cent, bank i ate would occasion, no serious inconvenience, and in any case this 'higher rate will uot opeiate for moire than a few weeks. » » * The cheapness of money m Euiope and America is having the desired effect of stimulating trade and rndustiy. The improvement in trade is to be seen in the increase of Biitd&h exports. With a creditor nation lake England the first effect of a depression is to see an enormous decrease in exports, for the reason that the boa row ing countries must curtail .their imports and increase their exports to meet their obligations. British imports have been expanding eyer since the close of March, while the total for the seven months to the end of July shows a gaioii of about seven millions srterlinig. The exports have be>gun to increase since the close of May, and the- increases have been substantial in June and July. The improvement m the exports is evidence that the borrowing countries are now ml a position to increase their purchases, consequently we find that there is some measure of industrial! activity m manufacturing Great Butain. The proof of this improvement is* furnished by the advance in <pig-iroai>, which has risen over 4s per ton from the lowest ley el touched this year. Iron enters so largely liiito every phase of industry, and is on that account the first to feel the effects of a depression and the first to benefit by an improvement in trade. The depression may be regaided as at an end — it may not be so for all countn.es — but it is -so for tihe majority, and we think New Zealand stand? m with the majority. As the industries of Great Britain become moie active, the spending power of the community will expand, and that will naturally result in a greater consumption of the food products of New Zealand. Thus, although meat is at a very Sow puce leveJl juist now, we fancy that very shortly am improvement will be noticeable. And if meat advances so will other products, for it wiH' mean geneTail activity and knpi ovement • * * The outlook in New Zealand at the moment is yery encouraging. The new season opens with every prospect of a big output of produce There will be a big make of butter and cheese, and we fancy the prices wffll not be unfavourable. There should be a goodi woofll clip, and the by-products of the pastoral industry, such as- tallow, hides, skins, etc , should aIH show expansion. There is an improvement in the once of hemp, and the output should therefore increase. The promises are big, and wrtih care and economy we should have a yery pleasant and satisfactory year. • • • The report of tihe Wellington Meat Export Company for the year ended June 30th shows that, after providing £7141 15s for depreciation, there remains, with the amount brought forward from the previous year, a balance of £6641 10s 7d to credit of profit and loss account, of which £4230 13s has been paid as an interim dividend. From the balance it is recommended that a diyidend of 2 per cent, for the half-year be paid, leaving >a balance of £295 lls Id to be carried forward • « • The directors regret tihat they haie not a more satisfactory balance-sheet 'to place before shareholders, but, owing to the London meat market steadily and persistently declining alimost from the commenoemeinit of t*he year, and finally uttarlv coilHiapsimg, the purchases of stock on the company's account have been very unprofitable. The total number of sheep and' lambs killied for the year was 494,932, and of cattle 34,567. Of these numbers 144,916 sheep and lambs amd 424 cattle were on account of clients, who shipped to the Home markets on their owiti account. • • m Investnrenifc Shares maintain their dniUiDess, but durfng the past week or two tihere were of an iim-

provement. Bank of New Zealand shares sold' at £9 4s 6d ; Taupiri Goal, at 20s 3d, FeiMing Gas at 21s, anld New Zealand and Elver Plate, at 34s 6d. The quotations aie practically tin>changed. National Baauks, sellers £5 8s; Bank of New Zealand, buyers £9 4s> 6d : National Insurance buyers £1 8s 3d ; New Zealand Insurance, £3 18s; South. Butisb Insurance, buyers £2 12s, sellers £2 14s; Standard Insniirainjoe, buyers £1 3s 3d. Gas shares have received a Kittle attention. Christchureb, Gas, buyers £9 ss . Feildmg Gas, buyers £1 Os 9d ; Gisbonip Gas, sellers £2 12s; Palmerston North Gas,, sellers £7 15s: Hokitika Gas, sefllers £5 15s. Other shares are quaet. Ohristdrarob. 'Moat, buyers P T) 10s; Meat Export, thiid' issaie, iseEpi-s £3; Taupiri Coal, burers £1, seUers £1 Os 3d; Westport Ooa,l, sellers £6 15s; Wostport-Stook-tcn, sellers 7s 3d : Leyliand and OBrien Timber, sellers £1 2s 3d; SbarJand's ordinary, seUiers £1 Is preference, sellers £1 Is 6d. • • • The mining market is quiet. A smaller number of transactions are now reported, but there is still keen interest and great confidence.

A blight young Kaffii, iust foi fun, Sneezed down the barrel of a gun ; And ]ust to see how things would go, He pressed the trigger with his toe. A basketful of his lemains Was gathered from adjacent plains ; And now his tube, you may be sure, When they have colds use Woods' Pepper mint Cuit.