FINANCE AND TRADE.

New Zealand Times, Volume LXX, Issue 3862, 4 October 1899, Page 6

FINANCE AND TRADE.

“New Zealand Times” Office. ■ Tuesday Evening. The Gas tom's returns for to-day amounted to £J9IS 10s lid. The balance-sheet of the South British lire and Marino Insurance Company for the year ended 31st August is now to hand. ; An analysis of the figures snows that the company has done better than last year, though the underwriting profit does not reach the total of 1897. In the following table is giveii the not premia, the losses and expenses, and the underwriting profit for each year since IS!W:

Although- there is a vast improvement in 1899 over the previous year,'the underwriting profits do not reach the level of any ot the years given in the table except 1896 and 1898, when the results showed a balance on the wrong side of tlie ledger. There is nob much in fire and-marine underwriting, when all the risks are taken into account. During the past eight years the South British Insurance Company received in premiums' £1,665,5-tli but the losses and expenses absorbed £ 1,519,*275 or over 93 per cent, of the ir.cetp(% leaving an average of 7 per cent, lo build up reserves, to write down furniture and premises and to pay dividend on capital. The ratio-of losses, expenses and underwriting profit to net premium receipts for each year show as under:— -

Tho past year's losses were less than in any previous year except 1893 ana 180-1, but the expenses were considerably higher than in any previous year. Tho South British has been extending its connection, particularly in the Last, and while this is ho the expenses must be expected to be large. The purchase ct tho Eastern business in tho Straits Insurance Company, recently announced, will no doubt cause the figures of next year’s balance-sheet to show to better advantage. To complete our review it is necessary to compare the leading items in the balance-sheet with those given last year as under:

Tho market for dredging shares shows an improvement this week. The dullness exhibited last week appears to have been duo to the' fact that the Bank of .New Zealand and National Bank half-yearly balancing periods closed on Saturday. No doubt, for the purposes of wiiiuow-drcssiug, traders and others were compelled to see that 'their bank balances were in accordance with Tho demands of the managers, and possibly holders of mining .stocks found it convenient to unload to meet their banking engagements. Tho main feature of tho dredging share market to-day- was the strong advance in Magnetics, tho present quotation for these shares being 62s to 635. Tho old Cocksparrow dredge, which tho Consolidated Dredging , Company purchased, commenced work yesterday on the Bullcr river at ulio Inanguaha junction. Tho dredge, since it passed into the hands of tho Consolidated Company, has been considerably altered and improved. The dredging prospects are reported to be good, and tho shares of tho Consolidated Company, on which 7s are paid up, are now quoted at Ms. , A. satisfactory return from tho dredge will make a' big difference. . ,'A claim of' about seventy acres, situated between Lake Mahiiiapua and the beach has been acquired by a Wellington syndicate. A dredging export from Dunedin who hr..i examined uhe property gives a- highly favourable report, and it is very probable that tho necessary capital for working the claim will be found by a private company. A comparison of the railway earnings of four of the Australian colonies for the year ended 30th June 'with the previous year, shows as follows: 1897-98. 1898-99. £ £ Now' South Wales 1,166,873 1,515,365 Victoria '962,812 1,151,288 Queens'and ■ 529,745 u88,66i South Australia 380,754 442,000 The figures show a- general expansion, tho increase in Victoria being particularly large. Except in the case of New South Wales hone’ of the other colonics have obtained -sufficient from their railway’s to pay interest on the capital cost, the debit balance hi \ictoria amounting to as much as £294,802, ■which, however, is considerably’ less than in tho previous year, yvhejt the deficit amounted to ; '£474,427,.' The New South Wales railway's showed a surplus, after paving working expenses and- interest on capital, of £71,912, or £40,676 more than iu tho previous year. COMMERCIAL- CABLES. TRESS ASSOCIATION. LONDON, Sunday. WOOL SALES. In the wool market there is slightly better competition. - ‘ '

■ DUNEDIN SHAKE MARKET. DUNEDIN, Tuesday. The following sales of dredging stocks wore reported to-day: Bannockburn Creek, 4d. ; atto Creek, 77s 6d. Electric Extended, 2s Gd. Galtee More, 20s. Golden Beach,. 21s. Golden Link, 71d. Golden Point, 365. / Hartley and Riley, 150 s and 147 s Gd. Magnetic, 63s aiid 625. Nevis, 30s. Noi. 2 Matau; 3s; 3s 3d and 3s Gd. Orwell Creek, 3s 3d, Smith's Creek, Gd discount. On 'Change to-day; the following sales wereinado at a premium : Bannockburn Creek, Id. Electric Extended, 2s 6d, 2s 3d. Golden Link, 74a. . Morning Star, 2s 3d. No. 2 Matau, 3s, 3s 3d, 3s Gd. Orwell Creek'‘3s 9d. Sailor's. Bend, 9s Gd, 9s 3d. Second Magnetic, Bs. The following shares were also sold: Chatto Creek, 77s Gd, 775, Dunedin, Bs, 8s 6d. Galtee More, 20s.i Golden Beach, 21s. Golden Point, 365. Hartley and Riley, 150 s, 147 s 6d, 1495. Magnetic, 635, 625, 645, 64s 3d. Nevis, 30s. ■ Smith’s Creek and Bannockburn, 6d discount. GOLD RETURNS. • Li ONEDlN.Tucsday. The return from the Glenrock mine, Macetown, for the month of September was 1290 z 13dwt 18grs of smelted gold from 255 tons. , The Roxburgh Amalgamated Sluicing Company washed up for September 1240 z I3divt 18gr« of geld. 'During the week ending to-day returns were reported from m dredges, me total yield being 1112 oz 3dwt llgrs, or an aterage of over 48oz per dredge. LIVE STOCK MARKET. Messrs Freeman R. Jackson and Co., in conjunction with Messrs Abraham and Williams report as to their Johnsonville sale:—A full supply of beef, consisting mainly of medium-weight bullocks and good cows and heifers, sold freely; a total clearance being affect d a: prices ranging from 17s Gd to 18s Gd c or pr q° quality'. An occasional pen made up ( > I9s. Cow beef made 14s to 15s 6d per 1001 b. A large entry of sheep were, about Is per head cheaper than lost week. The wethers bntered were of indifferent quality only. The few lambs entered were small, but of nice quality. A heavy yarding of pigs sold irregularly,' best porkers making equal to 4d per lb, but choppers and large stores brought lower values. Quotations: Prime heavy bullocks, £7 10s to £S 2s 6d; ( medium weight, £6 10s to £7 10s; indifferent bullocks, A‘s 10s to £6-, best cows, £4 15s to £5 7s Gd; others, £4 to £4 10s; heifers, £4 to JJ4 2s 6a; cows in milk, Jl3; small heifers in calf, .412 Is; store cowg, 30s. Sheep—Wethers, 13s to 14s; best ewes, 13s lOd to 15s Id; good ewes,’ 12s 8d to 13s 9d: others, 11s 2d to 12s 6d; lambs, 10s to 10s 7d. Pigs—Choppers, 27s 6d to 30s; largo porkers, 29s 6d; medium, 25s 6d to 275; small, 17s Gd to 21s Gd; large stores, 22s Gd to 265; small stores, 15s 6d to 16s. .

31st Not ' Losses and ' Underwriters’ Au@; Premiums. Expenses. Profit. . £. £. £. 1892 192,931 174,821 18,110 , 18,309 1893 202,133 183,826 1891 206,198 . 209,239 177,821 38,377 1890 186,387 225,183 22,852 1896 . 223,176 — 1807 214,496 : 196,853 .17,043 1898 ' 208,622 213,018 ■ __ 1899 .'208,414 190,866 17,578

Ratio of Ratio ’ llii.lio Unclerof ,of rvriting isn^' Lofiises. 66.73 Expenses. 24.28 Profit. 0.04 ]S'i;; . G2.29 . 24.88 0.05 I8-.il <5.1.67 ' 21.56 11.70 1595 60.07 34,00 10.S3 1996 77.64 23.11 — 1897 66.S7 24.90 8.23 T.598 75.69 26.63 , — 1S99 64.17 27.40 - S.43

1898. 1899. £. £. Capital 04,628 64,628 Eescn-c 100,000 100,000 Uo-insurancc Reserve 76,000 70,000 Reserve for losses ... 10,197 12,628 Bills payable, etc. 15,188 9,164 Landed property ... 72,962 88,492 Mortgages 71,973 58,470 Fixed deposits 37,150 30,075 Debentures ... 2,237 6,988 Govt, securities 31,048 43,887 Cask.in. bank... 11,070 14,138 Agency balances 44,174 39,167 Underwriting losses... 157,918 133,760 Working expenses ... 55,605 57,106 Premiums 208,622 208,444 Interest 10,852 10,841 Islet profit ... 5,956 28,418