Shares and MINING

Observer, Volume XXVII, Issue 38, 8 June 1907, Page 20

Shares and MINING

By Obadiah.

THE question agitating financial circles in London just . now is the depreciation in Consols and other gilt-edged securities. ; There are a good many substantial reasons for the decline. Ail the same there is no doubt that investors' are beginning to teei scared at the wave ot socialism .passing over -practically tne whole world. 'I'his leeling of want ot confidence is certain to grow, and will in the end bring about a tightening ot money. .Locally, money is in full supply, and all legitimate demands are easily met.

The flour-millers in the South are indulging in a hue gauiole. They have used tor excuses tne excitemeuc in America, the Eastern demand ior wheat, ana wiiat not, tor lorcing up the price ot hour, and the uniortunate consumers have to pay tor the tun. The latest ijonuon reports go bo show that the outlook is not to bad as the tooutnern millers would have us to believe. As a matter ot tact, wheat is rather slower in selling, and Australian wheat is easier in tone.

The combination between the millers and bakers is an unholy alliance, and the chief ottect is to exploit the public. There is absolutely no reason tor wheat to be at 4s bd a bushel. It is only 3s lUd in .New Siouth Wales. Some years ago there was similar excitment in tne South, and one enterprising miller paid as much as 5s a bushel at country stations. Immediately afterwards wheat declined. The fact is that there is not a miller who can give a sound reason tor forcing wheat up to 4s 6d per bushel. .However, we may look tor a speedy reaction, and when wheat declines the millers had better be sharp in reducing the price of flour.

With .. respect to the produce markets generally, the position shows very little change. According to the report from Bradford, crossbred wool is depressed, or rather neglected. Butter maintains a deadly dullness. There is a superabundance of supplies, and values are necessarily lower. Cheese is very firm indeed ? and those factories that have supplies on the market are fortunate. Hemp is dull, and it must be recognised that this product is feeling the competition of other fibres, especially Manilla.

The Ocean Accident and Guarantee Corporation, Limited, has declared a further dividend at the rate of 1\ per cent per annum, in addition to the interim dividend of the same amount previously paid aim a bonus of ten per cent.; making the total distribution for the year 25 per cent.

The directors of the Alliance As-, surance Company have declared a dividend of 10s per share out of the accumulations at the close of 1906. Of this, 4s was paid in January, and the balance will be paid next month.

The dividend of the Northern Assurance Company for 1906 is equal to £3 per share.

The report of the annual meeting of Donaghy's Hope and Twine Company makes interesting reading for everyone but the unfortunate shareholders. I shall have something to say about it in a future issue.

• a m. The prospectus of Auckland Wonderland (Ltd.)* which has been issued, may fairly be recommended to

investors as a reasonable proposition. „ If the show takes on in Auckland- as it did at the Christchuxch Exhibition, there' should be no difficulty in earning the £10,000 capital, and good profits 'besides. Much will, of course,' depend on the management. The proposed company will be one of lO,UUO shares of £i each, of which 8000 are offered to the public, some of these being already subscribed. The property includes a lease of six acres in Khyber Pass at £20U per annum, with 20,000 gallons ot water daily free ; water chute, camel's back toboggan, Katzenjammer castle, laughing gallery, haunted swing, helter skelter, rine range, ana merry-go-round. The plant has been acquired. at considerably less than one-halt of. the original cost. It ,is mentioned in the prospectus that there are more than 1500 of these pleasure resorts in the United States and Canada.

The Wellington shareholder of the Talisman G.M. Co. acted on a suggestion made in these columns some time ago by sending to London, in anticipation of the annual meeting, sufficient proxies to' bring about certain desirable changes in the management. However, the directors thwarted them by holding the annual meeting nearly two months before the usual time. The New Zealand shareholders should not permit themselves to be turned from their purpose. More than two-thirds of the shares are held in the colony, and that is sufficient reason in itself why the head-quarters should be moved to New Zealand and a local directorate appointed. Apart from this, however, it is monstrous that the London directors, apart from their own fees, should deduct five per cent, from the dividends. Even at the cost of sending a representative to London, the battle ought to be fought to a finish. Shares are now worth about 33s 6d, but if the management were in New Zealand the stock would be worth 50s, on the present splendid show in the low level.

The Tonson Garlick Cmpany, after another successful year's business, has declared the usual dividend of 8 per cent., with 5 per cent bonus on shareholders' purchases. The company appears to be fully justifying the expectations of its original promoters.

The market still continues very dull and stagnant. Even investment stock has been affected by the depression. ,

D.S.C. shares significantly continue to fall. The best buying quotation is now 5s 3d for 8s shares, with sellers at 5s 6d. The management will need to look into things.- --* * *

South British Insurance are firmer, with buyers at £5 7s. « • ■ •

The Waihi Company, with a record return of £64,106, paid its shareholders 6s, dividend and bonus, last week. Shares are slightly weaker, at a shade under £9, probably owing to the effect on the London market of the South African miners' strike. * • •

The Waiotahi again came smilingly up to the scratch with a return of £19.122. After paying- the customary monthly dividend of Is 3d, the shares dropped slightly to 22s 6d, with a lower tendency.

The Grand Junction return was £6,400. Mr Brown has relieved Mr Simmons of the management. Shares are lower at buyers 38s.

The Komata Reefs yielded £3958 for the month, which is a decided improvement. Stock easier at buyers Is 6d.

* • • Tairua Broken Hills stock is strong at 4s Id- When the connection in the low level is made, shares should see higher prices.

It was only the Dan wing of the Fitzgerald Circus that was sold off. Mrs Tom is travelling the East with j the other half.

• • « Clarence Brime, husband of Minnie Tittell Brane? is at present in Melbourne, and is said to have his eye on a theatrical enterprise there. • ■ «

Miss Hope Mayne, daughter of the \vell-known Brough and Boucicault ' manager, is billed in the United States as "the clever Australian soubrette." She made her first appearance in Melbourne with the late Charles Arnold in '' What Happened to Jones." • • •

Edward Gwenn, who was here with the Sherlock Holmes company, is gaining warm compliments in the Old Country. The "Times" '' takes leave to consider him one of the most perfect artiste on the English stage at the present moment."

He is a bashful young bachelor from a southern town, and lately arrived in Auckland on a visit to a friend who lives along the Onehunga tram-line. On the way out one evening, he met in the car his hostess, who happens to be the proud mother of triplets — a fact upon which her husband, on the other hand, is so sensitive that he is never seen publicly in association with his trio of cherubs. Arrived at their destination, the triplets were severally banded down from the car, and the southern youth gallantly assisted in the process. He wondered why several fellow - passengers regarded him with respect and admiration. The parting remark of the conductor made him wonder no longer. "Seems as if you're doing all right, sir," remarked that humorous individual, as he reached for the check-string, and he grinned meaningly in the direction of the youngsters. The visitor turned crimson, and walked on absorbed in thought. Next day, he made an excuse for seeking other quarters. The situation was too embarrassing.

The driver of a well-known line of Cobb and Co's coaches is a genial soul, with an almost inexhaustible patience for the whims and petty questions of his passengers, but be came to the limit of his endurance the other day. On the box beside him rode two fussy maiden ladies of uncertain age, who, among other provisions for the journey had with them what the coachie scornfully styled " these here windy bags " — in other words, air-cushions. The luxurious seats, however, did not ruffle his feelings nearly so much as the ladies' solicitude for each other's welfare.

No sooner was the coach under way, than lady No. 1 peered round the flutty edge of her muffler to ask her companion, "Are you quite comfortable, my dear ?" Five minutes later, it was the turn of No. 2 to ask the self-same question. Thereafter, at every new turn in the road, one or other of the ladies would face her sister and repeat the anxious inquiry, "Are you sure you're quite comfortable, dear?" At nrst Jehu was only amused. Then the tiresome formula got on his nerves, and at last he began to fume under his overcDat. His opportunity to break the spell came at last when one of the pair happened to glance in his direction as she asked, "Are you sure you're quite comfortable, my dear?" *' Oh yes, dear," he chipped in. " I'm quite comfy, thanks. Are you ?" The horrified lady gave several gasps of indignation, and icily informed him that she was not honouring him with her conversation, and thereafter there was deathly silence for the rest of the journey. " That settled 'em both," says the whip, when he tells the story, " 1 can stand silly men, but lor' save me from silly women."