Shares and Mining

Observer, Volume XXIX, Issue 35, 15 May 1909, Page 20

Shares and Mining

By Obadiah.

THE London wool sales, which commenced on May 4th, have been conspicuous for animation and free buying. The Americans are operating with freedom, and the Continental demand is not less strong, while Bradford buyers are doing their share. Under the stimulus of this competition values have advanced, and tne prices ruling are now easily the highest for a twelvemonth.

At the May sales last year wool touched ite lowest level, and wool men were agreed that the time had arrived for buying. Helped by cheap money the buying has been steady and continuous, and many an empty loft must now be fairly well stocked. 1 do not believe that the demand is due entirely to consumption. Speculation is playing a large part in the business, and so long as the speculators do not overcommit themselves there is nothing to fear. The wool market should now display a steady tone, and next season's clip ought to realise a fair prioe.

The sixtieth annual report of the A.M.P. ' Society is extremely interesting, lt displays the wonderful vitality of this concern, and its unabated popularity with assurante. During the year 1908 the society issued iy,117 policies for £5,04^,351, and the new premiums amounted to £229,176 13s 4d. The industrial department issued during the year 17,499 new policies, assuring £590,903 at premiums amounting to £36,452 per annum. The business in force at the end of the year consisted of 34,901 policies assuring £1,066,251 10s, and producing an annual premium income of £65,455 13s.

Claims in the ordinary department amounted to £793,3^0 18s, including £248,144 18s for bonus additions, have arisen under 1509 life policies, through the death of 1268 members ; and 1561 endowment assurances have also matured, amounting to £536,909 4s, including £157,567 4s for bonus additions. The accumulated fund, includin" the amount at credit of the industrial department, has been increased by £1,091,900 15s 3d and now amounts to £24,540,636 17s, which includes a sum of £9938 14s in the claims investment account. • • ■

The actuarial investigation discloses a surplus of £850,944 15s 3d, out qf which £732,444 15s 3d is to be distributed among members in bonus additions. This sum will provide reversionary bonuses amounting to about £1,300,000. In the ordinary department at the close of year there were on the various registers 227,112 policies, assuring £63,077,094, and producing in annual premiums £2,057,462 8e 3d.

Though the mining boom has provided potent attractions that divert attention for solid investments, one of its effects has been to harden up standard stocks generally.

Bank of New Zealands have failed to find sellers at the advanced price of £9 ls. Holders decline to part at less than £9 6s. Nationals remain firm, with clivers at £5 7s.

New Zealand Insurance have firmed to business at 75s 6d. South British buyers have raised their offers to 48s 3d.

• « • New Zealand Paper Mills have been done at 225, 3d and 22b 9d.

There is still plenty of money available for New Zealand Portlands, but all recent business has been on the basis of last week's figures — about 41s 6d for old issue and 35s 6d for new.

In mining matters, business continues brisk. Shares in all the principal mines at the Thames have seen a2oto 50 per cent. rise. Old Alburnias are perhaps the exception that proves the rule, but they should see an early rise.

May Queens are firm at 2s ld, and will come along directly.

New Sylvias have seen business up to 2s 4d, and are worth more. The mine is looking well.

Old Alburnia sales ls 5d and ls 6d Sure to improve this month.

Large sales have taken place in Saxons at 2s ld and 2s 2d. A further rise is promised.

\Vaiotahi sellers 2s lid, buyers 2s lOd. Reports from the mine are a little better.

Coromandel mines are very quiet, and shares low. Sales in Old Hauraki 9^d to 10£ d. and Royal Oak eontributings ls 4d and Is 3d. Neither looks very promising at the present time.

The Comstock Company has discovered a new reef in the Karangahake, running into the Comstock property. Sales at sd, with an upward tendency.

Crowns rose from 4s 6d to 5s ono day and to 5s 6d the next. Nothing fresh is reported.

Karangahakes pulled up at ls 10d. Sellers now ask ls 9d and buyers offer Is Bd. The Comstock reef may help them a little.

Tairua Broken Hills find buyers a little higher each week. They may see 3e this month. Sales, 2s Id and 2fi 2d.

Talismans creep along steadily. Sales to 53s 9d, and buyers at that price.

Waihi Extendeds have reported nothing fresh since tlie striking of the new lode — supposed to be the Martha. Another reef should be to hand shortly- Market price, 6s 4d.

London controls the Grand Junction market. There have been abundant sales from 42s to 47s 6d. Orders are still coming from Home.

The prospectus has been issued of the new Four-in-Hand Company, which is being floated with a capital of £20,000, in 100,000 shares of 4s each, to acquire the Four-in-Hand claim at Wa^.oromiko. Of the total capital 35,000 shares, paid up to 2s per share, are to go to the vendors, with £850 cash, and the remaining 65,000 are offered to the public. The Four-in-Hand mine has been worked by two previous companies, both of whioh paid dividends in working the reefs in the upper levels. The last company exhausted its resources in driving a new low level, and then went into liquidation. Tho purpose of the proposed new company will be to continue the low level, in order to get underneath the place where the rich gold was won in the upper working of the Four-in-Hand reef, and it is estimated that this will be accomplished by another 180 feet of crosscutting.