Shares and Mining

Observer, Volume XXIX, Issue 42, 3 July 1909, Page 20

Shares and Mining

By Ob adi ah.

f|\HE London, money market is ex--1 tremel^buoyant. The iiank ■ of A JBinglaftd shows big figures. The amount of^pld in stock is almost a record,\and the " other deposits" are target This favourable showing is due mainly \o the necessity tor making provision, for the end of the quarter. v , Through July and Auggust the money- market should be quiet, but in September a demand will be experienced, and the demand is likely to beffconger than in past years. .^ Very little can be said in respect to the conditions locally. July is generally the worst month of the year, and it is likely to be bad, but in August a strong improvement should manifest itself.

According to cable advices, the annual report of the .National Bank of .New Zealand shows a profit of £104,785. The dividend and bonus for the year, together, amount to lei per cent., or 1 per cent, more than in the previous year. Besides the dividend there has been written off premises account £10,000 ; the reserve has been augmented by a sum of £2500 ; the statt gets a bonus of £50,000 ; the olhcers' pension tuna received £3000 ; and £30,035 is carried forward.

The acounts of the Equitable Life Assurance Society of the United States for the year 1908 show that the premiums amounted to £10,63y,5b3 ; consideration for annuities, £135,323 ; and interest, dividend and rents, £4,252,915. Other items bring up the total receipts to 3t.j.0,059,29y. The expenditure included claims, £5,224,142 ; debentures and instalments, £44,960 ; surrenders, £2,740,603 ; annuities £232,430 ; cash bonuses, £1,720,228 ; commission, expenses, taxes and foreign exchange, £2,130,748 ; and interest on share capital, £1438 ; the total expenditure being £12,094,011.

The excess of revenue over expenditure is £2,965,288, which, with the difference in valuation of securities (£3,953,075) raises the funds from £87,716,602 at the beginning of the year to £94,634,965 at the end. The balance-sheet sets down the liabilities, including share capital, at £20,550 j assurance and annuity fund, £78,943,416 ; surplus, £15,670,998 ; cash bonuses due and unpaid, £211,135 ; and other items bring up the total to £93,954,991. Assets include American mortgages, £20,050,792 ; securities, £52,187---150 ; house and landed property, £5,832,689 ; loans on policies, £11,724,505 , cash on deposit, in transit, and on hand, £2,672,935 ; and minor items. The new busi;ness for the year amounted to £18,754,362, and the business in force consists of insurance, £272,591,340 ; immediate annuities, £240,380 ; and annuities with deferred payments, £a*,283.

The report of the Sun Insurance Office, for 1908 states that in the fire account the premiums received, less reinsurances, were £1,450,752, being a decrease of £26,890 as compared with those of 1907. The losses, paid and outstanding, amounted to £797,598, being at the rate of 54.98 per cent, of the premium income. The expenses of management (including commission to agents and ; working charges of all kinds) ■f £536,224, being at the rate of 39.96 i;, per pent. ; and interest,, £67,784.

After making provision, for unearned premiums, there is a credit balance of £195,470. • ■ a In the employers' liability account the premiums received, less reinsurances, totalled £62,485 ; claims paid and outstanding, £34,986 ; expenses of management, including commission, £24,325 ; interest, £2976. In the accident and general account the premiums received, less reinsurances, totalled £10,735 ; claims paid and outstanding, £3196 ; expenses of management, including commission, £4215 ; interest, £427. The profits for the year, with the balance of £133,574 ' brought forward, amounted to 1 £365,431.

The accounts of the Atlas Assurance Company, .Limited, tor 1908 show that the net premiums received in the nre department amounted to £1,023,005, and the losses, alter provision tor exceptional claims in respect ot the V aiparaiso and Jamaica earthquakes, to £679,870. Atter providing tor unexpired risks, the underwriting proht totals £69,133. lne lire insurance fund, alter carrying £6806 to proht and loss, has increased by £59,750, raising the total to £735,965. In the employers' liability branch a surplus ot £5452 is shown as the result of the year's operations, and in the accident, burglary, fidelity, and guarantee department a surplus or £1723 is recorded.

For the volume of business done on 'Change this week investment stocks have borne quite a email proportion to the whole, but tho general tone of the market is buoyant.

National Banks have been dealt in at the improved figures oi £5 9s and £5 10s. Since then they have hardened further, and buyers are now ottering £5 11s without tempting the holders.

In insurance lines, there have been sales of Mew Zealands at 78s, and shares are still inquired for at about the same price. South British have been freely inquired for, and several lots have been quitted at 50s 6d and 51s. Buyers are still in the market at 50s 6d.

Auckland Tramway ordinaries keep their recent level, and have been sold at 225.

Taupiri Coals have changed hands at 20s 6d.

Cement stocks are still popular investments. iSew Zealands, old issue, have been sold at 41s and new at 37s 9d ; Wilson ordinaries have brought 38s and 38s 6d.

In gas shares the only transactions reported have been Thames at 36s 6d.

Devonrport Steam Ferries have been done at 30s 9d and 31s, and Northern Steams, paid up, at 12s 8d and 13s.

Dealings in mining scrip, and especially in regard to the Thames mines, continue brisk.

A demand set in for Bonanzas and Halcyons — the former up to 10£ d and the latter to sd. Both are easier now, but are likely to come again.

New Sylvias continue to improve in price, sales having taken place to 3s 5d and back to 3s 2d. The prospects in the mine are bright, and shares should creep steadily up. • • •

May Queens continue between 3s 2d and 3s 4d and remain rather quiet. Their day is coming before long.

Old Alburnias are quiet at Is 6d, and may be lower before there is a rise.

The right people have been buying Monowais. Sellers lOd, buyers B£d. Shares in the Thames mine saw Is 2d. Value now about Is Id. iiise possible. * « • - "Waiotahis are up to 3s 5d again. There are fair reports about the mine. Coromandel mines have been a litt-le better. Golden Pahs saw 6ales up to 5d and are now worth 3^d. Royal Oaks went to Is 8d and back to Is sd. Old Hauraki are at Is 4d, with a chance of some picked stone soon. i Dominions at 4d and Shotovers at 3d have a fair demand; and the . reports are encouraging. B Maorilands saw a spurt up to Is 9cl, and the price is now Is 3d. The money eeems worth them. Very good reports are to hand from New Waitaia. This promises to be a mine, and is worth the quoted price — Is Id and Is. Grand Junctions are steady at a little over 455. This seems about low-water mark with Junctions. The mine is worth more every month. Waihi Beach saw Is 2d and are now lid. They will probably be lower, and then see a rise next month. Waihi Extendeds also are quiet, and low in price. Developments on the new lode are awaited anxiously. Market, 6s 3d, 6s Id.