SHARES AND MINING

Observer, Volume XXX, Issue 39, 11 June 1910, Page 20

SHARES AND MINING

'•f . BtObadiah.

THE reduction in the Bank of England discount rate was inevitable, when the public deEosits began to accumulate. Tiie aink is in possession of ample funds, ' but the open market ,is not so cir- -' cumstanced j consequently monetary rates arel still comparatively high. ; The Imperial Government \ must pre- , sentry disburse largo sums ot money, for during the suspension of the - Budget it was necessary to borrow J £30,000,000 to" carry on the business of the country. This amount was borrowed tor short dates from six to twelve months, and during the next few months will become due. This may tend to further ease the market. a • • The demands in the Autumn may ' be smaller than usual, because both wheat and cotton are selling at lower prices. The danger just now is in the American situation. The conditions in the United States are not as satisfactory as could be wished, and the trouble over the railways may easily become a very disturbing factor. However, the American trouble will not be felt until about ' October or November, and there is v always the chance that it may blow .. over. m * • The annual report of the Colonial Mutual Life Assurance Society for 1909 states that during the past year ' the society entered upon the business . of industrial life assurance, and the new department met with instant success. To December 31st, 1909, the industrial department had issued 15/503 new policies, assuring £429,371, the year yielding an annual income of £12,890. In addition, the society during 1909 issued 1557 combined life accident and " invalidity assurance policies, assuring an additional. £462,250 if death should take place as the result of accident, with, corresponding other • benefits for disablement. The annual income from the accident and invalidity portion of these policies amounted to £3783. The whole of this business has been reassured, so that no figures relating to it appear in the balance-sheet. m • •» The new business in the ordinary branch consisted ol 5087 policies for £1,101,060, as against 4627 policies . for £1,135,374 in 1908, the new annual premiums being £40,082, against £41,385, and the average amount of the policy £216, against £245. Claims have matured by . f death under 393 policies, amounting "to £137,670, including bonuses, against»£ls2,6o3 paid m 1908. In addition, £74,205 nas been paid for " endowments under 323 ordinary policies, against £74,376 in the preceding year. , An amount of £58,02p was paid in respect of tontine policies, • ■ ■ The revenue account shows that renewal premiums were £304,434, • against £312,903 in the preceding * year - } new premiums, etc., £48,893, t' and interest and rent £128,711, ; against £124,758 in 1908. Surv renders, and advances redeemed by .surrender, were £34,027. Expenses .'increased—doubtless as the result of, c the opening of the industrial branch. ' The society has-again written down its 'securities. In 1908 the invest•ment fluctuation fund of £75,562 was ' -wiped out, and this'year £50,000 is 'applied to bringing down-the value, securities. After making this the funds of the society esfaow an increase of, £38,087, the . gtotal standifigtat at the '.'-;*"> L ✓"! ' », , 'l'- / \r > """\.-v-' ■'

~/close of the, year.' The rats of iri- ' terest yielded* by the funds was ■ £4 ss'per cent. ~ s ' " " , ' . •• • Accounts for "the six months ended March 31st last of the Bank of New South Wales show that th- , net profits, after providing for the usual charges, bad debts, and the fluctuaI tions' in the -value of -investments, I amounted to £183,938, as* compared i with' £186,426 for the correspnd'ng half of tho previous year With tho 1 balance from th<> previous torn, there, was available a sum' ct £229,643, of which the dividend at the rate of ten per eont. per anriuin absorbed £15,000. Tho reserve fund has been increased to £1,750,000 by the addition of £50,000 j ■ to th" officers' provident fund £-5000 is placed, and a balance of £49,643 is carried forward. .- > . - The report by, cable that the Commercial Union -£&s,urance had absorbed the Ocean Accident and Guarantee Corporation created somewhat of a sensation last - week, but the report was not true. What hss really taken place is that the Commercial Union has acquired chares in the Ocean Accident, and this will no doubt lead to some reciprocal business arrange nent. Neither office loses its jdentiy, and both will carry on business as hitherto. ■ • * Ihere are several inquiries from London for an option over the Tamil aki Petroleim Company's property, and the only effect appears to bo to give the directors the "liveliest satisfaction" that . the Taranaki petroleum industry is receiving tha" attention of th» London capitalists. The shareholders, however, would bo rr.uch more gratified if the directors would get to business and n.ake a deal while the boom in oil is strong. • a » The local Stock Exchange was closed last Friday and Saturday, with the result that the business to . report is proportionately small. Business. . however, in investment shares has been pretty brisk—decidedly better than during the preceding week. " • * . ' Holders of B.N.Z.'s have moderated their claims to £10 3s, as against £10 ss. But buyers remain firm at £10. Nationals could be placed at £6. • • • New Zealand Insurance were done at £3 18s. Holders of South British ask £3 4s 6d, buyers tendering 2s 6d less. Nationals are wanted at £1 9s 3d, and Standards at £1 4s. ■ ■ • Auckland Gas (old issue) were done at £3 10s, and new issue changed hands at £2 Bs. ■ • • Other business :—N.Z. and River Plate, 41s 6d and 44s ; D.S.C, 2s Id ; Devonport Steam, 33s 6d, 33s 9d ; Northern Steams (paid up), 15s ; Wilson's Portland Cement (ord.) 40s 6d, 41s, 41s 3d : Taupiri Coal, 19s 9d ; Kauri Timber (paid up), 38s ; Westport Coal, £6 9s ; Kauri Timber (con.), 16s 6d ; Hikurangi Coal, 20s 9d ; and N.Z. Portland Cement, 43s 6d. • • • Business in minig shares has been rather cjuiet. All the mines concerned in the Thames Deep Levels scheme are lower. May Queens sold at 4s 6d down to 4s Id ; Saxons, Is 8d ; Waiotahisj 4s 2d ; Victorias, Is 5d ; Kuranui Caledonian, Is 7d. Watchman sales down to Is lOd, buyers Is 9d. These shares are safe to come again, but it may be some little time. New Sylvias at 3s 9d are at about their average price. • » ■ There are some good speculators watching Point Russell mine very closely, and shares are likely to see a quick move before very long. Mount Zeehan mine is very promising, but the public don't take it on. . A fresh* deal would do no harm. ■ • <• In Coromandel shares there' have been sales vand a little better prices. Old Haurakis sold up -to 4s 7d and back to ,4s 4d.. , They are having a - few preliminary runs before the final" - gallop./ v , v* «'-• !

', Kapanga' sales, s£d, sales *6Jd. Union Hauraki sales 5d and ssd. Hauraki Reefs Is 6d and-Is 5d for paids, and. lid, and lOd for contributing shares.' _ These are all at rather an interesting stage just now/ At Tairua, the Golden Hills, on the .eve of their first crushing, have, eased to sellers 3s 4d, buyers 3s 2d. The cheapest shares in this district at the price are Tairua Monarch, sellers 4sd, buyers 4d. The Golden Hills # may come lower, but will rise again. - The big mine at Waihi does not show any .improvement, and I think shares will break £8. Sales, £8 7s 6d to £8 ss. - \ • • • The Waihi Grand' Junction continues to improve, but the other mine is bound to have some effect on the price of Junctions. Otherwise they are cheap at 31s 6d. and Handsworth at 10§d.

f*sMl Whether : : merely-«tfa ; bqHa*yal>^^l^^ ta -v it^S r cyjyy;y:.~ r yyyy?+s^>yyy^y:syi;iy : fc *>, "#t>.i with thfc to >well?j« known on the Fuller vaudeville oircmt;. >,= is now appearing with the JUrr^;;. ytSjeiiitoiti^^ At the ThjßAtre Royal, »The Third Degree"is meeting with ,y, remarkable and on every jide-vg most enthusiastic comments are being\, paid to Miss Katherine Grey's magni- •*;<■ ficent portrayal of the leading feminine; \§ role, which gives the young American. ,■? actress such-wide scope for the display. of Tier emotional and dramatic power. > ! Mr Julius Knight, as the lawyer, haa , added yet another 1 to his long list of i triumphs, and altogether the piece > gives promise of being a strong attrac* ' tion for some time to cotae., -^ The "show, girl" in . AmerieaY.", according to Miss Grace Edmonds, is a / spectacular creature. "In musical,V comedy she wears lovely clothes, looks- ~. languidly beautiful, and on, so- ~ haughty. You see her leave the stage ' door wrapped up in furs and disdainfully get into her automobile, while - the admiring crowd look on awed. A < Jittle later on you may see another woman, in business-like coat and skirt,, leave the theatre by the same exit. „ She gets on a street car. If you were „ to ask one of the crowd who she was,., you would probably be informed, 'Oh, . she's only the .leading lady!'"/ The,, new "Dollar Princess" has an amusins sense of the ridiculous.