SHARES AND MINING

Observer, Volume XXXII, Issue 51, 31 August 1912, Page 20

SHARES AND MINING

[By Obadiah.]

THE London money market exhibits practically no change, except that short loans are slightly easier. The flaoting capital is for the moment in ample supply, and bankers are turning it out at low rates at practically call. Next week the demands are likely to increase, so that the crops of Europe and North America may be moved to consuming centres. Much will depend upon the pressure of these demands whether rates move very high. In any case, we may look top a 4 per cent, bank rate very shortly. * * * Locally, there is nothing of importance to record. The arrival of the s.s. Turakina last week was welcomed by traders who were beginning to run short on many lines. Drapers in particular were eagerly awaiting their shipments of spring goods, and there was naturally a very .keen desire to clear goods* at the customs. The customs duties paid in Wellington on baturday last aggregated £15,288, and when one remembers that the Customs office was open for only four hours on Saturday, the amount is strikingly large, and is easily a record tor Wellington. As a matter of statistical interest, it may be stated that the collections last Saturday were equal to ,£3,882 per hour, over £63 per minute. The Customs officers must have been kept busy. '» * * The Wellington Woollen Manufacturing Company has experienced a very profitable year, and the balance sheet issued'last week reflects great credit on the management, and is therefore a feather in the. cap of Mr A. E. Donne and the able and. painstaking secretary of the company, whose close attention to the business is well known. The accounts show that after deducting the amount (£3,460 10s) of the interim dividend to January 31st last, and placing £1,500. to reserve fund (making that fund £20,000), there is available the sum of £8,149 10s lid, which the directors have allocated as follows :—A further dividend for the half-year of 4 per cent. (£4,614), making 7 per cent, for the year in both ordinary and preference shares, leaving a balance of £3,535 10s lid to be carried forward. The profit and loss account shows that the gross profits lor > the year amounted to £26,048 15s 3d, and there was received from rent and transfer fees, £55 6s 6d, making a total of £26*104 Is 9d. The expenses under all heads, including directors' and auditors' fees and provision for bad and doubtful debts, totalled £11,418 7s, and there was written off for depreciation £5,000, leaving the nett profit at £9,685 14s 9d, to which has to be added £3,424 6s 2d brought forward from the previous year, mak ng a total of £13,110 0s lid. The dividend for the year at the rate of 7 per cent, on both classes of shares absorbs £8,074 10s and £1,500 is added to the resrve fund, leaving as already stated, £3,535 10s lid to be carried forward. * * * According to the report of the Kaiapoi Woollen Manufacturing Company, submitted to the shareholders on Tuesday, the sum of £1,592 has been expended in new plant, £1,834 for repairs, and £4,000 provided for depreciation." The profit and loss account, after payment of an interim dividend to January 31st last, shows a balance of £12,335 available for distribution, and this has been allocated as follows :—. £7,600 in payment of a half-year's dividend, (making 7 per cent, for the year on ordinary 6£ per cent, preference - shares) ; £2,000 has been added to the reserve fund ; £500 to insurance reserve ; and the balance, £2,226, is carried forward. * * The Paparoa Coal Company has for the time being at least overcome its financial troubles and there is every reason for believing that its prospects are exceedingly good. The company required additional capital to the

amdunt of £35,000, and after consideralbe delay this sum was slightly oversubscribed. The company can now begin operations, and as there is now, and likely to be a good demand for coal, a profitable market for all the coal mined by the company is assured. * * * Bank of New Zealand stocks are inquired for at £10 19s, but sellers ask £11 6s. * * * There are no sellers' quotations for National Banks, which are inquired for at £6 Os 6d. New Zealand Insurances sold at £4 14s, the present offers being at £4 15s, with buyers at £4 13s 6d. * * * No sellers of National Insurances at £1 18s 6d. * * * South British Insurances are offered at £4, buyers' quotation being offered at £3 18s 6d. * * » Auckland Turkish Baths were enquired for at £2 10s, with no sellers. * * * Union Steams sold at £2 7s 9d, present inquiries "being at £2 7s, with no offers. * * * Northern Steams (paid) sold at 15s 3d, present offers being at 15s 4d, with buyers at the first-mentioned price. * * * Northern Coals (10s paid) sold at lis 6d, with further inquiries at - this figure, but no offers. * * * Auckland Tramways (pref.) sold at £1 3s 6d, present inquiries at that figure, with sellers at 6d more. * * * Taupiri Coals sold at £1 3s 2d, sellers £1 3s 6d, present inquiries are at that figure, with sellers at 6d more. The mining market is rather quiet. A little excitement was caused by a strike at Ivarangahake on Tuesday last. The trouble only lasted a few hours. Talisman shares fell about Is. Sales took place at 40s and 40s 6d. * * * Junctions are weak at 21s 6d, 21s 3d, and Waihis quiet at 355, 34s 9d. * * * Kuranui Caledonian shares improved to buyers, Is 6d, on the strength of Deep Levels crosscut getting close to their boundary. « * * Waiotahis hardened a little, sales taking place at 2s 2d. No improvement has taken place at the mine, in fact, it is rather the reverse. * * * Saxons have sellers Is Id, buyers, Is. The manager must be hard pushed. He has indicated that " picked stone may be expected at any breaking down " in the reports lately, but the best gold reported so far was that " several colours of gold were seen." It would be satisfactory to have the number recorded. * * * May Queen has altered their scheme of works and the developments during the next two months will be worth watching. At least, various " several " colours of gold may be expected. Watchman had a decent return from some 300 odd tons of ore. * j* * Occidental is to underhand stope all the rich gold they left in the floor of the drive. Sales Is 2d. * * * Waitangis sell at Is Id. Sylvias Is 2d, Is Id, Ross Goldfields, 5s 6d and a buyer for 100 Paeroas came in at 36. He was immediately supplied.