SHARES AND MINING

Observer, Volume XXXIII, Issue 2, 21 September 1912, Page 20

SHARES AND MINING

[By Obadiah.]

THERE will be a strain on the London money market during the next two weeks, and if the strain is greater than usual, and that is not unlikely, the bank rate will, in all probability, advance to 5 per cent. A disturbance of some consequence witJi New York as its centre may be expected. The Presidential election, even when the chances of the candidates can be estimated with some degree- of accuracy, causes a great deal of unrest in financial and industrial circles, and on this occasion with so much uncertainty involved the disturbance is likely to be more pronounced.

Locally, tliere are still mild complaints as to the difficulty of obtaining money, because investors want a fair rate of interest. The monetary difficulties, whatever they may be at. the moment, will disappear presently when the produce of the season begins to arrive at the seaboard for shipment. In a few weeks' time the first shipment of butter and cheese should be leaving New Zealand, and a few weeks subsequently the meat freezing companies will be operating and the wool clip will be coming. This summer the output of hemp should show some expansion, as the price is now at a payable point. The outlook is good.

Another favourable feature and one that warrants a great deal of optimism is the fact that the exports of produce show an increase in value for the eleven months ended August Ist. The exports of the principal products were valued at J>18,758,563, as compared with .£l7----848,275, a gain of ,£910,298, which is very satisfactory. There are indications that the imports will be within the smaller compass as the customs returns show decreases.

The balance sheet of the New Zealand Farmers' Co-operative Association of Canterbury, .Ltd., for the year ended July 31st last, is a very satisfactory sheet, and is about,the best ever issued by the Association. The nett profit for the year amounted to .£51,----009 0s 7d, to which has to be added the sum of .£2,168 18s 2d, making available a total of ,£53,177 18s 9d. The holders of preference shares received a dividend of 6 per cent., and the holders of ordinary shares, 8i- per cent. In addition there are the usual bonuses, the sum of .£9,222 10s is added to the reserve fund, and this sum, together with the premium on shares issued during the year brings the reserve fund up to .£IOO,OOO, the whole _of which is invested in the business.

Bank of New Zealand shares are offered at .£ll 2s 6d, with buyers at .£ll.

National Banlcs are enquired for at £6 Is, with sellers 2s higher.

New Zealand Insurances are offered at <£4 14s 6d, buyers £4< 13s 6d. * * •

No offers of National insurances at £2 Os 3d, nor Standards at £1 12s. South British are offered at .£3 18s, buyers Is lower, * * *

New Zealand River Plates sold at £2 Is 6d, present quotations being £2 2s, sellers, and buyers £2 Is 3d.

Westport Coals sold at £1 8s 3d, present quotes being, sellers £1 8s 6d, buyers Bs.

N.Z. Portland Cements sold at £1 7s 6d, present buyers' quote being 3d lower.

Aticldand Gas shares (new issue) sold at >£3 4s, buyers' closing rates being at that price with sellers 6d higher.

Gear Meat Co/s JSA shares sold on the Wellington Exchange at .£l2 15s, and £1 shares at «£3 4s 6d.

Waitangis came down to 9£d, had a run up to Is Id, and back to 10£ d again.

New Sylvia has been reporting " picked stone." It is a good little mine, but I rather think the "picked stone" racket is doing the shares more harm than good.

Saxons made their penny call, and discovered some .more colours of gold. Shares eased to 9£d, call paid.

Some good reports from the New Waitaia have come to hand and shares sold \i\) to Is 9d, but eased again. Mountain King shares also improved to 4Jd from 2£d. This mine is more promising, and may be to the front yet.

Eoss Goldfields sold down to 5s lid last week. The long wait has told its tale. There is still a long wait for shareholders before they can expect gold and nothing to help the shares much in the meantime. They should be worth buying in three or four months' time.

Crowns sold at 2s 3d, the lowest price for a long time.

Occidental had a good crushing but shares sold a penny cheaper on the result being known. They have been so long getting ready that the manager must intend having a big breaking down when he starts. It can't be much longer now and will have to be pretty good to be up to expectations. According to some rumours there won't be much quartz amongst it.