SHARES AND MINING

Observer, Volume XXXIII, Issue 4, 5 October 1912, Page 20

SHARES AND MINING

[By Obapiah.]

THE London money market gives indications of hardening. The end of the quarter disbursements will give some little ease this week, but a higher bank rate cannot be postponed very long. The demand for money is becoming veiy pronounced, and is greater than the supply. v The legislation of the world in recent years has tended towards extravagance, in iJurope millions have been spent in armaments, and dear money will impose a check on many of the wild and ambitious schemes of governments. This check will tend to bring about a readjustment and will gradually result in lowering the cost of living. ■ » •

Locally, there is no change to record in the rates. Money is said to be acarce that is, traders are finding it dith'iult to collect debts, and trade is inclined to be quiet. An improvement, however, should be experienced very, shortly, as the produce of tne country will soon be going out in volume.

The London wool sales, which opened last week, came fully up to expectations. There has been an advance in most descriptions, crossbreds securing the best of tiie improvement. The raw material is apparently in good demand, and if tne Americans set about buying there will be a further improvement in values. .

Dairy produce is ruling exceptionally high, and the dairymen of JNew Zealand are assured ot a substantial income this season. This means that a great amount ot money will be put into circulation during the next live or six months, while in another month's time the wool clip will be coining on the market to, add to the wealth of New Zealand. Consumers in New Zealand will have to pay fancy prices for the butter and cheese they consume during the season.

The meat market promises well. Prices just now are exceedingly good, and there are indications that they will remain so. In some European countries and in North America, there is a shortage, of meat, and particularly of beef, and as a measure of self-protec-tion. Continental Europe must admit frozen meat. This will mean fresh markets for producers and should have the effect of stimulating the development of cattle and sheep farming in all countries where it is profitable to do so.

The balance sheet of the Wairarapa Farmers' Co-operative Association for the year ended July 31st last, shows -profit on sales, commissions and sundries totalling .£26,188 15s 10d. The general charge including expenses under all heads amounted to .£12,950 Os 6d, leaving the net profit at ,£13,238 19s 4d, adding to the net profit .£6,409 19s sd. Brought forward from the previous year there is available .£19,649 18s 9d, which the directors recommend for distribution as follews : To payment of dividend of 6 per cent, and bonus of 3 per cent, on the paid tip capital ; bonus of 3 per cent, to shareholders on their purchases ; bonus of 3 per cent. to employees on their salaries ; and a bonus to managers and heads ot such deraptments as have contributed a nrot)ortionate share of profits. After payment of Government Income Tax and the honorarium to directors, there will remain a sum of £7096 to be carried forward. The paid up capital is .£89,899 10s ; rpserve, .£30,764 17s 8d ; debentures and accrued interest, .£25,416 13s 4d ; fixed and free deposits and interest, .£45,703 4s 5d ; liabilities, .£2562 14s lid ; bank overdraft, .£2757 9s 10d. The assets include freehold property, f 55,115 Sβ 7dj stocks in hand and afloat, Mte 7d : plant and live stock, .£4112 15s 3d ; bank debts and bills receivable, .£74,107 5s 9d j cash in hand, .£1392 12s 9d ; advances against consignments, £2030 19s 9d.

There are no sellers of Bank of New Zealand shares at buyers' offer of <£11 Is.

New Zealand Insurances are offered at <£4 13s 9d, with buyers at <£4 13s.

.South British Insurances are inquired for at <£3 17s 6d, with sellers at .£3 18s 6d.

Auckland Gas shares (old issue) sold at j>3 3s 6d. The present buyers' price is .£3 3s 3d, with no offers. The new issue is ottered at <£3 4s, with buyers at .£3 2s 6d. .

Westport Coals changed hands at .£1 8s 6d, present buyers at i>l 8s 3d.

N.Z. Portland' Cements sold at .£1 8s 9d s present offers being 3d higher.

There are no offers of Devonport Ferries at «£1 15s 6d. * .* *

Hikurangi Coals are offered at 18s, with no inquiries. * * *

Taupiri coals are offered at <£1 2s 6d, with buyers at .£1 2s. • • •

Auckland Trams are offered at «£1 4s (pref.) and <£1 4s 9d (ord.), buyers' price being £1 3s 6d and .£1 4s respectively.

The mining market is ,if anything, a little quieter this week. Probably the half-yearly balance and the Waihi strike have something to do with it.

Waihi shares closed on Tuesday night at sellers 365, buyers 35s 9d. Junctions, sellers, 23s 3d, buyers 235. London has been buying Junctions off and on for some months. Presumably with the idea of selling '■■ to New Zealand again at an enhanced price when the strike was settled. New Zealand may chase the shares up and she may not.

Talismans sell at 39s and 39s 3d There is nothing fresh to report.

Eoss Goldfields eased to 4s 'Od and sold also at 4s lid. The long- wait without news is having its effect.

'f/ijwatchman quote is Is Bd, Is sd. Evidently they are trying to boom this show. There are yards of report about the mine in the local papers each week but Very few sales take place.

Waihi-Paeroas cold at 30s 6d to 31s 6d, then apparent buyers quoted them up to 335. Sellers 355. Their last return was a little better.

New Sylvia sold at Is sd, Is 4d and one sale at Is 3d. Too many shares.

Tor the present, Australia and New Zealand are white, and free by leave of the Mikado. What is going to happen to them when that leave is withdrawn ?—Wellington "Post."