SHARES AND MINING

Observer, Volume XXXIII, Issue 13, 7 December 1912, Page 20

SHARES AND MINING

[By Obadiah.J

THE London money market showed very little change last week. The figures of the Bank of England exhibited increased strength, the reserve waa considerably greater than in the previous week, and the proportion of reserve to liabilities was higher. There is, of course, no change in the rates of discount charged the various European banks. Three months bills rule a little lower in .London and Paris, but the Berlin rate is up to 6 per cent. Short loans in .London are at 3 16-16 per cent., which is a comparatively higli rate. If happny the tension is relieved and peace is restored in the Balkans, a lowering or the money rates may be expected early in the New Year.

The Ideal conditions are without change. The chief drawback is the unseasonable weather, which is seriously hampering the retail trade. In the Christmas month the chances ol good weather are always gooa, anu next week should see ail retail shoys aoing well ior tne bymg ior Cnristmas ihould be in lull swing. » • •

The balance-sheet of the New Zealand farmers' Co-operative Distributing Company for the year ended September 30 last, bhows that the Company is now in a strong financial position The operations tor last year were very profitable, and it the volume of business continues the Company should enter the dividend paying list next year. Last year the prom on merchandise amounted to *_>.«■< l*s 9d: commissions totalled .£1,326 ; land sales, JJI2B 9s 9a; and transfer tees, 10s; making a total of ,£4,038 lbs 9d. The expense aggregated ii-,998 *s sd, and there was written oft for bad debts J266 18s Id, and depreciation of plant and office furniture, .£55 10s lv. After wiping out the balance oi the preliminary expenses, .£275 lis 6d, ana another amount of MM 16s 6d, the actual net profit tor the year is <£-0o 2s. The Company has a cash balance at the bank totalling .£747 7s 7d.

The eleventh annual report of Abraham and Williams, Ltd., shows a net profit of .£9,509, as against .£7,650 in the previous year. After deducting the amount carried forward and making full allowance for all bad and doubtful debts, according to the chairman's statement to the shareholders, the total turnover in stock amounted to .£892,280 and in land, ,£205,337. The . wool handled decreased by 1,329 bales. The reserve fund of the Company now stands at .£12,000, and the dividend is at the rate of 6 per cent, per annum. m * •

The report of the Queensland Insurance Company for the year ended September 30, discloses that the net profit amounted to .£56,827. The premiums received totalled .£201,831. The amount required for losses is placed at .£88,292, expenses totalled .£64,809, interest and rents brought in -310,022, the dividend at the rate of 10 per cent, per annum absorbs -310,000, and the bonus of 3s 4d per share accounts for .£25,000. But the bonus is to be applied to a call on shares to a like amount, according to the chairman of the Company. Fires in Australia and New Zealand have been somewhat more prevalent during the year than for some time past.

The report of the Australasian Temperance and General Mutual Life Assurance Society for the year ended September 30 displays a large expansion of business. The total income was £402,----775, an increase of .£37,891 over the previous year. The funds increased by .£174,064, and the rate of interest earned was <£4 lis per cent.

The London wool sales continue to maintain values and we may now look for a vast improvement at the January Miles, when ft considerable quantity of the new dip will be available. What is being offered at the current sale is mostly sliped wool, and the odds and aatf* of %* pa#t «rtu*Mw with perhaps

a little of the new clip from Australia. The Bradford top market was higher last week and this had the effect of checking business. The statistical position of wool is one of strength and the outlook is therefore good.

The butter market shows some slight improvement, or rather, we should say firmness, and this is probably due to retailers operating in anticipation of the Christmas trade. The market will receive its test next month, when aupplies from New Zealand are ht)a*j. (Jheese continues dull of Bale.

There are no offers of Bank of New Zealand stocks at buyers' quotation oi .£lO 14s. National Banks are ottered at <£6, with no inquiries.

New Zealand Insurances are offered at J24 13s 9d, with buyers (id lower. .National Insurances are not on oner at buyers' quote of £2 Os 3d.

South British Insurances are inquired for at <£3 13s Gd, with sellers asking «£3 15s 3d.

Standard Insurances are offered at Ml 13s, with buyers at Ml 12s 3d. « * *

Hikurangi Coals are inquired ior at lbs, with no otters. Taupiri Coals are ottered at Ml _s yd, with buyers Od lower, westport Coals are inquired for at £l 6s 9d, sellers at .£1 7s.

Auckland Gas shares are inquired for at Md 3s 6d, with no offers.

There are no offers of Devonport Ferries at buyers' • quotation of JCI 16d Gd.

Union Steams are enquired for at Ml 7s 9d, with no offers.

Auckland Trams (pref.; are offered at <£i as, witli buyers at Ml Is 9d, anu ordinary snares are quoted Ml ss, sellers, buyers Ml 4s 9d.

N.Z. Portland Cements are enquireu for at £1 3s ya, sellers Ml 4s 9d.

lveep Steams' Wine ox Cod Liver Extract in the Home, vvlien you leei xatigued—nerves are unstrung—can t eat anu teei ail run uown—then io vvnen you need it.

In this country constitutional means are available tor the workers to gam the fullest, measure of justice, x'lirougfi tbe ballot-box and with adult duttrage the door is open tor all rational reforms. Those who counsel revolution and anarchy are the enemies not only of the workers whom i.ney profess to champion, but of tiie whole community. It is sincerely to be hoped tfiat the storm of conflict at vVaihi will be succeeded by a quiet and helpful period. The indications are that tbe power of the federation lias been permanently impaired—Wellington " Times.'

For a system of forestry to be effective, it must be under continuous control. The Government returns do uot show the exact position with regard to the necessity of instant action, oecause the estimated life of our timber as a source of building supplies are said to be very much overstated. In the latest returns it is shown that the increased consumption would be at a very much lower rate than actual experience proves it to be in every part of the world.—Palmerston " Standard."

Mr Massey and his friends seem to forget that the 950,000 landless people in the Dominion are the real owners of the renewable lease land which the Minister is proposing to sell for . the gratification of the " sentiment " of the present occupiers. Surely the sentiment of a nation and its vital interests ought to be of at least as much importance to our legislators as are the sentiment and the ambition of a mere handful of Crown tenants who owe most of their present good fortune to the people they are now seeking to dispossess of their property.—Lyttelton " Times."