SHARES & MINING

Observer, Volume XXXIX, Issue 48, 2 August 1919, Page 20

SHARES & MINING

IHE balance sheet of the Wellington Investment Trustee and Agency Co., Ltd., for the year ended June 30th last, shows that with £358 17s. od brought forward the amount available for distribution was £4,355 ss. as compared with £4,698 17s. 6d., the reduction being largely due to a large amount being invested in gilt-edged securities. The directors have not thought it desirable to restrict the dividend in view of the very-sound financial position of the <*> m P dn -> > and therefore the dividend and bonus for the year aggregating < pei cent, together, absorb £4,340, leaving £15 ss. to be carried forward.

The amount advanced on mortgage shows at £164,642 6s 6d asageinrt £176,695 10s. 2d., and the shrinkage of £12,053 here shown is offset by the'expansion in ties, which in 1918 totalled £02,926 15s. lid., amounted at the date ot the last balance sheet to £64,111 /.sId. and has been further increased since then to £84,100 4s 7d and the increase as compared with last year amounts to £31,174. This policy of investing in gilt-edged .securities is a comparatively recent innovation of the company, but it is one that can be commended so long as it is not overdone. The company is doing a trustee business, and the holding of such liquid assets imist instil confidence in the clients of the company.

The -company's paid-up capital is £62,000,-and- the reserve tund £18,950, or a total of £80 950, and this is more than covered by tin total investment in gilt-edged securities. In addition the company has a credit balanco at the bank ot £3 881 16s. 10d. . Of the gilt-edged securities £52,000, mature next year, at a time when money is likely to be in good demand. Apart from this fact, the investment is a commendable one- Very few of our joint stock concerns, except perhaps the banks and insurance companies, ever think of having an investment apart from the business. An examination of a number of balance-sheets reveals the fact that the reserve funds are more or less mythical—that is to say, they are invested in the business, and therefore do not constitute a reserve.

A reserve fund should be available in case of an emergency to support the business, and it cannot be of such value if invested in the business, because it is then about as strong as the business itself. Whereas if invested in securities outside, and apart from the business altogether, it is available in times of stress or emergency. Furthermore, a good holding of gilt-edged securities is a source of strength to any company, for it creates confidence, which is the basis of successful business.

The report of the Phoenix Assurance Company for last year, only recently issued, shows that there had been passed to the profit and loss account from fire, accident, and marine accounts £655,999, but the provision of £481,440 for income tax excess profits duty, and other taxes, had reduced this to £174,559 while interest amounted to £170,625. Out of this £25,000 has been transferred to office premises account, and £42,----950 as an additional reserve to the accident department. The assets shown in the balance sheet amount to £19,436,542, as compared with £19,041,065 at the end of 1917.

The colossal coal strike in Britain is a calamity, not alone to the United Kingdom, but also to the whole world, and even distant New Zealand is bound to feel the pinch. The coal-miners are at variance, not with the owners, but with the Government, and the reason given for the strike is the rise in the price of coal by 6s. per ton. The miners have been making extremely good wages during the war, when the Imperial Government was obliged at all hazards to obtain supplies for the navy, the merchant fleets, the Allies, and the munition factories, and the Government psiid for the coal freely. It was the taxpayers' money that was going out, but it was a time of stress, and no one minded the cost.

The miners have got it, into their minds that war wages can continue indefinitely, and they fail to realise that there is a limit to the Government's purso. Under pressure they secured better wages and shorter hours, quite overlooking the fact that this was adding to the cost of production, and doubly no since there was no increase in the output per man. The Government had to recover the cost from the public, and so up went the price of coal, and a good substantial rise it was.

Tlie situation is certainly desperate, but it is one that must be faced. Is the country to bo governed by a Constitutional Government, or is it to be run by the small coterie that controls a section of the workers? What is taking place in England is taking place in Australia with the seamen, and miners and seamen alike must be fought to the last ditch. It is not the owners of the. mines, or the shipping, or the Government that is suffering, but the people at large. How long the people will tolerate this sort of warfare it is difficult to say, for the public is a patient animal. It would be unwise to try the patience of the public too much.

Coal is the very essence of British industrial progress, and it can be ojisily seen that the coal strike is going to have a tremendously bad effect on the industrial and economic life of the country. For the want of coal, industries, are closing, and thus increasing the number of unemployed. Manufacturers cannot produce commodities to meet demands, and what little that may bo available must be sold at high prices under competition. If the strike continues for any length of time shipping will be affected, and that will cause considerable inconvenience and loss to New Zealand.

The captains of industry in the United Kingdom are preparing for great things. Take, for instance, the activities of the ArmstrongWhitworth Company, whose capital totals upwards of £9,500,000. This concern turned out an enormous quantity of munitions, besides building 47 warships, 25 merchant ships, and 100 tanks, during the war period. The company turned quickly from war to peace. The projectile and ammunition works at Scotswood have been converted into locomotive works, the Elswick shops are being converted from naval and other gunmountings to marine engines and boilers; a new iron foundry is being laid down, pneumatic machine and other tools are to be manufactured. The shipbuilding interests of the company are to be extended.

Reconstruction on a large scale is the aim of the principal firms in Britain, but if they are to be denied an adequate supply of coal their best intentions must fail. It is poor consolation to learn that the miners are losing a million per week because the nation is losing vastly more. Unless a change comes, and comes quickly, in the attitude of labour, Britain will very soon lose her position in the industrial world. America, Japan, and Germany will be sharing the world's markets, and perhaps British labour will be glad to accept service as foreigners.

At a meeting of the Mothers' Thought Guild, held at the Grafton Library, a most interesting address was given by Miss Simpson, President W.T. Association, on "Education—Need for Co-operations of Parents and Teachers." Mrs Waghorn, President" of the Guild, introduced the speaker, who commenced by saying that a great gulf existed between the home aii'd the school. Each carried on its activities with comparatively little regard or conception of the "activities of the other. No live wires of co-ordinate, intelligent interest stretched between the two, consequently the result lacked symmetry. The speaker emphasised the fact that it was time the mothers understood the conditions under which their children work. Girls and boys are herded in large numbers into close schoolrooms, which are not kept even moderately clean. The conditions of the school should resemble those of a good home. This desirable result could be brought about when mothers took a keen and intelligent interest in the work of the school. * * * Miss Simpson strongly advocated that the girls of the upper standards be taught entirely by women, who should occasionally meet the mothers and discuss their children with them. This sympathetic cooperation of mothers and teachers would overcome many difficulties which now arise, and so bring about an harmonious union, the results of which would be marvellous. Another thing pointed out as a great weakness of the present system was that y;irls could leave school at the age of 14. Many of thorn had not then reached the Sixth Standard. Good work could be done for girls in the different districts if Home Clubs wore formed for reading, fancy work, games, elocution, etc., this giving wholesome amusement for the young. Larger playgrounds and more beautiful schools are needed. If the Government does not see this the women should co-operato and demand them for their children. © ® ® The staff of the Public Trust Offices hold their annual dance at the Society of Arts' Hall, on Saturday last, when over 300 guests spent a most enjoyable evening. * * * The decorations in the entrance hall vreiQ carried o\it in wattle and gi-oen«ry, and the effect was very pleasing. Blue and gold flowers graced the tables, upon which a dainty supper was served. * * * There were many pretty frocks. Miss Witt, in pretty pale heliotrope ninon trimmed with heliotrope satin. Miss Z. Moses, in emerald green. Miss Gordon, in canary crepe de chine, with lavender touches. Miss Mangham, cream net with cream satin bands and pearl trimmings. Miss 0. Potter, in lavender georgette and crepe de chine. Miss Overbye, red ninon with satin bands. Miss Mavis Thode, cream net with pretty frills edged with emerald green satin- Miss Kate Donovan, in pale pink net with pale blue satin edgings. Miss E. Grogson, pink georgette relieved with gold lace. Miss Hart, orange dress with handsome Oriental trimming. Miss Madge Watson wore black net . and satin. Miss Hoso McGregor, pale pink not over lavender silk. Miss E- Bates, in white ninon, silver trimming. Mjss V. Bates, white not frock. Miss D. Phillips, pale blue silk.

Mrs. R. Martin, of Onchunga, is leaving: there to reside with her daughter, Mrs. Frank Duthie, in Kpsom. Airs. Martin was the guest of honour at an afternoon tea given by Mrs. H. E. Forde, Onehunga, lust Wednesday afternoon, when about forty guests wore present to say Axi ltev<?ir. Songp were rendered by Mrs. Aide, Miss Pilcher, and. Miss Hodge.

A charming little dance was given by Mrs. Phil Hay ward at her home, "Boscobel," Birkenhead, last Wednesday evening to entertain several friends of her brother's, Corporal Noel Campbell, who recently returned from active service. Among those present were the Misses Miller (3), Stronack, Skeates (2), Newell, Rogers, Wilson (2), Edwards, and Richards (2).

On Tuesday, July Ist, a very pretty double wedding took place at the residence of the bride's parents, Mangakura. The ceremony was performed by the Rev. Gould, of Warkworth, when Miss Olive Buckton, eldest daughter of Mr. and Mrs. R. Buckton, was united to Mr. L. Adolph, fourth son of Mr. and Mrs. Adolph, of Kaipara Flats, and Miss Ethel Buckton, second daughter of Mr. and Mrs. R. Buckton, to Mr. X- Le Gallias, third son of Mr. and the late Mrs. Le Gallias, of Northop, Mangakura. * « * The Wedding March was played by Mrs- M. Buckton. The brides, who were given away by their father, looked very sweet in white embroidery net over white satin with pearl trimming. They wore the usual wreath of orange blossoms with white embroidery tulle veils, and carried pretty shower bouquets. The bridesmaids were Misses Clara and Phyllis Buckton, sisters of the brides, who wore dainty voil dresses and carried shower bouquets. The former's gift to the bride was a gold expanding wristlet watch and her bridesmaid a gold brooch. The best man was Mr. Basil Adolph, and the groomsman Mr. Stanley Buckton. The latter's gift to the bride was a handsome travelling case and the bridesmaid an illuminated wristlet watch. The best man was Mr. Owen Le Gallias, and the groomsman was Mr. William Gardner.

The young couples were the recipients of many handsome presents, among which were p number of cheques. A dainty wedding breakfast was served, and the usual toasts were given. The brides, who wore navy blue tailor-made costumes and hats to match, left by the express for their honeymoon. © ® "® Miss Hilda Clapcott has been the guest of honour at several afternoon and evening parties lately prior to her departure to Hamilton. Last Saturday Mrs. Bob. Isaacs invited about thirty of Miss Clapcott's friends to bid her farewell. A very enjoyable time was spent, and everybody admired the tea table decorations, which were carried out in wattle and

violets and large silver candlelabras, with shaded lights and a gold horseshoe for good luck was hung over the centre. Amongst the guests I noticed Mrs. Delamere, Mrs. Chalmers, Mrs. Milsom, Misses Murphy, Peacocke, Erson, Gould, Wilson and Lever.

The Customs and Shipping Officers held a dance in the Druids' Hall on Monday, the 14th July, and it proved a very enjoyable affair. The hall was beautifully decerated with flags of the Allies and the house flags of the different companies and steamers of red, white, and blue, and the stage with masses of greenery. The music was well rendered by the Maxime Orchestra, with Mr. Cunningham as leader. The Grand March opened the programme, Miss S. Ward and Mr. J. Ward leading. The chaperons were Mes.dames Attwood, Houghton, McGregor, and Innes.

Amongst the dancers were Mrs. Perm, in petunia charmeuae. Mrs. T. Henderson, black ninon, gold embroidery. Mrs. O'Meara, black charmeuse. Mrs. George, black tulle and lace. Miss P. B rough ton, vieux rose ©harmeuse. Miss V. Emanuel, dainty ivory net. Miss F. Carlyon, white charmeuse. Miss A. Pagni, daffodil charmeuse and gold tissue. Miss M. Wright, white net, heliotrope centre. Miss W. Wright, white net, with pal« blue. Miss A. Wallace looked well in white satin. Miss Laxon, pretty pink crepe de chine. Miss D. East ; dainty cream net over satin. Miss Edwards, primrose ninon and charmeuse. Miss Kingsford, white satin, violet relieving. Miss M. Preston, blue charmeuse and ninon. Miss M. Granger, black ninon. Miss L. Gillies, white tullo over lace. Miss McQuillan, old gold and lace. Miss Thelma McCurdy, blue taffeta. Miss M. Hutchinson, green net. Miss Sutcliffe, shadow lace and net. Miss 11. Reston, white silk net over satin. Miss Kerr, saxe blue charmeuse. Miss Pitkethley, vieux rose net. Miss It. Golding, pale blue crepe de chine. Miss P. Campbell, cream net and gold. Miss Mayne, mauve satin. Miss M. Harris, blue taffeta and net. Miss Fitzgerald, white net and blue. Miss E. Scott, white net. Miss N. Scott, white net, gold ceinture. Miss I. Manning, cream satin. Miss Chegwidden, pale mauve satin. Miss Strong, gold satin. Miss Cremen, ciel blue taffeta. Miss L. Lee, saxe blue. Miss G. Scott, eau de nil charmeuse. Miss G. Finer, pink net, satin bands. Miss M. Lynch, pale blue net over silk. Miss Mclnney, cream net. Miss K. Rowe, pink crepe de chine. Miss E. Bates, white floral ninon. Miss V. Bates, blush pink silk and net. Miss Sylvia Ward, in white charmeuse.