FINACE AND COMMERCE.

Dominion, Volume 1, Issue 159, 30 March 1908, Page 10

FINACE AND COMMERCE.

THE SHARE MARKET. • j.. > Although-' somf> bilsiness .was done,'.-still •the. • market exhibited dullness on Saturday.. ■ AY el- • lington Trust. and Loan shares had ..quittance '. ! at -i£7' 9s. ~ 6 d., and there were further 1 puyere- ' at £7 9s. Other financial shares were quiet-.. /'■' vi .EqTritable' Building ishares. were- offered; • •' 2s"i 6d.," and National Mortgage, at £3 3s. .Loan ahdC Mercantile a shares:!':were-' wanted at- ss. '' - Bank shares were neglected; .. There wero . • sellers of "New 'Zealands- at J69 lSsi-, and -Nation- ■ ■ .■'.^■■:v : '^'-''at : -'^'-'7i-'.:6d.-'';lnsui^nte;!shares,weM^aot • • 'quoted. l Gas shares were as dull as.us^l.ißl>V®lj: • : Tiiigton Gas ; shares, £10 paid up, wore offered ■ for sale at £19. 7s. Gd.;• the shares, exhibiting • decided weakening, tendency. ' Export shares were ; on sale at 12s; Gd., ±o 2s, and. J3-'ss. l i:3d. 'for.'the respective;issues.. , Manawatu' Rails were in'.-firm. demand-,;at-..475., .; f,-cum;dividend.; ' Woollen shares , were .not auoted." There" were i"buyers', of ■; Taupin , Coal 6hari» at 20s. - Gd;,' : '. aiid ''sellers-.of'. WestportStockton at . leyland-O'Bnen Timber : ' Bhares wero procurable at -445., and buyers bid v; '"'6a.' for Taranaki Petroleum.'^...:/ ' ' THE MINING MARKET '. ( . The declaration of the dividend by the Talis"i man' Consolidated . Company : was ..anticipated,' - : for the shares 'advanced on' to-the •-'- full amount of 7 the : dividend. AWaihis,- sold .. . :at £9 7s. 'Gd.',. andi'Wailu .Grand ..Junction-, at.. . 80s. Tho quotations .wereVas. under^:—...i.;,',. , •: /Buyers'. 'Sellers. Sales. ' ' : .'' . i S. 's. d. i':.s.;d. JB s. d. - Wailii 7.0 910 0 3 7.t , : ' Talisman'. 2 13.0 .-.S' 13 '. 6 "v- ': ■yy. Wnihi Grand Junctional 10 0 — ~ 110 0 . .'Tairua Broken Hills —.. 0 3 6 . ' Big River 014 6 0 l(f 3 — K N VTIONAL GOLD _RJISERVE Sir Robert: ' i;standing,' and his'. opinions..;on'• 'economic': sub- ; jects aro entitled to the greatest respect. Ac- . .'cording ;' to .. a, cable message we - pnblislied r. onf v',-.?/' Saturdayj J Sir';Robert,, , is reported 'to .have made . : ; '/ ; . , 6ameH important He maintained .. that there, was a ,possibility : of; international'! ' ' 'credit' breakin" down, ;iri .'the'; event ,of> somo great war, and emphasised the, fact that the ■ banking' position was one of real. danger; for, against liabilities' :which^esceed/-i£900iOOO,OQO;f. 1 the'.'available reserves of-, gold at the most ': didjtnot t , formation of.;a .nationhl /reserve. : The;suggeg- *' l hbt'-a.- new - one, forMt: has beenvproV pounded' /brother! eminent; economists,.audi ,}'?»' > banker's,;-amongst -the '.latter being -Sir ;Felix' "i; Schuster, the...President .of. the London Ban- • kers', Institjite:--' Bnt"it"may be.-asserted-'that" ;i. not*, all -th'eviiutho'rities concur ino the', neces-: yAi sity - for a -'national' gold .reserve, on;.-the; lines: . suggested' by. Sir 'Robert-.Griffonthat same- . '.drastic change.:from tho present system -ia'vfuily-; admitted.;;! Several ('".lectures?• ...T:; haVe?..been. delivered in Englaud recently on ■ ; .this topic. Ip.the 'Tinancial Times" of. a recent ' date the substanco of a' lecture on -"' Bank: Rates: and'. Gold-Reserves, ;■ i-'J.i W. •,Rv Lawsdn;. before', the Manchester.'; and ;ODistiict Bankers' Institute,- .is--given. •J." {Nearly dPi'BSink-'. ': fng now being carried on Mr. Lawson groups il-l' under; two.' heads—banking Jwitlt;' bullion and" v.'i. 'banking, with'brains.:;.Wheii',' big/bhnkei;s lose their \heads, as many of them did 'during the ;. recent American panic, they fall back, oh 'v.'.i.V gold.as/their. sheet-anchor:' Whenever trouble ;.; V; arises, vit invariaj)ly> the - ■ - / i who has trusted .most to the mechanical • safe.guard of. large: gold reserves has come," off' ;:; yTOj^.^C9nTemly^t^.^v.b'e^o^; : tlmt ) l; .tlii^ 1 '. U; banking sysltems:. % /.;;'• least-;'depeiideht. :pn.^;gold./;,;; ; v ~.. banking, 'for "instanee, in which ' gold' is econo.v.Vmised 'to such; "an '-extcht that -a few 'sover- /; ;-eif?ns in a. snuff-box' sometim^;:^gr;.the: gold; ;-: reserve of a '.branch • office' doing' a"! very coii'-* •' ' sidcrable -,amount ,'of business. Contrast that' with the huge shipments of'/gold' that had ■V;:'lately.rtp;.;;bev:.sent.;-;oycr,t6.,".Sev, York, to .eni, able. American ' banks':' to:' keep ."their ; doors' .open/*, Scottish banking and American bank- :'/ ing - nro, in this' respect,' the antithesis of each . '.other. Tho former .'is economically, equipped fwith one 'pound.'.notes and Presbyterian' prin;A f .ciples-pboth excellent thingis wheh', t'tfken l , jit ' moderation. / ' The latter/ has' all ' . the'' J latest 1 ideas'dn ..banking '/science, and the most up-to-dato machinery. ' But burglar-proof safes and • resenes',. whenput '~to..'..the< H'' .// 'test;', generally prove poor guarantees "for specie (i paymonWr banking is . a strange ;• .-compound . Of; J r,/;'■|;.money : ( for .local; use -only,", and cash; at the - bankers'. convemencc.. Gold seldom rseen, . . though'there is fifteen hundred million'doll&rg : of .it in; : the :country. 'When ia'ny . special; de-* /. mand-for it occurs, the easiest: way to get it ;■ is v tb, raid the Bank, of • England:" -j-t • -rv--rv ,

"...GOLD EESERJ / J3S,,iANP,,;J > ANICS. : I • ;• Passing on ito ; ',this..phasb of .the subject,! ho-. states that ; the I pperatioh..qf * iii.Jielp-., ing to . banking inflation;- and' then in : curing .it,: has been-diligently, studied for years, but - still; .'remains ' very '> mysterious. 'It, seems. to be much i-'more I "'effective' : in' ; creating congestion.than : in relieving'it. ,<■ The ; quantity' of gold available for banking purposes being so small _compared J! .yrith l -..the, : .vast, mass, .of ciedit obligations, it- could never' do ' much more to touch '-the 'fringe'-'of '• a financial crisis;'. The heavy shipment of'gold; to New York did not afford much relief to that centre, while Great Britain had to pay .very dearly for, the ■ privilege of supplying the . metal. ' THE NOTE-ISSUE. ... , y' The heel'of Achilles is 'the • note ' issue of the Bank of England agiinst secutities. "Once get rid of that;,and'.not <only ; ,would\-the-.nptei • issue' be imn>'i&l^lM!&WfelKßnedi' i Mt: ! tli^liaiik-' .ing reserve. ;V6uld' be;, less valuable. tp' ; fpr.eign '-. drains. of j -gold,/land .the bank,- rate; might.;'be freed from, thb: joke of'a false There : is ' boundless irony.: and. possible. peril lni'tho. ■ desperate,struggle of the,liank of Englah'd'to' make a. ' half-gold and . half-paperreserve do. . the work : of " ah.': all-gold .'reserve. ■ From this. - parent sham';';a .host"' of' Others' havo sprung; up. It is the . fehief.NiaUse., .of. ".fictitious "'money famines and J bf: penal :bank;,rates.', There is no. ''"-possiblo escape* from'- of' deaf money uhtily'evorv vnote.-iMUed"j;by'" the'■BanK of England' is' made~ in' honest out-and-qut gold r.ote. On to, issue . . them—unsafe-,' for',.' the bank itself, for the money market?'and. for the business of. .Uio.. country/':. MrrrXawson; suggests! theabolition of-: the" security ;issueV;which would meairi an . increase in. |he/metal-reOT.rVo of about eighteen' millions St'ering;-",'"A: prescient' Chancellor of might'.Eee : "hor<?an. opportunity ,

to provide for two inevitable? needs;.'or the ■future^a' t yi'&r a" ; . gold reserve Sayings Bank.deposits.", y'-v ' J, ■ ' A BBOTSH TRAMWAYS. '' BoardCbfi.Trade.'return, 'tiuislished- recently, shows the remarkable growth of: the tramway 6ystem ! . in Great Britain. capital account now stands at. £64,092,000, earning net receipts -£4,485,000,-on' a. mileage of , 2394; every;.mile carries.:.just.-, over!~.a: million 'passengers, and, ;th(£ average 'pricej'.of' a -ticket "is ,'l.lOd.' 'Among changes 'since 'tramways "first',-,became general, the ..most: strikihg is -of all other methods of .traction"by electricity,-,sq that T tlfe'' l latest figures .giva.-. only , 104 /miles to horse traction, 25 to cable; and. four to gas .jripto'rs,j^Jjinicipal,,service's;> undoubtedly seem ; to; .be.'superseding'companies' (except in Ireland, which ; has only. IG2 miles in all), and the .gross receipts of local authorities, in' England, Wales, and/Scotland amount to £7.990,000j with total working expenses .qf'^,oß3,ooo;,.ana of the nctTeceipts. £929,00.0 gopsjtp: pay. interest, £777,000 ;to sinking' frind or repayment, of 'debt, £678,000' to depreciation;. ..on renewals, ;)eavi'ng -'£297,000.-. ijf. •' '■ ■ ■ : ; MINING. - (BY TKMSGRAPH—PRESS■ ASSOCIATION.')' nrvKWaiiii, March 28. . ii.-.'lhe ; reef .intersected iin:. the Waihi Grand function in''.the part of the week' has ': Ibeen penetr!Jted"f6r ,a''distancle of 13ft; Assays, made,', at different intervals show the valtfes to ! s arid 90s.;'An improvement in.. "'Va!raes is' also ; fepo"rted ; i ni: JKe adjoining (Waihi .Extended) mine. r (BY TELEGRAPH—SPECIAL COP.REBPOMSNT.) '! . Rei;fton, March 28. The now Big River mine manager reports -.for ~|}ie -p£|it_w^ekj-asl,follows.:—Stoping has • ? *in! >-No.* 2 stope! (over : branch .levetfiin SB avfeAg^,.width of : 6ft.-:of'stone. .In the leading stope going south (over main level),; tho «riief;.ayerages; 4f,tj. wide.. .In the ■ leading stope' going ; north : there is ah average width of 3ft. 6in.; of stone. The stone in the leading ifetdpe'his^now'been'taken off for a distance of 100 ft. in length; One hundred and twenty tons : of been'raised for the week. .The battery has been running full time, and clean;ingj.up. takes/place;onHSaturday,; April l. • (by TELEOBAru—rnr.s3 association.) Dunedis, March 28. '■ ~Th6 dredging returns, are ,to hand: —Waikaka United No. 1, 450z. 7dwt.;'Waikaka i United fiNo.i2, JSosf, Bignell's; Notown, 230z. Bdwt. ; ; Bising' Sun, 50oz. 6dwt. j Paetolus No. 1, 520z. 4dwt.; Paetolus No. 2, 38oz 4dwt.; .■Maniie'rikia, ; ,51qz..;:.i ; i.Chicago,. 42o'z. • 10d>vt,;. Lady Roxburgh, 380z.;' New Roxburgh Jubilee,- 350z.\ 19divt.;: ElectricVNp.' 1, 35pz. lOdwt.; Electric' No., 2,-. Charlton Creek, 17oz.;'Muddy. Creek, 14oz. ,7dwt.; Molyneux Kphinoor, • lOoz. -,3dwt. 12gr.; J.Switzcr's, ; 9oz. 15dwt.; J&ojs. 6dWt.; Riso. and Shine' No. 1, 350z. 14dwt.; Alexandra Ei>reka, 320z.' 6dwt.; Sandy Point, 2ooz. 4dwt.; Clutha Itiver, 15oz. 18dwt.; Olrig, 14oz. ;16dwti;> Punt, 13oz. 16dwt. ■ . V - ■ • BANK OF ENGIAND RETURN, BY^TELEGnAri—rnEsa association—copyright. • ••■j-r" »*••• I'-Londopi.March 27. Th-ißank of. England roturn, issued for the . week March 25, is as under:— . ; . : : • i/. ,;.','i,.f. BS^i i P. , ? r AiS TSIE! ' T . ; : Notolssue . £57.836,000 Gov. dobt £11,015,000 : Other sccuri- - - ties . ... • 7,<34,000 Gold '~'. 39,381,000 ' i57,8J0,000 .- ' £57,830,000 ' 1 BASEixa D?.rAniMENT. ' , • Proprietors' BQOuri- ;. i- •. capital . .£11,553,000 ties .... £13,760,000 . . Public de- . 'Other secari-' . posits 19,8.13,000 ties ... 37,218,000 , Other- de- : , '' poßits .... 43.703,000 Notes ... 53.568,000 : Kesf, 7-d(ijr. . n '■'■I. .■ 'AC# . Coin 1.383.M3 i ' iJiUa '3.E00.0C0 , —: • '. ' . ,£81,959,000 £81,959,000 " ' The leading'items of the Bank of England roturn. afford tho following comparison:— ■ This week. Last weak. Last yoar. ' .-/ £: i...;f-39.381,0(» 39,905.000 33.439,000 , (-t liesorvq i.. * (30, Ojl.OjO . 31,279,000 34.186.C00 ■ ' ■ l.'olc circulation 4:8,262,000 ,7fE,000 29,2 0,000 ' ' . Public Deposits 19,843.000 19.569.C00 15,917,000 , Other Deposits 43.703_.0C0 41,375,000 43,047,000 . ;C- Prrfp'ortißnof."', 7.'.;.".:" . . • • . ' reserve to : : v . liabilities ... 48.64 51.25 • 10.83 GOVERXMB\T SECURITIES. The following, are. tl)B latest'quotations for Government securities with a comparison of , thbsoSruling la8t: weeK:—

.-v.."-THE MONEY MARKET. , The.-,open ..market .discount rate' for .best 'three months'-billi), is'-Is. 3d. lower at £2 13s; 9d. . per "cent.. The 'Bank of England'discount ■ rate is' 3 per'cent.,: to;whioh\it:vrcas reduced on"March"l9..' ! ' : - ' 1 r ' , ;; } • COLONIAL AiND OTHER .PRODUCE. ■Wheat.—The market is dull, and inactive, owing' to excessive Argentine ishipmonts, weak Aierican'quotations,' and' the absence of Continental .demand. 7 .No •improvement is likely, till the quantity on passage has appreciably, -diminished. Cargoes, are quiet and'fairly

firm. An Australian steamer cargo sold •at 365. lid. Holders aro asking 375. for MarchApril shipment, and a shilling less for steamer parcels. Thore is better demand for Australian on spot at 375. Gd. to 3Ss. per quarter. The flour market is depressed. Australian is.quiet at 275. .. . . Butter.—The. market' is dull. 1- Danish has been lowered'by six kroner, and is now'nt 112s. to 114s. Choicest Australian,' 106s;, against 110s, last week; and unsalted, 108s., against 114s. A large proportion was heated (hiring the voyage. There i 6 fair inquiry for New Zealand at 110s. to 1125., against 114s. .last week. Some large retnilers have reduced the price to a shilling. Sugar.—German beet, 88deg., sd. higher at lis. 5d.; first mark granulated f.o.b. Hamburg, sd. 'higher at peri owt. Bradford Tops.—The market is stagnant, and the quotations are nominally: 40's, 9'd.; 4G's, lid.; common 60's, 23id.; and super, 60's, 2-tJd. per lb. Wool sales.—At the London sales, crossbreds suitable for. the American trade are selling woll. Merinos are unchanged.. Tlie sales'in-, eluded' "Otaire" at 7Jd., and "Petane". at 7Jd. Later. —There is better competition for wool all round, but prices are unchanged. ' ■ THE'METAL MARKETS. Copper.—On . spot, 455. higher at 155.: three months,'*4ss. higher at .£6l 2s. 6d per ton. :' • Tin.—On spot, i£4 15s. higher at ,£143 10s.; three months, .£5 higher at JEI4I 10s. per ton. Lead,'los. higher at .£l4 7s. 6d. per ton. Pig-iron is higher at 525. 7d. per ton. Spelter i6'quoted at .£2l per ton. j.

$1*;V"r-'-^K: : '■'- '■ > ■'*''■" '■■■■. ' WELLINGTON SHAKE LIST. M • • ." ■/. • ' " FuSi 's-5 lwabi!:-7 + J A "v r '" ; 'moEq. ' . : , Tlf'1 '' 0UPm'--: ; a '••£ffi£:. '{fr''*- '• ■■■•• ~ „ .. : E t« t ~ r \ : , V .• ':. •./.•..FonYtn?- .§& r pg, Buyer. ■ /-Helton.- -■ g a | 0ti ; , Investor. v TiAWTTQ^' - ""' ■ :£'■'->■• £•• *<■-&-. ' *■*'£• ~' : £ 8.,d.' ''■£ Si'fl. Vi-fi.'fl. £ .*. fl. .;-.-tmrn'- w$ 'J 1 ? ° J 1 ? g J,® «. '; V ; National - . . ; 375,000/- ,•. £ t*v < &.{* . 6 ; 6 , 6 ; ' 6 7 0 . 5 33 3 \ • ' K«tiocaI ,I!ANCB ' • JIWOM «W33 ■•*. nnltd. J5 ; ' - . ' ; I 7 > L>;'- : :0 . S 396,671,.. «-.K - io "■ 3 16 • 0 . , •. Etandard . -- •';•■. ■> ■ 15,000 / ■'vS'f.ft'i : nBlW ' ' 10 • tfJiKk .. , r<: '8M09'I ' ' 30 ' 10 - .4 ; : 6 :: : 100 ; 0. > , 5 fl , 0 '-MetropolitanBuilding •' lu 1 ° |J ?' ' D l' , »• ... . ... <- iV ; in t. i i \U: V " rWelUnctonInvest - 60,003 M»/; - » * 6 . - n . , 4 10 'f." " r. 7 n X-y-Wrt'gtoiiTKjrt&jjowi- ;vMW»';< -S|-' | » T 0 "I ; S < I I £ I i • '•- '/»' w- , I A ■ ■:'? in °o « ■ S M .. , faSS ?. 15 \'.?3 , ,i- ..>4., ...iL .v0 : 5-,0r. - o 5; * . 0- 10 0,0 ; ; : : So t| 0 ! S!j lo v 10 O 6. 10 H. B0 0 v ; -: GhKI''.-':: "-:,'a?:SD v '?! M )a 9.;o • i>.i? 0 210-0. 510 0 . 7 Hiwera . . - .. ." >8,-250 -•• J« ' I 4 i ' ' J • - - ' ' - 1 '''• ■ K«w Plymouth . . 16,000 W® 1 ,» n : . 10 , . . ;. . <9,937f W 83 ° 5 15 . i. - . ralmorston North . '. £7.000 " ; t S . Jr ' 12"' s « s , 3 • . " Wellington. - -. ]S!4i670 i WSI -. 3 jj 10 .19 T 6 1911 t,. B 13 - . ' 1637-1 20,071 73 Hi 8 B 00 , . Gear - • m ' I 8b,'2bl fl nil. 14 -2.8 0 210 0 2 6 ! 0 • 5 11 v ; : •' "■f") . 4 6 J-21 'l •. ; v.; Wellington Moat EH> .. ' | _„Jf 5 '^i 1 *' ® I 1 ? n c „ ,,' ' , K , . ■■ , ,10S 766r .'■ 63,767 . , * . 1. . 8 - 6 2 0 -53 u 6.5 (I [O&v.:. J ■• .. :S8 • 2J-: S . . , , 3 5 3 3 5 ,0., ( 9 s • ' WanKanui .," ' <5,650 . . U- 10 ' ' - a,L : .. . 'fi\ . • 170,000 1 321,451 1 4 7 3 7 0 .: ' % 7, 0 S 0 D t ,X.Z. Shipping . - 173,813 : S ' ®" ° • • ■, ■ . ! Union Steam . . 600,000 ■ .1 n.. -1\ .; .114 p • .... . ; ,Wgtn.SkeamFerr?. - '.•/4 6 »25J : , -.- --r; WMtoort . £60,00) 117,213 , S3 ' 11 ' Hj ' c'lT 6 ' .7 1 0 ' 7 8 0 ' ( ( 0 L ; lanpiri - ••• . s/fe60J ; ' •• 6l3JJ . 1 "U. • ?4 i 06 ,1 0 6 .1, 0 6 ,7 1 6. WOOljlBN. "• •*' "• ' •'•• B Q V Q e| ,f V "l R '" -J V ' • I vSS: : i l—xo* - ■■■:. :■ i7 . ; ■ v: VeUington - ■- ■ ta.00j - 1 v',V'- '' 6 °; 0 .' • ,3. B 6 : S « . 712 4 : . . ; illSCKLI/AXEOOi •••.':•• " s ' r -..i ' 'r i V V CODflgby fiODQ • '• ' • .'47,000 LT" ••■" - 5i" • r.T"r t',,l6fS:S6 • .j v6j10.'»0. hi-V/ijAlieyland&O'Brioa ■ : 'i ; -S5.0M-. .^l; : i-l.:. •> nil.- --15' 2: 2':6 —£-4-0 ■ ,:;:! k 3 ;8 ; 6 17 2 '• Candle- • • .L-IO.OOJ' lu "" ". ft .•• JCXSnug' •'■• '•"i.>E4.514i,.; .u.-a Si»»i5. .o:7>. > ?ll"0- fll. 0 (10 ;>.:-V"?:i-NJ!.Paper Mills- . " -'94,755 , i : - 7 ',12 9.., 13.3 .1-3.3 (01 :.( .' .- KXCemoat- - * i0,(M :■,] ■ t a . 1 s,o v --1.12-6.. - - •.;• " - 96.U0J • ?1/?A / ... r . v • _■ •' :^10, U r:: ?, •••, 13 •:«.'• :415 .0 ■ ... -vntn: Opera Hoas. • 18.61). ' ;1.«'. » * '. 0 . . . v ... . !.. ;.. Veto Sresh Fool. - J " l . \■;,i '(■ •■: 'r '. MTiitcombe&Tomba- • . iu ; 10 ,,4 8 0 . • ..aU Vl>.. -018- 6 -0 -018 .9 8 0 0.

, ; ■>, ■' i .<Variations . , = •• Pric6 compared . - with : -IV, h-[;' '-ty i.'' -' ■ ■ i ■ . last weok.■'v ; £ 8.. d. , ■24 % Imperial Consols".:/;. 87 10 0. -.Ss.lowor 4 N.S.W.1003'Jnn.-Jtily ... 109 15 0 Unchanged 3i ,, N.S.W.1918 Mar-Sept ■ 9910 . 0 Unchanged ■ "3,'i; N.S.TV/1935Apl.-Oof.' .. 88 6 0 5s. higher '■ < : 4 •.'VicjiwbJan.July.;. ..-.103 10 0 Unchanged 3}„ Vic. 1921-6 Jan.-July ... 100-0/0- '20s. lower ,'3*,l Vic.'1929-49. Jan. July ... 89 0 0 10s. lower' 3t „ S.A. 1016 Jan;-Jiily ... 100 0 0 Unchanged ' 3", S.A. lWS.Taa.-Jnly ... 67, 0 0 Unchangod, • 4 ,',QTdl921-30Jan.-July ... 107 0 0 Unchanged 3& „ 0'l'dl921-30Jan.-July ... 100 0 0" Unchanged 3 „QTdl!K'W7Jan.-July ... (69 0.0 ,20s.lowor : A IKO May-Xov.,.. ... .103,15 0 • . Unchangod " Jan5ffulrr*-«. 100; 0; 0 . Unchangod ' |'3 „,N.2f 191ftJan.July' ...,88' 0 Unchangod jVai.WXlOffl^M&y-Noy. : : C8.10. 0;' 1 Unchangod 3 '/.".' ' ; 88 0, .0 V Unchanged Bi „,TaV. IfKO-iO Jan..July- ;1 : . ; 9915 0.: /.Unchanged '' 5 Jan-July.,-'.V. 89 0 0!.' Unchanged