FINANCE AND COMMERCE

Dominion, Volume 26, Issue 69, 14 December 1932, Page 12

FINANCE AND COMMERCE

STOCKS AND SHARES Government Loans Firmer A DULL MARKET \ feature of the Wellington stock and share market yesterday was an ac-tne buying movement in . Govel ' ,l l 9 le '" t fi^h, l : tie's quoted bids showing a slight hi min„. on late rates. The 4J P« ( ce»ts.. 193 and 1938. were wanted at £9-/10/-. a lls <- 5/. on Monday's quotations, and a saK late on -Monday was repor ed at that i.ri'-e The 5} per cent, bonds. iebuiau. 1937. and tin- 5} per cent- ” A've her. 1937. were reported sold at £->B. 1 it per cent, tax-free bonds. IJrii, "e <• .ought at £96/5/-. Local body debentures continued out ot fat our. Banks were again a weak Australasias eased to lowering their price 2/- to £B/18/-. Commercial of Australia were' weak.at. 10/4 sellers 13/8. New Zealands lost IA. at 4(4/15, sellers coming down 9d. to 41/J. The other sections of the market held very little interest for investors. but there were sellers aplenty. Goldsbrougl . .Morts, were weak at 20/4. South eased to 52/-. sellers 00/3. Gear Meats were again offering at 27/-. New Zealand Refrigerating. £1 paid, were bd. up nt 9/6. lihd the 10/- paid gained Id. at 2/11 Union- Steam. preference, were 4d. down at 20/3. New Zealand B>' ew er>es regained another oil. at 20/6. selleis eas in- t<> 26/3. Wbblworths (N.Z.I preference firmed 6d. to 28/-. sellers moving ui» to 30/- Taranaki Oils were easy at 1/7 There was a quieter tone in goldmining shares, the only inquiry being for King Solomons at 2/3. Okaritos nt 8/-. I’addr's I’oinl at 4/9, and Nokomai at 6/-. ' WELLINGTON EXCHANGE Yesterday’s Quotations Buying and selling quotations at yesterday’s final call on the Wellington Stock Exchange were as follow.: N.Z. GOVT. LOAN'S.

DEALINGS ON ’CHANGE Sales in the Dominion The following sales were recorded on the stock exchanges of the Dominion yesterday

COMPANY AFFAIRS Heavier Loss Last Year KAURI TIMBER CO. A net loss of £26,022 is shown in the accounts of the Kauri Timber Co., Ltd., for the year ended August 31. compared with £10,408 lost in the previous year. Gross profits of the company show a -e--duction of £18.158. .Stock in_trade -ias fallen from £192.753 to £129.925, and dentors owe £22.481 more than last yetil. Loans made by the company have increased by £54,010. A comparison ot figures from the last three accounts is as

998,431 978,089 993,(111 SOUTH SEA. TRADERS W. R. Carpenter’s Profit " Net profits of W. It. Carpenter and Company (Solomon Islands). Ltd., for the year ended October 31. amounted to £14,418, a decrease of £917 on that ot the previous year. M ith £6133 brought forward. £20.552 is available. Dividend of 8 per cent, on preference shares, less the statutory reduction, requires £6200, a sum of £1895 is carried to the replacement and renewals reserve. Dividend of 6 per cent, on ordinary shares, which are held by W. R. Carpenter._Ltd„ is recommended, accounting,for £6720. No ordinary dividend was paid either in 1930 or 1931. A sum of £5736 is carried forward. Ordinary capital is £lOO,OOO. and preference £112,000. a, total capital of £212.000. Reserves are contingencies £5OO. bad debts £32B.'and replacements and renewals £5lO-1. The itpin, “sundry creditors,” which includes overdraft and advances on produce in transit, ainounts to £5152, an increase of £2218, but'the .item? “W. R. Carpen. er. .Ltd., advances £13,878." of •193i\ no longer appears in the published balance-sheet. Statement of assets is in one item, "mortgages, debtors, branches balances, shipping property, and Jnvestinents,” £241,364, a reduction of £7932. Blackwater Dividends The dividend of 1/- declared last week by Blackwater Alines makes the total paid IS/- per share, or a jjross amount paid by the company of £224,991/18/-. The Consolidated Gold Fields’ dividend of 6d. per share makes a total paid ot 21/9 per share, and the total amount returned to shareholders £256.027/1/9. The capital of each company is £250,000, and both were registered in 1906. The Consolidated Company owns 91,507 shares in Rlackvyater Mines. , Southern Cross Assurance Net premium income of the ordinary department of the Southern Cross Assur- ' mice Co.. Ltd., for the year ended June i 3<> was £177,496. compared with £201,- ' 832 for the previous year. New business yielded premiums of £30,477, or a net annual income of £-11.537. Renewal premium income at £147,019 is £9902 . less than that of last year because of an increase in surrenders. Cash surrenders amount to £20.(126 for rhe year, compared with £13,112 for the previous year. Claims paid in the ordinary department amount to £33.603. compared with £22.176. and in the accident department claims are £5OlB. Claims represent 51.6, per cent, of the actuarial expectancy; The accounts show that amounts owing mortgage have been reduced by £43,750 to £3750. but overdraft amounting to £17,080 has reappeared. ( Amalgamated Zinc Ltd. Net profits of Amalgamated Zinc (De Bavay’s), Ltd., for the half-year ended Jane 30 amounted to £4434. an increase of £1639, compared with the previous six months. The increase is due to receipt of dividends of £2404 from shares held in other companies, compared with £596 in the previous bnJl'-year, and £375 in the corresponding half of 1931. This made up for a decrease in interest received from other investments from £5033 to £4495. because of reduction of interest under financial emergency legislation. To pay the usual dividend at 5 per cent, per annum the company draws on the equalisation reserve for only £516. The directors report that since the close of the half-year Minerals Separation and De Bavny's' Processes Australia Pty., Ltd., has reduced its capital, and returned to the company £5512, being 1/- n Share on 53.250 shares paid to £l. now paid to 19/,. and 9d a share on 36,000 shares paid to 15/-, now paid to 14/3. LYTTELTON HARBOUR BOARD Redemption Loan Now Issued A unique opportunity for a gilt-edged investment is presented by the Lyttelton Harbour Board Redemption Loan which lias been placed on the open market. ■ Terms of the issue are as follow: — (A) The loan is for £136,000 for ten years from January 1, 1933, at 5} per cent., payable half-yearly. NOTE. —As the interest payable to investors IS NOT subject to 10 per cent, tax las are loans issued before April 1. 19321, the interest-bearing value is comparable with a rate of 5} per cent. Interest accrues on accepted application money from the date of its receipt by the Board. (B) Application money is free of exchange and the principal will ,bc repaid free of exchange on January 1. 1943, in Christchurch, or at any branch of the Bank of New Zealand in New Zealand. (C) The security for the loan is the Lyttelton Harbour Board’s undertaking and its revenues, subject to existing charges. The public debt of the Lyttelton Harbour Board compares more than favourably with that, of any oilier main port of New Zealand. Al Hie present rime ir is only £289.375. of which amount one loan of £56.800 is being paid off in annual instalments. Excess of assets over liabilities is £899.914. including cash assets totalling £228.895, at September 30. 1932. Copies of the Prospectus are obtainable from Mr. C. 11. Clibborn. Secrelar.v. I.yt .eltiiii Harbour Board. Christchurch (who will also receive applications for debentures I. and from the stock Exchanges or any branch of the Bank of New Zealand.—P.B.A,

FROZEN MEAT TRADE Killings and Shipments HEAVY DECREASES Very marked decreases in killings of live stock and exports of frozen meat are the main features of the latest returns covering the two months to November 30, issued by the Meat Board. Killings of lamb at 224.956 carcases are 304.555 less than for the two months of last year. Killings of sheep at 29,001 are rather more than one-third of ihe large number. 82.584, killed in OctoberNovember, 1931. On rhe other hand, killings of pigs increased by 10.491 to 31.534 carcases. , The detailed figures of the two months killings compare as follow: — 1932. _ Beef (quarters) .. 3,246 ,1’41’6 Wether mutton (C/es) 23,822 *'.j.4lb Ewe mutton (C/cs) .. 5,179 1i,168 Lamb (C/cs) .. .. 224,956 029..i1l Pork (porkers). C/cs 21,29;> Pork (baeoners),* C/es 10,239 3,a03 Boneless beef (Frt. C/es) .. .. 12,041 22,364 Sundries (Frt. C/cs) 35,580 42,866 Shipments of frozen meat for Hie two months ended November 30 show heavy decreases in lamb, mutton and beet, and a fair increase in pork. Details of rhe shipments are shown in the following table, together with the totals for thetwo months of 1931:— Beef. .Mutton. Qrs. C/cs. Londoi 15.511 162,232 Liverpool .. •. 9.714 i”- 1 /',’!, Glasgow .. *■ 2,668 543 Avonmouth .. 68 3.606 New York .. • ■ 100 Hong Kong .. .. —- Pacific Islands .. — 10 Total, 1932 .. 28,061 181,955 ' Total, 1931 " .. 35.945 283,151 Decrease .. 10.884 101,196 Lamb. Pork. C/cs. C/cs. London .. .. 213.866 1S Liverpool .. . • 9.1,>1 400 Glis-'ow .. .. 300 • 318 Avonmouth .. 4,000 1,038 New York .. — Hong Kong .. .. oU-» Pacific Islands .. 4 Total, 1932 .. 227.624 20.060 Total, 1931 .. 529.183 16.557 Decrease .. 301,4n9 *3,203 * Increase. In addition. 19.950 bags of boneless beef were shipped during the two months, .compared with 69,361 bags last year, ,a decrease of 49,411 bags. \ Stocks of meat on hand in cold stores in New Zealand as at November 30 compare as follow 3o/11/32 30/m Beef (quarters) '• • 4.921 2, i2b Wether mutton (C/cs) 30.529 32,013 Ewe mutton (C/cs) .. 3,»j> < *>4s< Lnmb (C/cs) .. . - Pork (porkers), C/cs 11,5<9 1,840 Pork (baeoners) C/cs 9,3 <9 2,iob Boneless Beef (Frt. occct C/cs) .. ■ • 10,588 26,664 Sundries (Frt. C/cs) .. 55,440 54,791 ' Stocks of frozen meat loaded into vessels not departed from New Zealand at November 30 compare as follow: — 30/11/32 30/11/31 Beef (quarters) -- 1,888 634 Wether mutton (C/cs) K. 6- 16,173 Ewe mutton (C/cs) .. 30,102 3.048 Lamb (C/cs) .. ■■ 14,616 34 22 Pork (porkers) C/cr . . Pork (baeoners) C/cs 1,009 15 : BUTTER PRICES LOWER Cheese Also Declines Another decline in the London butter market has taken place this week and the prices of New Zealand have fallen to a new record low level of 83/- tot finest and 82/- for first grade. Hie cheese market is also weak, and prices have laJlon by 1/- to 2/- a cwt since 1’ ndny. Joseph Nathan and Co.. Ltd., have received the following cable from their principals, dated December 12:—New Zealand butter. 82/- to 83/- per cwt , New Zealand cheese, white u6/-, coloured 58/-. Both markets weak. FOREIGN EXCHANGES Improvement in Sterling London, Dec. 12/ The following rates on foreign exchanges were current to-day. compared with those rilling on December 10 and

Gold and Silver. London, Dec. 12. Gold.; —£6/6/2 per fine ounce. Silver. —Cash, 17kl per ounce; forward, 17 9-16 d. SYDNEY STOCK EXCHANGE Investors Very Cautious (Received Dec. 13. 9.50 p.m.). Sydney. Dec. 13. On the Stock Exchange to-day investors showed little inclination to enter into fresh commitments, and much of tile business transacted was of a clearing-up character. Sales: Bank of New South Wales, £3O 12/6; National Bank of Australasia, £lO paid. £ll/15/-; Australian Gas. A. £6 19/-; ditto, B, £6/19/6; Dunlop-I’erdriau, lli/3; Goldsbrdugli, Mort. 24/3; Jlillaquin Sugar, 27/6; Australian Glass. 43/3; British Tobacco. 33/-; ditto, pref.. 27/3; Tool lis. 34/6; Mt. Lyell. 21/7i ; Broken Hill I'lv., 25/71; South Broken Hill, 45/9. Jlmning sales: ('oinlnmiwt’aJth Bonds. 4 per cent., 1938. £103; 1941. £lOl/2/(5; 1944. £lOl/15/-; 1955. £lO3/2/6; 1957. £lOl/12/6: 1959. £102: New Zealand debentures. 51-8 p.c.. 1937, £105; National Bank. £ll/15/-: Bank of New South Wales. £3O/12/6: Australian Glass, 43/3; Broken Hill Proprietary. 25/101. ■ Melbourne. Dee. 13. T<>-da.v's sales imduded : Nat ional Itnnk of Austrn.lasiu. £lO paid. £ll/18/-; Umnmercial Bank of Australia, 15/9: Metropolitan Gas, £ll/17/-: Dunlop-Perdrian, 16/6; South Broken Hill, 46/-.

LIVESTOCK MARKET Poor Sale at Waipukurau FEW LINES SOLD Dominion Special Service. Waipukurau. Dec. 13. There was an exceptionally small yarding nt: the weekly stock sale to-day, not more than six pens of cattle and live of sheep being competed for. Fat cattle: Two weighty bullocks passed in at £4/5/-: six bullocks, medium quality and weight, passed. £3/5/-. All other fat bullocks were passed, no bids being forthcoming. Dairy cattle: Two cows, good condition, brought £2 : one. good condition, £1 6/-: one good springing Jersey heifer, £3/10/-: one well-grown Hereford bull. £2/6/-. Fat sheep: 35 shorn ewes brought 6/-: nine shorn wethers, 10/-; three maiden woolly ewes. 8/6; one woolly wether. 8/6. Fifty-six wethers were passed at 9/6. Melbourne Prices Firm The firmer trend in the market for fat sheep and lambs was shown at Melbourne sales last week. There was a much keener demand lor standard grades of export lambs. The sheep entry totalled 30,000 head. Prime crossbred and comeback wethers, from 10/- to 11/6; prime medium-weight crossbred and comeback hogget wethers, from 11/- to 12/6; prime early shorn crossbred wethers, mostly four-tooths, from 12/6 to 13/6, a few at 15/3; good crossbred and comeback young wethers, from 9/- to 10/3 ; secondary, light-condi-tioned grades, from 7/6 to 8/6; prime aged crossbred ewes, from 6/6 to 7/6, with odd lots of exceptionally fat heavy ewes, early shorn, from 8/6 to 10/-, a few higher; secondary canning grade ewes, from 3/6 to 5/-, with low-conditioned inferior sorts almost unsaleable: prime merino wethers, from 8/6 to 10/-; good merino wethers, from 7/- to 8/-, with secondary aged merino wethers, in small lots, at low prices. The approximate quotation for best me-dium-weight wether mutton at l?d. a lb., with sales hardening for best hogget wether mutton, to from 2d. to 2Jd. a lb.; heavyweight wether mutton, at 1 Jd. a lb.; me-dium-grade light wether mutton, at l}d. a lb.; with export ewe mutton at l£d. a lb., with medium-weight trade grade ewe mutton at lid. a lb. The yarding of lambs numbered 43.01)0 head. Prime sold at from 11/6 to 13/-; irft™ prime, from 13/- to 14/-, with spec)M eoi«ignments' of extra heavy weights, trom 15/- to 16/6, a few at 18/-; go«d sold at from 10/- to 11/-: second and inferior, from 7/-; prime shorn lambs, from 9/6 to 11/-: extra prixe shorn lambs from Ll/6 to 12/3. with selected pens at 13/2; "*>od shorn lambs, from 8/6 to 9/6; secduds, from 6/- to 7/9. The general average quotation for best export, lamb hardened to 34d. a lb., with the choice of quality in medium-weights, suitable for family trade requirements a shade higher; heavy-weight spring lamb, from 3d. to -33 d. a lb. CHEAP POTATOES Auckland Produce Markets Dominion Special Service. Auckland, Dec. 13. The local market is fully supplied with potatoes which come to hand daily from many sources. Prices have, eased further, and merchants are quoting 5/- a cwt. through store. Even lower prices are ruling for direct deliveries to shopkeepers, and Pukekohe dealers are quoting 3/6 to 4/- per cwt. on trucks. Potatoes are cheaper here than they have been for 20 years. The market is over-supplied with Canadian onions, and these are now having to 'compete with Pttkekohe-grown, which are available several weeks earlier than usual. Canadian are fetching 13/- a bag or case. A fresh shipment of wheat has just arrived from Australia and is being distributed. This will be the last importation under the special arrangement made by the Government to meet the Dominion shortage. The wheat is very popular with consumers, and sells readily at from (j/. jo 6/2 per bushel through store, There is no change in the maize position. A fresh shipment of South African crushed has arrived, and is selling 6d. cheaper at 4/6 for the 501 b. bushel. Maize meal is also lower at 9/- per 1001 b. The market for horse feed is very quiet. Quotations are unchanged at 3/7 per bushel for B Garton ooats and £B/5/- per ton for chnff. Overseas Wheat Markets London, Dec. 12. Wheat cargoes to-day were dull and slightly easier. Parcels were in poor request. Manitobas were occasionally dearer, but Australians were unchanged and River Plates were steady. Futures: London, .December. 22/9 per (luarter; February, 22/3; April, 22/2. Liverpool, March. 4/11, 5/8 per cental; May. 5/01. Montreal. Dec. 12. Chicago wheat futures: December, 451 cents; May. 48 7-8 cents: July. 49£ ednts. New York, cash. 56} cents. Buenos Aires. Dec. 12. The official forecast of the 1932-33 wheat harvest estimates the crop to be about 6.300.000 long tons. LONDON WOOL SALES Brisk Competition London, Dee. 12. Offerings at the wool sales to-day were 7041 bales, including 2957 bales New Zealand. About 5680 bales were sold. Home and Continental buyers put up brisk competition, and the market was firm at late rates. New Zealand sales were: Crossbred. “London Hill,” highest 91d. average Sid; slipe. italfbred lamb, “Fairfield,” highest 12:}d. average 11 }d. Bradford shows slightly more activity in the market for fine tops. SYDNEY WOOL SALES , Japan and Continent Active (Received Dec. 13. 9.50 p.m.). Sydney. Dec. 13. At the wool sales to-day 11.948 bales were offered, of which 11.33 S were sold at. auction, 1314 being disposed of privately. There was strong competition, especially from Japan and Ihe Continent. The market was very firm. Greasy merino made up Io 16Jd. Following are the monthly average prices for wool realised in Sydney from July to November inclusive, per bale and per lb., and for the period:— PER BALE

BASE METALS MARKETS Heavy Decline General (Received December 13. 9.50 p.m.) Sydney, Dee. 13. The official London (middle) quotations for Monday as received by the Australian Mines and Metals Association, compare as under with those previously cabled:—

‘American, 5 cents a lb. tAmerican. 21.90 cents a lb. Australian Price of Gold The price fixed by the Commonweal!'!) Bank for gold, including jewellery, lodged at the Melbourne Jlint. lor the week ended December 2, is at the rate of approximately £7/6/5 per standard ounce (22 carats), equal to a premium of 58.05 per cent. Payment is made according to the assay value of Ihe gold. The price is Sd higher on the week. The price per minee fine is £7/19/9. a rise of 9d on (be week. The Commonwealth Bank's price for sovereigns, at Jihad office, Sydney. List week was 35/6. This is subject to alteration without notice.

Buyers. £ s d Sellers. £ 8 d ■1 p.e. Bonds, 1939 ....92 15 0 — 4 p.c ditto. 11*38 • Jo <1 —— 5 p.e ditto,'Feb., 11131 PS 0 0 p.e. ditto. Sep.. 1037 lb 15 0 98 10 0 p.c. ditto, .1037 .... 0o o 0 — . i p.e. ditto, tax free, IHBT ' .■ OU > i 0 —* 4 P.e. Stock..'11)3!* .... 92 15 0 —T' 4 p.c. ditto, 1938 .... 92 15 0 — 5 p.c. ditto, Feb.. ll|3i o< 15 0 98 n 0 p.c. ditto. Sep.. 1937 97 l.J 0 —— _ 1 p.e. ditto, 1933 •.... — 99 10 0 5 p.e. ditto. .1937 95 (5 — . DEBENTURES. I’alnimtoir N.. fi p.e., 1013 ' —-, 99 5 0 Makerua Drainage. 6 p.c.. — 94 10 0 Christchurch' Drainage. .”> V P.O., Wdl) — 97 .10 0 Wait Ditto' El'. Ed., C.p.c., . —• 99 10 0 Wgtn. City & Subr. Highwavs. 51 p.e., 1943 .. — 9G 15 0 Wellington Gns Co. ... 99 0 — . . BANKS. g 8 IS 0 <• jmm. of AusL. ord. , 0 13 4 0 13 8 Nat. of ' Australasia, • £10 paid ......... 10 5 0 — ew South Wales .... —- (I New Zealand ■ t0 C 1 ! I Union of Aust. ........ — *> 0 FINANCIAL Equitable Building .... — 4 0 0 Goldsbrough, Mort ... 1 0 4 — National Mortgage .... —- 1 10 (I •Z. Loan & Merennfile —• 51 0 0 N .Z. and River Plate .. 1 0 Wgtn. Trust and Loan — 4 17 11 Wgtn. Dep. & Mort. . — 0 < 9 GAS. Wellington. ord 1 9 0 1 10 0 18 3 —— INSURANCE. Aust. I'rov. Assee 0 5 0 0 t; 9 National 0 It South British -2 12 0 13 «» MEAT. 1 0 N Z. Kifrig.. .£1 paid .. l> n i; — Ditto, 10/- paid .... 0 - 11 — TRANSPORT Union Steam, pref 1 0 3 — -• WOOLLEN & G c COAL. Westport 0 10 0 - ' TIMBER. Bartholomew 4) 12 0 Leyhind-O'Brlcn — 1 0 0 National —— o « S o Tarin iramutu 1 • 0 0 BREWERIES. Carlton 1‘ 13 G N.Z. Breweries *1 5 8 1 6 3 Staples and Co. ....... — 1 3 0 Tooth and Co. 1 10 G MISCELLANEOUS British Tobacco, ord •1 10 0 Burns. Philp — •> t) Colonial Sugar — 17 0 0 N i.iomil Electric 0 4 0 9 8 0 N Z. Drue 0 o Farmers’ Fertiliser ... 0 15 0 Wilson's Cement 1 111 0 Woolworths (N.Z.). pref. 1 8 0 1 10 0. Oil,, Moturoa. ord o 4 Taranaki n 1 7 MINING. Alexander o p, Blackwater *1 >1 9 King Solomon 0 9 3 jleunt Lyell .......... *0 19 3 Oknrito 0 8 0 Paddy’s Point ........ 0 4 Wall)! () 19 0 B g River 0 1 1 t! n 11 "Cum. dividend. fEx. dividend.

WELLINGTON. . d Guvt. Bunds. 5J p.c., Feb., 1937 . 98 1 11 Inser. Stock. 5J p.c., Sept., 1937 . 98 1 (1 Ditto. J J p.c.. 1838 •92 la 0 •Late Sale Monday. AUCKLAND. £ s d laser. Stock. 5 1-8 p.c., 1937 .. 95 5 (I Auckland Gas, GJ p.c., 1935 98 0 0 National Bank of N.Z. (2) *1 r . 0 lir.nk of New Zealand 2 i -H Do 2 1 3 N.Z. Insurance 2 1 0 Auckland Gas. eontr 0 15 » Golden Dawn 0 4 8 Do ... 0 4 9 Waihi 0 IS 9 CHRISTCHURCH. Sales on Change: £ s d Bank of New Zealand 2 1 0 Goldibrough Mort. (3l 1 0 6 N.Z. Refrigerating. 16/- paid (2) 0 3 •> do 0 3 1 Wellington Gas 1 9 0 Golden Sands 0 2 0 Mahakipawa 0 0 3 Nokomai (1 5 1 do (3) 0 f» 0 Okarito II 8 (1 Sales reported: Bank of New Zealand ........ 2 1 44 (10 2 1 <1 2 1 3 DUNEDIN. Sales on ’Change: £ s d Nokomai o r> 0 do , (i ,c, 1 Kawaratt (i ii n Mwf David i2i 0 "•> 6 reported: Bask of New Zealand 2 1 (1 Okarito (1 Si '• Nokomai n . 6 0 Pachly'a Point 0 5 1 1

follows: — 1930 1931 £ 1932 £ Gross profit 84.61.3 40,696 22,538 Net profit Net loss 18,643 10.408 26.022 Liabilities — 750.000 21(5,205 Capital paid up . Reserves, etc. ... 750.000 210.125 750.000 21(5,133 Profit and loss account 19.032 — — Shareholders’ 966.133 966.205 985.157 Sundry c. editors 13.107 9,759 9.423 Loans on deposit — • (5.066 Due bankers — 17*» 1.864 Contractors’ accts. — 1,416 Assets — Freehold & timber 98.891 90.479 85.966 Leasehold & timber 57,795 52.592 47.300 Plant, etc 167.774 153,291 141,893 Consignments 1:427 — 906 Stock-in-trade ... •218.31I 192,753 129,925 Sundry debtors, etc. 74.21 S 54.752 Loans, etc 210,169 148.171 261.914 315.924 IIS. 121 118.428 6.010 5.959 1,792 Other items 9,302 7.800 8.395 Loss 10.126 36,149

par:— Dec. 12. Dec. 10. Par. N. York. (lol. to 3.20 3.25J 4.860 Montreal, dol. to £ 3.785 3.781 4.S66 Paris, fr. to £ .... 83.50 83 5-16 124.21 Brussels, bel. to £ 23.545 23.475 35.00 Geneva, fr. to £ .. 16.955 16.92 25.225 Amst’dani. fl. to £ 8.105 S.095 12.107 Milan, lire to £ .. 03 11-10 63.50 92.46 Berlin, inks, to £.. 13 21-32 13.675 20.43 St’liolrn, knr. to £ 18.305 18.325 18.159 C’liagen, knr. to £ 19.285 19 9-32 18.159 Oslo, knr. to £ .... 19.375 19.40 18.159 Vienna, sehgs. to £ *27.50 *27.50 34.585 Prague, knr. to £ .. 110.125 109.75 164.25 Hel'fors, inks, to £ 228 228 193.23 Madrid, pes. to £ .. 40 39 15-16 25.225 Lisbon, esc. to £.. 107.625 107.50 110 Athens, draeli. to £ 595 595 375 Belgrade, din. to £ 242.50 — 276.31 Bucharest, lei to £ 567.50 550 813.60 Warsaw, zloty to £ — — 43.38 Bio de J., p. to mil. *5i o’. 16.70 B. Aires, p. to peso ♦ .. “ 47.62 M. Video, p. to peso ♦30 30 ol Calcutta. p. to rnp. 18 3-16 18 3-16 18 Shanghai, p. to tael 21. 20 15-10 — 11.-Kong. p. to dol. 16 .. 10 1-16 — Y’hania, p. to yen.. 158 15 5-16 24.582 Bataria, gl. to £.. S.17 8.12 12.107 ♦Nominal.

<«rcas Sri III l*i *41. ([ 1 • <4 (| •IlllV .... til 5 0 1.3 5 5 Aumist .... 10 15 • > 13 13 3 SeptenVber .... 11 111 I 12 111 11 October .... 11 7 ■ • 14 4 4 .... 10 1'5 1 1’2 11 1 ive months’ totals 11 5 I’Ri: i.n 6 13 <1 8 U. (I. SrnnrO (1. Jillv .... 1 ' 1 13 li Auutisi ..... S.O 1l.ll Septeni'l >er .... x.n irt.o < )(*tohf?r $ 5 14.3 November .... SJ 1C.?» 5 niouth«’ total 8.4 13.5

p Dec. 7. er ton. Dec. 12. Per ton. Copper — V s 11 s d Standard, spot 30 15 2 i 6 >1 Standard, forward 31 3 H 27 13 9 ’Electrolytic .... 13 0 32 10 0 to 36 , 1 () 33 10 0 Wire bars 36 5 0 33 10 0 LeadSpot 11 6 *> 10 17 ♦; Forward ........ 1 1 15 0 11 (J 3 SpelterSpot ............ 15 •» 6 11 1.5 0 Forward 15 8 !) 14 18 9 TintSpnt 151 13 9 i r.i 3 9 Forward 152 13 9 150 6 3 Standard, per oz. 17:1 I7.jd Fino, per 'ikx 10 1-Sd IS 7-Sd