Commerce, Mining, & Finance

Evening Star, Issue 22630, 23 April 1937, Page 6

Commerce, Mining, & Finance

CANTERBURY’S WOOL SEASON REALISES £2,191,344 U-Sited Press Association.] CHRISTCHURCH, April 22. The official return for the final wool sale of the Christchurch season shows that the season has been. the most successful for Canterbury growers since 1928-29. The total receipts-from wool sold in this centre were £2;191,344, against £1,440,164 last season,' and l £812,203 in the 1934-35 season. The average price a bale increased from £ls 12s (Jd to a fraction of a penny less than £23. In the 1934-35 season the average was £lO 18s 4d.

SYDNEY WOOL SALES Press Association—By Telegraph—Copyright SYDNEY, April 22. The regular wool selling season was terminated by to-day’s sale, with good general competition, and values firm. Greasy merino made to 29 Jd. Of 14,038 bales offered 11,670 were sold and 2,138 were disposed of privately, SYDNEY MARKETS Press Association—By Telegraph—Copyright SYDNEY, April 22. Wheat: At country sidings, quoted at 4s Bd, equal to 5s 3d, ex trucks, Sydney; bagged, from 5s 6d to 5s 6Jd. Flour, £l3 7s 6d. Bran, £6 10s. Pollard, £7. ' Potatoes: Tasmanian, ’to £6; others, £4 10s. Onions: Victorian brown, £9; white, £8 10s. , Maize: Yellow, 5s 6d, HIDE MARKET

EFFECT ON LEATHER PRICES Weddol and- Co., London, March 11, . reported that “ further, substantial- pro- ' gress ha» been made in the hide market during the week under review. Sound Argentine frigprifico ox hides have been sold at 113 pesos, which is called 83d c.i.f., and now 115_pesoshas been bid but not accepted. The packers all have very few hides on hand and are waiting for a few days. Probably business could be done at equal to 9d c.i.f. This would be the highest price for about eight years. There are some people indicating that frigorificos may reach double figures before the present upward trend comes to a stop, but everything still depends upon the attitude of the U.S.A., who are alone leading the way. It is quite true to say that' frigorifico os hides could easily reach . this high leyel indicated if the .U.S.A. tanners continue,to buy regularly over the next few weeks. The .main reason for this present buying move in the States is due to the fact that the domestic kill is likely to be decreased by 10 to 15 per cent, owing to the shortage of cattle and the very high prices _ ruling for same, an inevitable reaction to the heavy drought killings a few years ago. In addition to this, of course, there is the obvious return of'prosperity which is enabling the retailer to increase his trade. The enormous production of boots and shoes in America last year—--415,000,000 pairs—may easily, .therefore, be absorbed, and this year’s shoe production can again be higher than last year. Europe continues to feel the quick upward rise of prices very much, and a good many tanners are quite unable to follow.. Borne tanners in this country who must use frigorifico hides for their special requirements are in a very difficult position. It was never expected that the' market would continue to show such strength. “ All descriptions of hides are consequently falling into line with South American sorts, and are being quoted at comparatively high prices, and trade as a whole is limited. Nevertheless, there would to be no stocks at any of the Usual origins. “ All descriptions of miscellaneous and colonial hides are quoted higher. New Zealand freezer cows now held for 7|d to 7Jd, abattoirs 7Jd to 7Jd. “ There is no radical change in the leather market except. that it is reported that the position has become very much better from the tanners’ point of view.

THE RESERVE BANK ASSETS AND LIABILITIES [Pm Unxtbd Pkiss Association.] WELLINGTON, April 22. ■ The gazette issued to-night contains the folldwing statement of the liabilities and assets of the Reserve Bank of New Zealand as at the close of business on April 19. The figures at the close of the previous week are given for purposes of comparison, shillings and pence being omitted LIABILITIES. Last Week. This Week.

THE METAL MARKETS ACUTE SCARCITY OF STEEL CONDITIONS IN ENGLAND Although there has been some easing . from the boom prices in non-ferrous metals in Great Britain, air mail advices are, to the effect that the tone now continues definitely firm, and the mail has brought a further long list of advances in price of many types of hardware. . It is stated that the zenith of the price boom in non-ferrous metals Was reached-about March 11. The recession from that date to March 24 was as ■fellows':*—-Copper, £7B a ton to £72 a ton; tin. from £3ll a ton to £298 n ton; 'spelter;., £37 a ton to £33; and lead, £36 a ton to £32. Prices steadied at the new figures. Advices also state that a further rise in. Steel material is certain from May 31. So acute is the steel shortage that some of the mills rolling bars and! hoops have insufficient supplies of steel billets to keep all the plant working. Steel sheets rose £1 on March 17, TIN MINING LARUT DIVIDEND Larut Tin Fields Limited (Malay States) has declared a dividend of 3d sterling a share and a Bonus of 9d sterling a share, payable on April 29. The previous distribution was 3d sterling a share in October. PLACER DEVELOPMENT SHARES Placer Development Limited. (Vancouver) reports that Greenshields and Company, Montreal, have exercised their option on the 20,000 shares placed under offer to them in. February, at 20dol a share net. The issued shares of the company now total 730,000, of Idol each. ’ MANDATED ALLUVIALS The directors of Mandated Alluvials, N.L., Sydney, announce that Mr T. R. Victor, mining engineer, and Mr F. M. Murdoch, metallurgical engineer, have been engaged to report on the company’s property in Papua. Both men have left for the field. COMPANY NEWS MACKY LOGAN PROFITS OVER 50 PER CENT. INCREASE An increase of over 50 per cent, in net profits is disclosed in the accounts of Macky,. Logan, Caldwell Ltd. for the year ended February 19. Net earnings for the year amount to £13,796, comparing with £8,442 for_ the previous year. The year reviewed is the second since the firm was reorganised on its present basis. The net profits, together with £7,229 brought forward, make £21,095 available for distribution. Out of this it is proposed to pay a final dividend of 34 per cent., making 6 per cent, unchanged for the year, requiring £5,100. Income tax reserve is to be augmented by transferring £6,520 to that account, leaving a balance of £9,475 to be carried forward. The directors state that the company has continued to make satisfactory progress, and sales showed a substantial increase during the year. The retiring directors are Messrs H. M. Rogerson and J. R. Self, who offer themselves for re-election. SELFRIDGES LTD. % Payment of a dividend at the rate of 6 per cent, for the year ended January 31, 1937, is recommended by the directors of Selfridges (Australasia) Ltd. The profit and loss account shows a net profit for the year of £14,187 5s Bd, to which is added £6,735 6s brought forward from the previous year, making a total of £20,922 11s Bd. Out of this have been made payments of directors’ fees, a proportion of the expenses of securing additional capital, and provision for taxation, leaving a balance of £17,062 6s 3d. . Considerable progress has been made during the year, state the directors. Business has increased and prospects are very favourable. The issued capital has been increased from £111,584 to £190,000. Several new stores were opened, and others are being completed in New South Wales. Selfridges (N.Z.) Ltd. was successfully formed, Selfridges (Australasia) Ltd. receiving 27.250 fully-paid £1 shares. Selfridges (W.A.) Ltd. is now in the course of formation and the capital is assured. NEW TEXTILE COMPANY YARRA FALLS’ INTEREST With nominal capital of £IOO,OOO Byfas Pty. Ltd. has been formed in Melbourne to carry on the business of manufacturers, importers, and exporters of silk, cotton, wool, etc. The company is an associate of Yarra Falls Ltd. and _ Austral Silk and Cotton Mills Ltd., which, it is understood, are supplying the necessary finance. Installation of the plant near the Yarra Falls mills at Abbotsford is expected to be completed by the end of September, and it is estimated that 200 employees will bo required. TARANAKI OIL FINANCES Taranaki (N.Z.) Oilfields No Liability, Melbourne, at January 31 had £1.435 cash in hand. Debtors at that date appeared at £159, unpaid calls at £B7, and creditors at £1,923. Forfeited shares bought in and held by the company aggregated 37,600.

STOCK AND SHAREBROKERS.

TO INVESTORS IN STOCKS AND SHARES

Investors are invited to transact their business through members of the Dunedin Stock Exchange. All Contracts are completed in accordance with the Rules and Regulations of the Stock Exchange Association of New Zealand. These have been approved and advertised in the ‘ Government Gazette.’ No member of a Stock Exchange in any part of the world is permitted to advertise shares for sale or purchase. Persons, firms, or companies who advertise shares for sale or purchase or employ canvassers are not members of the Stock Exchange, ■ The following are the members of-Hhe „Stock Exchange:— C. H. Breeze, 81 Crawford street. . D. J. Caldcr, N.Z. Express Buildings. Hamilton and Davidson. Slock Exchange Buildings. . ■ - Logan and Vivian, N.Z. Express Buildings. W. L. Goldsmith, Stock Exchange Buildings. J. S. Hislop, 105 High street. J. B. Laidliw, 125 High street. Ralph Malcolm and Co., Stock Exchange Buildings. Wm. Brown end Co., N.Z. Express Buildings. W. H. M'Leod, Stock Exchange Buildings. N. and E,- S. Paterson Ltd., 163 Rattray street. John'Reid and Sons, 6 Liverpool street. W. B, O. Reid and Co., Edinburgh House. Sligo Bros., Stock Exchange Buildings. Fenwick and Reeves, Standard Insurance Buildings. Arthur M. Sidsy and Co., A.M.P. Buildings, J. W. Smeaton and Co., 152 High street. VV. B. H. Statham, 320 Princes street. W. P, Titchener, Queen’s Buildings. ,J. H. Walker, T. and G. Buildings. W. J. Watson, Stock Exchange Buildings. Quick, Smith, and Black, Stock Exchange Buildings. INVESTING FOR PROFIT. Our business is to successfully advise clients' how to invest their capital tor both security and income purposes. To-day wo can submit a list of investments suitable for those requiring a reasonable income with prospects of capital gain. • Write now or Call for our folder, * Stocks for Appreciation in 1937.’ The Securities Corporation (N.Z.) LTD., Sharebrokers, 20 Crawford street, Dunedin. . Telegrams, “ Toscol.” Phone 11-777 (4 lines). 11l .. AUSTRALIAN STOCK EXCHANGES Pres* Association—By Telegraph—Copyright SYDNEY, April 22. The Stock Exchange tournover to-day was restricted. Metal shares recovered slightly and pastoral and brewery issues were strong. MORNING SALES. !

UNION OIL AND SOAP COMPANY [Per United Press Association.] AUCKLAND, April 22. The Union Oil, Soap, and Candle Company Ltd. will pay an interim dividend l of 6d per share, payable on May 3. The rate is unchanged. HENRY JONES CO-OPERATIVE [Per United Press Association.]

WELLINGTON, April 22. Henry Jones Co-operative has advised the Stock Exchange Association that an interim dividend has been declared at the rate of 6d per share, payble on June 1.

SHARE MARKET

DUNEDIN STOCK EXCHANGE Following upon the activity in Australian mining shares yesterday morning, the market to-day was very quiet, with Lyells, Morgans, and Electrolytic Zincs tending to firm. Other sections remained inactive, although G. J. Coles rose to quotations at £5 5s and £5 6s 6d. , Mount Morgan had two sales on ’Change yesterday afternoon, at 15s, the market closing at 15s 4d and 15» 9d to-day with no business. Mount Lyell bad a transaction after the call at £2 6s sd, 4d above a similar transaction lata yesterday, while buyers’ offer of £2 6s 3d was 5d below sellers’ requirements. The ordinary issue of Electrolytic Zincs rose to buyers £2 18s 6d, at which a sale was made, but offers fell back to £2 18s, sellers easing to the sale price. SALES REPORTED. ■ —This Morning.— National Bank of New Zealand, £3 2s 3d (2). . Regent Theatre, £l. SALES ON ’CHANGE. , , —Late Yesterday.— Mount Morgan, 15s (2). —This Morning.— Electrolytic Zino (ord.), £2 18s 6d. SALES AFTER CALL., —Late • Yesterday.— Mount Lyell, £2 6s Id. —This Morning.— Mount Lyell, £2 6s sd.

DIVIDENDS DUE Uuited Building, Auckland—lnerim at 5 per cent, per annum Apr. 26 Okanto Gold Dredge—4d per 5s share pr- 27 Bank of Adelaide—Half-yearly” final at 5 per cent, per annum Apr. 28

British -Tobacco (Aust.) Ltd.Quarterly, pref., at 6j per cent, per annum ... ... ... Apr. 30 Claude Neon Ltd., Sydney—lnterim half-yearly at : 15 per cent, per annum ... Apr. 30 Drug Houses of Aust.—lnterim, 3 per cent ... ... ... Apr. 30 United Provisions —Interim preference at 8 per cent, per annum Apr 30 North Kalgurli (1912) Ltd. —Interim, 6d sterling a share ... Apr. 30 Associated Newspapers—lnterim, pref. and ord., 2 per cent. ... Apr. 30 N.Z. Investment, Mortgage, and Deposit Co. —Final, 3 percent., making 5 per cent, per annum ft.. ... ... ... May 3 Mosgiel Woollen —Interim at rate of 8 per cent, per annum ... May 13 E.S. and A. Bank—lnterim, 3J per cent, (sterling) ... May Imperial Chemical Industry—brd., final .5-4' per cent ... June 1 Bank of New Zealand—Final, ordinary shares, Is ... ... ... June 11 National Bank of Australasia At 6 per cent, per annum on both issues

MARKETING OF ONIONS GOVERNMENT CRITICISED PRODUCE PERISHING IN PADDOCKS [Per United Press Association.] ■WELLINGTON, April 22. Mr H. S. S. Kyle, M.P. for Eiccarton, stated to-day that thousands of sacks of onions are standing in paddocks in Canterbury. This was another instance of the failure in the exercise of Government control over perishable products. Control regulations were promised by March 1, but they were not gazetted till March 18. During the period of delay and uncertainty it was only natural that growers were not inclined to sell, and merchants were equally disinclined to purchaso,_ Mr Kyle said also that objection was raised to the regulations themselves, and finally at a conference it was unanimously agreed to eliminate the grading system and to substitute the f.a.q. system, which had- so long been recognised in the marketing of onions. Growers were promised that the evidence before the conference would be submitted to the Government, and at the same time ifi was agreed that every effort should be made to induce the Government to purchase a large quantity to assist the already glutted market. The Government’s reply was that there was a lack of cold storage and that a South Island committee would be set up, which had now been. done. It was generally felt that if the Gpvern'ment had given an assurance that a total embargo would be placed on imported onions and had left the market open to the normal supply and demand, the growers would not have been placed in tiie position that merchants were still disinclined to purchase onions on a scale similar to former years. THE SEARCH FDR GOLD WORKSOP RETURN [Pek United Press Association.]' GREYMOUTII, Ajiril 22. The Worksop dredge obtained a return of 28oz for 132 hours from 12,000yds. ■ MARTHA'S HIGH DIVIDEND 40 PER CENT. FOR YEAR. [Per United Press Association.] AUCKLAND. April 22. Martha’s net profit for 1936 was £98,870. A final dividend of Is, making 2s for the year, or 40 per cent equalling the rate paid by the original Waihi Company, has been declared. LONDON WOOL SALE The New Zealand Loan .and Mercantile Agency Company, Limited, has received the following advice from London under date April 20:—“List closed to-day. Wool by Fordsdale, Cornwall, 'Huntingdon, and Ben Cruachan available.” . DOLLAR AND FRANC Press Association —By Telegraph—Copyright LONDON, April 22. (Received April 23, at 1-15 p.m.) The dollar is quoted at A. 93 15-16. The franc is quoted at 111$. PRICE OF GOLD Pres* Association —By Telegraph—Copyright LONDON, April 22. (Recevied April 23, at 1.15 p.m.) Fine gold is quoted at £7 0s 7Jd per ounce.

s; ' ‘ £ 1,500,000 1.500,000 2. Bank notes 3. Demand liabilities—’ 13,033,895 13,016,826 7,814,-177 7,338,123 (b) Banks ... ... ... ■ 9,290,003 9,756,211 (c) Othfi ... ... ... 093,301 811,393 4. Time deposits — — 5. Liabilities in currencies other than New Zcaland currency 6. Other liabilities 124,013 LiU,30a Toul £52,598,858 ASSETS. (a) Gold 2.801,791 2,801.791 (b) Sterling exchange 19,303,275 19,622,337/ (c) Gold exchange ... 8. Subsidiary coin ... •« 9, Discounts— (a i Commercial und 117,235 146,759 agricultural bills ... — — (b)Trf-a-urv i.nd local bodv bills 10. Advances— (a) To State or Slate undertakings— (il Dairy industry count (2) For other pur0,139,279 | 61146,667poses 900,000 900,000 (b) To other pjbhc authorities (ci Other — 11. Investments ... 2,306,430 2,906.430 12. Bank buildings 13. Other assets 200,66.5 “4,853 TtvJ Proportion of reserve (No. 7 less No. B) ,o notes end otn-r demand lia.£32,480,690 biljtie* ... fft 71.838% 72.399%

£ s. d. Commonwealth Bonds— 4 p.c., 1947 100 0 0 4 p.c., 1953 101 12 6 Huddart, Parker ... ... 1 19 9 Wilcox, ■ Mofflin ... ... .... 0 14 4 Associated' Newa (pref.) ... :■ 1 3 6 G. J. Coles 5 0 0 Broken, Hill Prop. 4 3 6 Broken Hill Prop, (new) ... 3 16 6 Electrolytic Zinc 2 18 9 Electrolytic Zinc (pref.) ... 2 19 9 Mort’s Dock ... 0 13 9 General Industries 0 19 104 British Tobacco 2 H 0 AFTERNOON SALES. Commercial Bank of Australia ... ... 0 19 9 National Bank (£10 paid) 16 0 0 Bank of New Zealand 2 4 9 Huddart, Parker ... ... 1 19 9 Australian Gas- (A) ... 75 0 Coles ... ... ... ... ... 5 7 0 Drug Houses 1 7 10i Winchcorabe, Carson ... ... 1 17 o, Henry Jones 2 7 0 Electrolytic Zinc 2 19 0 Electrolytic Zinc (pref.) ... 3 0 0 Anthony Hordern 1 0 14 W. H. Soul 4 4 0 Kandos .; 1 3 104 Stedman 0 17 0 Waldas 1 1 3 Victoria Nyanza 0 18 0 Mount Morgan 0 15 6 Mount Lyell __ ... 2 6 6 Mount Lyell (New Zealand delivery) 2 6 9 Kuala Kampar ... ... ... 1 3 6 Placer Development 4 14 0 Larut ... 1 0 •6 Taranaki Oil 0 4 2 Puchong Tin 1 13 6 Pungah Tin 1 13 6 MELBOURNE, 4pri 22. Bonds and investments remain steady and some recovery is evident in base metals, Zinc Corporation being bho €Xception on their probable liability under the new English income tax* £ s. d. Commercial Bank of Australia 0 19 10 National Bank (£5 paid) ... 7 19 0 National .Bank (£10 paid) 15 18 0 Adelaide Steam ... 1 12 3 Carlton Brewery 3 2 6 Coles 5 6 6 Australian Iron and Steel (pref.) 1 6 10i Dunlop Perdriau 1 1 5 Dunlop Perdriau (pref.) ... 1 15 3 Goldsbrough, Mort ' 1 17 n Henry Jones , 2 6 0 Hume Pipe 1 0 4 Electrolytic Zinc 2 19 O Electrolytic Zinc (pref.) ... 3 0 3 Yarra Falls 2 2 0 Mount Morgan 0 15 6 Mount Lyell 2 6 9 Broken Hill Proprietary ... 4 2 9 Zinc Corporation G 15 0 Emperor 0 17 1 Loloma 1 2 44 Sulphide Corporation ... ... 0 15 0

Quotations aa under Buyers. Sellers. £ 8. d. £ S. d. BANKING— New Zealand 2 43 2 5 0 Commercial 0 19 6 0 19 7 Commercial (pref.) ... 9 6 0 — B.S. and A — 6 12 0 National of New Zealand ... 3 1 0 3 3 0 National of Australasia (cent.) ... — 7 18 0 Union-of Australia Ltd 11 6 0 — INSURANCE— National ... ... ... 017 7 0 18 0 SHIPPING— Howard Smith — 1 3 10 Huddart, Parker (ord.) — 2 0 0 P. and 0. Deferred . Stock ... 2 0 0 —* U.S.B. Co. (pref.) ... 1 6 6 — MEAT PRESERVING— Gear ... ... .— 0 17 3 N.Z. Refrigerating 4 (paid) .«• ••*. . N.Z. Refrigerating ; 0 18 0 19 6 (cont.) ,.i ... ... — 0 3 0 LOAN AND AGENCYDalgety _ 11 4 0 Goldsbrough, Mort ... 1 16 9 —* Mortgage Corporation 3J per cent. Stock N.Z. Loan and Mer- — 98 10 0 cantile (ord.) — 51 10 0 N.Z. Guarantee Corporation •.. 0 4 4 0 4 11 Otago Farmers’ Co-op. . 0 4 0 ’ Otago Farmers! Co-op 0 (A pref.)' , ... ... 0 19 — Perpetual Trustees ... 3 4 0 Wright, Stephenson (ord.) ... 0 IS 3 — Wright, Stephenson (pref.) 0 19 6 1 0 3 COAX. — Kaitangata ... ... . 1 3 3 —- 'Westport. 1 3 6 — Westport-Stockton (ord.) ' i.. 0 2 0 — Westport-Stockton (pref-) — 0 3 9 ' WOOLLEN COMPANIES— Bruce (ord.) — 0 13 0 Kaiapoi (cont.) 0 5 0 0 5 6 Moegiel 10 0 0 MISCELLANEOUS— Anthony Hordern : .. 0 19 6 4l 0 0 Associated News 1 3 4 — Australian Iron and Steel (pref.) Broken Hill Proprie1 6 3 1 r 6 tary ... 4 2 0 4 2 9 Broken Hill Proprie-, tary (cont.) 3 14 9 — Brown, Ewing (ord.) 1 0 0 — 9 Consolidated Brick ... 0 8 D.I.C. (ord.) ... ... 0 16 9 — D.I.C. (pref.) 1 3 9 — Dominion Fertiliser ... —■ 1 4 3 Dunlop Perdriau Rubber ... ... .. 1 0 11 1 1 2 General Industries ... — 1 0 3 G. J. Coles 5 5 0 5 6 6 Hume Pipe 0.19 9 1 0 4 Milburn Lime and Cement — 1 18 9 National Electric 0 13 0 — N.Z. Drug Co — 3 16 0 N.Z. Farmers’ Fertiliser ... 1 0 0 — N.Z. Newspapers — 1 18 6 Regent Theatre — 1 0 6 Shillings Ltd, ... ... 0 16 0 — Smith and Smith (pret.) ... ...... Wilson’s (N.Z.) 1 1 0 — Cement — 1 15 0 Woolworths (ord.) ... 7 10 0 7 18 0 BREWERIES— New Zealand , 2 19 0 2 19 8 Staples’ ... ... ... — 1 16 0 Dominion 2 2 0 Tooth’s . — 2 17 3 OVERSEAS MINING— Broken Hill South (5s) ... 2 8 6 — Electrolytic Zinc (pref., £1) 2 19 6 3 0 0 Electrolytic Zinc (ord.) 2 18 0 2 18 6 Mount Lyell (£1) ... 2 6 3 2 6 8 Mopnt Morgan (2s 6d) North Broken Hill 0 15 4 . 0 15 9 (5s) ... 3 12 9 — Placer Development Rawang Tin (10s) ... Austral N.Z. _ 5 5 0 0 11 6 0 12 0 Mining ... 0 10 9 0 12 ,9 GOLD MINING— Big River (Is) — 0 2 0 Clutha River (2s) ... 0 2 6 — Gillespie’s (Is) 0 1 6 0 1 74 King Solomon (Is) ... — 0 0 7 Molyneux River (2s) 0 2 3 — Nokomai (5s) 0 2 0 0 2 3 Okarito (5s) 0 3 4 — Paddy’s Point (5s) ... — 0 2 0 Skippers (Is) , — 0 0 4 Waimumu Sluicing (Is) ;.. 0 0 10 — Waipapa Beach (Is) 0 0 8 0 0 104 Waitahu (5s) 0 1 3 0 2 3 N.Z. GOVERNMENT LOANS34 p.c. Stock, Nov., 1938-52 101 :«o 0 __ 3) p.c. Stock, March, 1939-43 100 5 0 — 31 p.c. Stock, Sept., 1939-43 100 5 0 — 3) p.c. Stock, March, 1941-43 100 10 0 34 p.c. Stock, Sept., 1941-43 100 10 0 3} p.c. Stock, May, 1941-52 ‘ 101 10 0 _ 31 p.c. Stock, Nov., 1941-52 101 10 0 4 p.c. Bonds,, 1946-49 101 15 0 — 4 p.c. Stock, 1946-49 101 15 0 _. 4 p.c. Bonds, 1952-55 103 15 0 4 p.c. Stock, 1952-55 103 15 0 31 p.c. Bonds, 1953-57 97 0 0 3) p.c. Stock, 1953-57 97 0 0 —