COMMERCE AND FINANCE

Otago Daily Times, Issue 20433, 13 June 1928, Page 7

COMMERCE AND FINANCE

THE SHARE MARKET. DUNEDIN STOCK EXCHANGE. There were three reported transactions in banking shares at the Stock Exchange yesterday. Bank of New South Wales shares were disposed of at £4B 10s, buyers quoting 5s less on ’Change. Commercial Banks sold at 29s 6d, and Bank of New Zealands at 60s 9d, the buying quotations on 'Change being close to those figures. There was an improved inquiry for National Bank of Australasias, buyers quoting £lB 4s 6d, but without response from sellers. Ordinary Huddart-Parkers were in improved demand, the buying quotation rising to 47s 3d. The lowest selling quotation, however, was 48s. Mahakipawas continued to improve, buyers offering Is lOd. Sellers’ requirements were 2s Id. Sales reported: Bank of New South Wales, £4B 10s; Commercial Bank, 29s 6d; Bank of New Zealand, 60s 9d. The following are yesterdav afternoon’s buying and selling quotations, which are subject to the usual brokerage: — BANKING. Australian Bank of Commerce —Buy 35s 9d Bank of -New South Wales —Buy £4B 6s. Bank of New Zealand —Buy 60s 6d. Bank of New Zealand (D issue) —Buy 26s 6d. ' ~ ,„„ Commercial Bank —Buy 29s sd, sel 29s 7d. E.S. and A. Bank—Buy £8 12s 6d. National Bank of New Zealand —Buy £7 ss, sel £7 7s. National Bank of Australasia —Buy £lB 4s 6d. . National Bank of Australasia (cont.) — Buy £9 Is. , , Union Bank —Buy £l4 18s 6a, sel rls. BREWERIES. N.Z. Breweries, Ltd. —Buy 40s 6d, sel 42s INSURANCE. National Insurance Co. —Buy 15s 6d. ■el 15s Bd. New Zealand Insurance Co. —Buy 41s 6d, sel 42s 6d. South British Insurance Co. —Sel 61s 6d. Standard Insurance Co.—Buy 63s 6d. SHIPPING. Huddart, Parker (ord.) —Buy 47s 3d, sel 48s. Huddart. Parker (pref.)—Buy 20s lOd. P. and O. Deferred Stock—Buy £230. Union S.S. Co. (pref.)—Buy 20s. COAL. Westport Coal Co. —Buy 29s 9d, sel 30s 9d. Westport-Stoekton (ord.) —Buy 3s. Westport-Stockton (pref.)—Buy 3s lOd. LOAN AND AGENCY. Dalgety and Co. —Buy £l4 6s. National Mortgage—Buy 76s 9d, sel 79s Sd. NJZ. and M. (ord.)— Buy £lO4. Perpetual Trustees —Buy 62s 6d. Wright, Stephenson (ord.) —Buy 21s. Wright, Stephenson (pref.)—Buy 15s Sd. MEAT PRESERVING. N.Z. Refrigerating (paid)—Sel 18s 3d. N.Z. Refrigerating (cont.) —Buy 8s 4d, sel 8s sd. Southland Frozen Meat (ord.) —Buy 32s 6d. MISCELLANEOUS. Auckland Amusement Park (ord.) — Sel 10s. British Tobacco —Buy 41s 9d. sel 42s Bd. D.I.C. (ord.) —Buy 10s prem. D.I.C. (pref.)—Buy 20s 9d. Dominion Investments —Buy 22s 6d. Dominion Rubber —Buy 28s, sel 32s 3d. Donaghy’s Rope and Twine —Buy 32s 6d. Dunedin Stock Exchange Propty.—Buy 745. . Eclipse Petrol —Buy 9s 3d. Kaiapoi Woollen (ord.) —Buy 9s, sel 10s 3d. Kaiapoi Woollen (pref)—Buy 14s. Milburn Lime and Cement (new issue) —Buy 10s, sel 11s prem. Mosgiel Woollen Co.—Buy £6 16s, sel £7 ss. NZ. Drug Co. (£2 paid'—Sel 69s 3d. N.Z. Express (ord.) —Sel 20s 3d. N.Z. Guarantee Corp.—Buy 8s 6d. N.Z. Paper Mills (ord.) —Buy 14s 9d. Otago Daily Times—Sel 80s. MINING. Nokomai Sluicing—Sel 235. Waihi Grand Junction—Buy Is 2d. Electrolytic Zinc (ord.) —Buy 335, sel 33s 4d. Mount Lyell—Buy 33s Bd, sel 33s 9d. Molyneux Electric—Sel 10s. Upper Nevis —Buy 4s. Mahakipawa—Buy Is lOd, sel 2s Id. WAR BONDS. 4j per cent. Bonds, 1938 —Buy £97 17s 6d. 4J per cent. Bonds, 1939 —Buy £97 17a 6d. 51 per cent. Soldiers’ Bonds, 1933—8uy £IOO 2s 6d. 4i per cent. Inscribed, 1938—Buy £97 17s 6d. 41 per cent. Inscribed, 1939—8uy £97 17s 6d. 5 per cent. Postal Inscribed, 1929 — Buy £9B 10s. 5i per cent. Bonds. 1930—Buy £9B. 51 per cent. Bonds, 1936—8uy £IOO 2s 6d. NORTHERN EXCHANGES. (Pee United Press Association.) The following business was done on ’Changes yesterday:— Auckland. —Sales: Westport Stockttra Coal, 3s; Northern Steamship, 14s 9d; New Zealand Breweries’ shares, 41s 6d; Morris Hedstrom, 21s 6d; Mount Lvell, 33s Bd. Wellington.—Sales: Bank of New Zealand, 60s 6d; Staples and Co., 36s 3d; Bank of Australasia, £l4 13s; Union Bank (Melbourne register), £l4 19s 6d; New Zealand Express ' (ord.), 20s. Christchurch. —Sales National Bank of Australasia (£5 pd.), £9 Is 8d; Bank of New Zealand, 60s 9d; Gqldsbrough, Mort. (cum. div.), 50s 9d, 50s 10d; New Zealand Breweries, 41s 6d; Tooth’s Brewery, 43s 6d, 43s 8d (2 parcels); Mahakipawa, Is lid (5 parcels). Sales reported: New Zealand Breweries, 41s 6d. CANTERBURY MARKETS. (Pee United Press Association.) CHRISTCHURCH, June 12. Potatoes have met with an improved market since the week end. Consequent on the wet weather deliveries are coming forward slowly, and this week’s Auckland boat is likely to carry a reduced cargo. The Wingatui is scheduled to sail about Saturday, and it is understood that she will take less than 3000 sacks. As 10 days have elapsed since the preceding boat, the Auckland market has become fairly bare. Yeste-day a sale of rejected potatoes was reported to have been sold ex wharf at £6 10s. which indicates an advance of up to 12s 6d a ton on the preceding week. Farmers who can deliver promptly can secure £4 a ton, on trucks. Onions have hardened in value, purchases from farmers having been made to-day at £9 a ton, on trucks. No other section of puroduce has altered since the week end report except that No. 1 grade milling wheat is firm, and is quoted at 5s BJd at average country stations. LONDON METAL MARKET. (United Press Association.) LONDON, June 12. (Received June 12, at 11.45 p.m.) Copper: Spot, £64 6s 101 d; forward, £64 6s lOld. Electrolytic: Spot, £6O; forward, £69 ss. Wire bars, £69 ss. Lead: Spot, £2l 7s 6d; forward, £2l 12s 6d. Spelter: Spot, £25 17s 6d; forward, £25 12s 6d. Tin: Spot, £222 3s 9d; forward, £220 17s 6d. Silver: Standard, 26Jd; fine, 29 15-lCd per oz.—Australian Press Asosciation.

LOCAL AND OVERSEAS MARKETS.

BARADINE’S APPLES AND PEARS. (United Press Association.) (By Electric Telegraph—Copyright.) LONDON, June 11. The Baradine’s South Australian apples realised: —Cleopatras, 11s and 12s 6d; Dunns, lls 6d and 12s; Romes and Jonathans, 11s and 12s. Tasmanian: Sturmers, 10s 6d and 11s; Scarlets, 10s and 11s; New Yorks, 9s 9d and 11s; others, 8s 3d, 9s 9d. Pears. —Tasmanian: Boxes Josephines, 20s and 25s 9d; half-cases Winter Nelis, 12s 6d and 14s; trays Boses, 7s and Bs. New Zealand; Trays Winter Nelis, 2s 6d and 5s 6d; Barres, 4s. —Australian Press Association. LONDON WHEAT MARKET. {United Press Association.) CBy Electric Ttelepraph- -Copyright.) LONDON, June 11. Wheat: Cargoes are steady, in sympathy with the better American and Canadian advices, but the demand is poor. Prices are in buyers’ favour. Parcels are steadily held, buyers not responding. The market closed easier. Liverpool futures: July, 10s 4|d; October and December, 10s' 9Jd. —Australian Press Association. TARANAKI OILFIELDS. (Pee United Peeks Association.) GISBORNE, June 12. The latest Taranaki Oilfields report is as follows: —Gisborne No. 1, well drilled to 3009 ft in fine running sand and sticky shale, in which 6Jin diameter casing is set, apparently making a shut off; now preparing to run 4Jin diameter casing. Gisborne No. 2: Well cleaned out to 580 ft, 12Jin diameter casing run to 560 ft; hard concretions hindering progress. SHEEPSKIN REPORT. The Dunedin Wool and Stockbrokers’ Association (Messrs Stronach. Morris, and Co., New Zealand Loan and Mercantile Company, Otago Farmers* Co-operative Association, Dalgety and C 0.., Donald Reid and Co., Wright, Stephenson, and Co., and National Mortgage and Agency Company) report having held their fortnightly sheepskin sale, when the usual bench of buyers was present. Catalogues were only of medium size, and prices obtained were firm at last sale rates. The following is a list of prices obtained: —Pelts, dead and damaged, 5d to Sid; pelts, faulty. 8d to lljd; pelts, lOd to 12jd; crossbred quarter wools. 13d to 13 Jd: fine crossbred wools, 13|d to 14d; halfbred wools, 14d to lod; crossbred half wool, 13Jd to 15d: fine crossbred half wool, 14|d to I6id: halfbred half wool, 15Jd to 16Jd: crossbred half to three-quarter wools. 14d to 15*d; fine crossbred half to threequarter wools, 15id to 16id; halfbred half to three-quarter wools, 16d to 17|d; crossbred full wool, 15jd to 16d; fine crossbred full wool. 16$d to 17Jd; halfbred full wool, ISJd to 19$d; merino—full wool 17id to 17Jd. half wool 13d to 144 d, quarter wool lid to 123 d, dead and damaged 15Jd to 16Jd; crossbred dead and damaged, 13d to 14|d; fine crossbred dead and damaged, 15d to 154 d; halfbred dead and damaged, 16Jd to 17d; hoggets, halfbred, 17d to 18id; hoggets, crossbred, 15»d to 16id: hoggets, halfbred dead and damaged,jJsjd to l°sd: hoggets, dead and damaged crossbred. 14d to 103 a. FOREIGN EXCHANGES. (United Press Association.) (By Electric Telegraph—Copyright.) LONDON, June 11. Par. June 8. June 11, Paris, fr. to <1 ... - 124.15 124.15 Brussels, bclgas to £1 —25 34.98 34.96 Oslo, kr to £1 18.81 18.23 18.23 Stockholm, kr. to £1 ... 18.103 18.20 18.20 Copenhagen, kr. to £1 ... 18.150 18-20 18.20 Berlin, reichmkn. to £1 0.19 20.42 20.42 Montreal, dol. to £1 --- 4.45 4.89$ 4.89 J New York, dol- to £1 4.86$ 4.88$ 4.88 3-16 Yokohama, pence to yen 24.43 23 22 31-33 Hongkong, pence to del- 24.3 25 25 3-16 Calcutta, pence to rupee 24 18 18 Batavia, guild to £1 ... 22.221 12.12 12.12 Borne, lire to £1 25-22$ 92.70 92.76 Amsterdam, guild to £1 12-107 12.09$ 12.09$ Prague, knr. to £1 - 12.107 164 11-16 164$ —Australian Press Association. WALLACETOWN STOCK SALE. (Special to Dailt Times.) INVERCARGILL, June 12. Prices at the fortnightly Wallacetown stock sale, which was held to-day, remained firm, and, in the fat sheep section at least, showed a slight firming. The yarding was smaller in all branches, and the quality did not reach the standard of the previous \ fixture, although there was a fair percentage of well-bred and good-conditioned stock forward. Bidding was keen for the most part, and practically the whole of the offering was disposed of at auction. Store Cattle. —The yarding in this section was smaller than usual, being less than half of that for the previous sale, consisting chiefly of small lots of all descriptions. The sale was not very brisk, due. no doubt, to the small quantity of good quality cattle offering. The majority of the yarding was disposed of at auction at prices ranging as follows: — Two-year-old steers, £5 15s to £6 10s; steer calves, £3 2s to £3 7s 6d; empty cows, from 30s upwards to £3 6s, £3 10s, £3 17s 6d, £4 2s 6d, and £4 ss. Dairy cattle, just calved or close to calving, showing quality, realised from £6 10s to £8 ss. and later calvers from fo 10s to £6 10s. Fat Cattle. —The yarding was a representative one, numbering about 100 head fewer than at the previous sale. Competition was keen throughout, but no extreme prices were obtaining, although the sale must be considered to be a good average one. Prices were about on a par with last sale, but towards the close receded to a slight extent. There was a small yarding of vealers, and these realised current rates. Extra prime bullocks realised up to £l4 15s; medium weights, from £lO 10s to £l2; lighter sorts, down to £8 10s. Extra prime heifers sold at up to £l2 15s; medium weights, from £9 to £ll 10s; lighter sorts, down to £6 10s. Extra prime cows realised up to £11; medium weights, from £8 to £10; lighter sorts and boners, from £4 to £5 10s. Vealers brought from 22s to 455, with runners up to £3 15s. Store Sheep.—There was a small yarding, consisting chiefly of aged ewes, with a few pens of hoggets, and one of twotooth wethers. The sale was good, the whole of the offering being cleared at prices showing, if anything, a slivht advance on country sales. Aged ewes realised from 11s 6d to 17s; poorer sorts, from 9s to 10s 6d. Ewe hoggets sold at 29s 6d. with good-conditioned wether hoggets at 255; smaller but well-bred sorts from 20s 8d to 21s 6d. The pen nf two-tooth wethers which were of nice quality, but not large, realised 29s 7d. Fat Sheep and .Lambs.—The yarding was a large one, and comprised some exceptionally well-finished sheep, both in the ewe and wether sections. The fat lamb yarding was a small one, and comprised on’y about half of that of the previous fixture. The lamb quality was not up to the average, but this must be expected at the end of the season. Prices were quite up to schedule, and competition was keen. This was also noticeable throughout the sheep sale, and any lines of good quality freezing ewes and light-weight wethers were eagerly competed for by exporters’ representatives. The fat sheep sale was inclined to drag at the commencement but gradually hardened, and, on the average, ranged from Is to Is 6d above the prices cf a fortnight ago. Extra heavy wethers realised up to 565; good butchers’ wethers irom 34s to 40s; lighter sorts from 28s to 325. Extra prime butchers’ ewes sold at up to 37s 6d; good butchers’ ewes from 28s to 335; good freezing ewes from 21s to 355. Extra heavy butchers’ lambs realised up to 46s 6d; good freezing lambs from 3U$ to 365; lighter sorts down to 245.

COMPANY BALANCE SHEETS,

BANK OF NEW ZEALAND. Dividend. March Gross *Net Prel. Ord. 31 Profit. Profit. A E

The drop that has occurred in the net profit from that of 1926-27 is practically negligible, when the magnitude of the figures is considered. Owing to the recent issue of long term mortgage shares, there are more claims upon the surplus on this occasion, but it is quite sufficient to meet those extra demands, to maintain the returns on the preference and ordinary shares at their former rates, and to provide a substantial sum to augment reserve fund. The proposed transfer of £124,175 to reserve includes a surplus of £73,511 from securities realised, leaving the net profit to supply £50,664. That sum being in excess of the balance available, the undivided profits brought forward are called upon for the defiijiency of £2130. The total amount distributed in dividend during the year aggregates £793,344, or an average rate of nearly 13 per cent, on the capital employed. Holders of ordinary shares receive the same bonus addition of 1 per cent, to their dividends as last year, while the holders of the " B ” preference shares in the shape of the New Zealand Government also receive a repetition of the bonus of 1926-27, viz., £18,750. The paid-up capital has undergone some alteration by the issue of the long-term mortgage shares. During the year, two further instalments have become due, resulting in an increase of £242,013 to the capital. As the final instalment is not payable until June 30, the full effect of the issue has not yet been felt. One-fourth is still due on the “C ” class, which is held by the Government, but a considerably smaller portion is outstanding on the “D ” shares. These will have ranked for dividend to the extent of three-fourths of the issue, and for part time only. The various classes into which the capital is divided must render the book-keeping a complicated matter, as there are no fewer than six now implicated. The recent increase in capital has been accompanied by a proportional rise in general reserves. The transfer of £124.175 to reserve fund, making, with the premium received on the odd “ D ” long-term mortgage shares, an increase of £125,000 for the year, continues the descending scale of the allowance of late years. Deducting the surplus from securities realised, the contribution from the trading profit is £50,664, as against £56,580 12 months ago. The prior year it was £147,689, whereas at March, 1925, when there was no receipt from extraordinary sources, the allowance was £250,000. The relation to the paid-up capital for the past 11 years has been as follows, viz.:—

When on the latest three closing dates, hidden reserves have been brought to light aggregating £316,931, a conjecture is raised regarding the proportion of reserves that appears in the printed statement. As the transfers of the amounts thus disclosed have gone to swell the general reserve fund, and the net profit has been relieved in consequence of claims to that extent, shareholders may well be gratified. A further reserve of £426,000 is earmarked for taxes, and has remained intact for the last seven years. During that time the burden of taxation has been greatly lightened, but the prudence of retaining the reserve undiminished is obvious. Notes in circulation stand at £3,797,080, and. although slightly up from March. 1927, are well below their figure of prior years. The large function performed by notes is apparent when they occupy the position of third, or it may be second, largest liability. With their circulation restricted to only three times the value of gold held, and with their validity throughout the greater part of the sphere in which the bank operates, the assistance given by them must be considerable. Coin being included with cash balances and doposits with bankers, a comparison of notes in circulation with gold held is not possible. A comparison of them with the larger group gives the following relations, viz.:—

The coin group has practically retained its former amount, and, as the statutory protection in gold for the above notes is approximately one-sixth of the aggregate of the other, it may be assumed that the circulation is more than amply_ covered. It may be noted that in addition there is bullion to the value of £5531. The progress of the miscellaneous group among the liabilities is always interesting. At £3,054,878, it has slightly diminished. Bills payable, one of its constituent parts, is liable to fluctuation, and the decrease may be due to them rather than to any reduction in the provisions for contingencies that it contains. In any case, the full sum entered can scarcely be regarded as an item of indebtedness, and its place among the liabilities may be lower than that of notes. The long term mortgage department furnishes a further item of £296,448 on this side, representing the balance of the capital raised for that purpose, but not yet issued in loans. Deposits have risen to £30,339,033, concurrently with a fall of approximately £1,000,000 in advances. Although the relative positions have not returned to those of two years ago, a welcome move has been made in that direction. Advances, after a steady rise since 1922, have been effectively checked, while deposits have added some £675,000. In recent years, the respective amounts have been as follows, viz.:—

• After dedncting provision for bad and doubtful debts. From the above columns, it would seem that, while the progress of advances may give a fairly reliable index of the course of a banking business, the same can scarcely be said of deposits. The latter are barely up to their figure of 10 years ago, when advances represented a sum little more than one-half of deposits. The paid-up capital has trebled in the interval, and while advances have, with the exception of the abnormal years of 1920-21 and 1921-22, maintained on the whole a steady increase, deposits have remained stationary, or, if anything, gone back. Are there greater inducements for the employment of the money in other forms, or is the community willing to work and live on a narrower margin? The extra money received as the result of the adjustment between deposits and advances has apparently chiefly found its way into the money invested at call group. That group also contains securities held in London, but the assumption is that it is to the more readily realisable section that the group chiefly owes its rise of nearly £3.000,000 to £7,119,805. Bills receivable, by their reduction to £2,885,327, have also contributed. Among the more permam; nt investments, New Zealand Government securities at £3,644,300 are virtually as they were at March, 1927, while the same may be said of those with municipal and other local bodies at £979,586. Australian Government securities, by dropping nearly £60.000, are mainly responsible for the fall in the aggregate of the three from £6,734,658 to £0,692,272. The fact that these investments have been affected by the additional funds in hand suggests that the present position with regard to advances is expected to be only temporary. As the realisation of investments provided a surplus of £73,511 during 1927-28, after a similar surplus of

£143,420 for 1926-27, the book value of the investments may be regarded as well below their market value. The rise of landed property, premises, etc., to £533,597, continues "in a less degree the upward movements since March, 1922. If provision for depreciation has been made, there is no men tion of it in the printed accounts, but aapital expenditure of approximately £lj!,000 for one year seems small when the <extent of the properties is considered. It is possible that the natural increment in that time may amount to considerably more than that sum. In any case, tha reserve sunk in the fixed assets must a(ld materially to other reserves, visible and invisible, by which the bank is supported, and which, by reason of their indefiniijeness, possess a strong influence of their own. While the past year’s figures show nothing in the way of record results, there is an indication that steady progress is being maintained. The shiire that the bank takes in the financing of the Dominion is an ever-increascng one, and, with the well-being of the ftwo so closely connected, the prosperity of ithe bank must directly affect the country as a whole. The largest shareholder is the people of New Zealand through the Governs lent, the dividend on whose holding for 1926-27 was in the vicinity of £230,000, and for 1927-28 will be nearly £240,000; DAIRY PRODUCE. Messrs A. S. Paterson und Co. have received the following cablegram from their London pirncipals, dahed June 11: Butter: Market firm, 170 s, 11725. Cheese: Market active; upward tendency; 90s, 100 s. CHICAGO WHEAT MARKET. (United Press Association.) (By Electric Telegraph—-Copyright.* NEW YORK. June 11. Chicago wheat quotations: July, 1415 cents per bushel; Septemjjer, 143|; December, 145 J. —Australian Press Association.

£ £ P.op.o. p.0. 1518 1,106,441 336,606 10 15 IS 1919 1,317,153 388,021 10 15 15 1930 ... 1,376,838 419,045 10 15 15 1931 1,844,017 777,255 10 10 13J 1023 1,809,255 632,042 10 10 13i 1333 1,546,041 553,638 10 10 13J 134 1924 1,709,288 735,831 10 10 1925 1,775,323 819,285 10 Hi 134 1928 1,888,309 912,160 10 11.8 134 1927 1,830,881 847,670 10 13.2 14J 1928 1,816,869 841,878 10 13.2 14J ♦ After deducting interest on 4 per cent, each year. guaranteed stock

General Reserves. Paid-up Capital. Ratdo- £ £ p.o. ... 2,345,702 2,279,988 102.83 1918-11) ... 2,496,224 2,279,988 108.4P 1919-20 ... 2.646,520 2,627,441 100.72 1920-21 ... 1,886,275 3,904.988 48.30 1921-22 ... 2,105.818 3,1)04,988 53.03 1922-2!) ... 2.246.957 3,904,088 67.54 1923-24 ... 2.831.514 6,029,988 55.20 1924-26 ... 3.088,299 5,029.988 61.40 1925-26 ... 3,390,378 6,154,98$ 55.08 1926-27 ... 3,609,656 6,529,186 55.28 1927-28 ... 3,732,525 6,771,198 65.12

Coin,'Cash Notes. Balances, etc. Ratio. £ £ p.c. 1917-18 ... 3,312,995 6,500,385 60.23 1918-19 ... 3,728,429 6,918,455 62.60 1919-20 ... 5,765,337 8,371,535 68.87 1930-21 ... 4,741,498 5,925,791 80.01 1921-23 ... 4,294,230 7,427,110 87.82 1922-23 ... 4,564,695 7,974,011 57.24 1923-24 ... 4,072,101 7,196,347 56.50 1924-25 ... 4,168,844 7,056,319 50.08 1925-23 ... 4,444,392 7,291,795 60.95 1926-27 ... 3,765.593 7,532,199 40.09 1927-23 3,797,080 7,527,426 50.44

*.Adranees, etc. Deposits. Italic £ £ p.o. 1917-18 ... 16,468,493 30,437,936 64.10 1918-19 ... 17,389,787 31,716,353 57.061,610 54 83 1919-20' ... 17,929.615 47.61 1920-21 ... 27,725,874 34,475,655 80.42 1921-22 ... 23,312,130 28,676,603 81.29 1922-29 ... 17,746,718 30,003,926 59.14 1939-24 ... 18,787,101 30.601,719 61.59 1924-25 ... 19,329,186 30,079,283 64.2B 1925-26 ... 20,994,611 31,121 288 67.46 1926-27 ... 22,462,952 29,664,024 7S.73 1927-28 ... 21,453,565 30,339,033 70.71