COMMERCE AND FINANCE

Otago Daily Times, Issue 20789, 7 August 1929, Page 13

COMMERCE AND FINANCE

THE SHARE MARKET. DUNEDIN STOCK EXCHANGE. Twosalcs of Ki Id area jtook place on the Dunedin Stock Exchange yesterday, the figure realised in each ease being ss. At the close of the market,- buyers were offering 4a Hd with sellers asking ss. New Zealand Breweriea -shares were asked for at 84s, and a sale was reported at 84s fid; When the market ’ closed, • sellers were demanding 85s. It was reported that -two transactions' had taken place in Staples Brewery shares," the : price being 64b 3d, ’ Subsequent inquiries were made at the same figure, but no seller came forward.- There were two reported sales of Ohinemuris at 10s 3d and 10s 4d. Buyers later asked for these at 10s 3d, but the offer failed to attract "a seller. Sales; Kildare, 5s (two). , Sales reported: ,-N.Z. Breweries; 84s 6d; Staples Brewery, 545: 3d (two); Ohinemuri, 10s 3d, 10s. 4d, The following are yesterday afternoon’s buying'-'ahd,-selling quotations, which are subject to the usual brokerage:— . BANKING. Australian. Bank of Commerce—Sel 34s 6d.■ ':- Bank of Australasia—Sel £l4 .16a. Bank of -N.S. Wales—Buy. £6l 7s fid cum, div. ■ ’ ' . Bank of New Zealand—Buy 61s 9d, sel 62e. • ■■■ Bank ‘of New Zealand (long " D Buy 28s 6d. E.S. and A. Bank—Sel. £8 10s. National Bank of N.Z.—Sel £7. NationaL Bank of Aust (cont.)—Buy £9 12s, sd £9 T4s fid. INSURANCE. National Insurance Co.—Buy 16s 2d. •el 16a 4d. N.Z.'lnsurance Co—Buy 47s ex div. South British Insurance Co.—Sel 68s fid. . i . Standard Insurance Co.—Buy 67s 3d, sel 68a 3d. - SHIPPING. Huddart, Parker (ord.) — Buy 455, sel 465., ... Huddart, Parker (pref.)—Buy 21s. P. and O. Deferred Stock—Buy 54s 6d, U.S.S. Co.-^pref.)—Buy 21s. N COAL. Taupiri Coal (ord.)—Buy 295, Westport Coal Co,—Buy 33s 3d. LOAN AND AGENCY. ' Goldsbrough, Mort.—Buy 475, sel 47s 6dr • f _N.Z. Guarantee Corp.—Buy 9s, sel 9s V«. ' .

Perpetual Trustees—Buy 675. Trustees, Ex. and Agency—-Buy 60s. - Wright, Stephenson (ord.) —Buy 26s Bd, eel 27s 3d. Wright. Stephenson (pref.)—Buy 18s Sd. MEAT PRESERVING. ,A Z ; Refrigerating (pd.)—Buy I6s, sel 16s 6d. - .... , . NX Refrigerating (cont.) —Buy 7s 2d, sel ,7s. 5d.-. ’ / MISCELLANEOUS. Auckland Amusement Park (ord.)—Sel Is 3d. ■ _ Auckland Amusement Park (pref.)— Sel 12a. British Tobacco—Buy 48s, sel 48s 6d. Brown. Ewing (ord.)—Buy 31s. Brown, Ewing (pref.)— Buy 20s 6d. Bruce Woollen, Co. (ord.) —Buy 10s 6d. / Colonial. Sugar—Sel £57,105. « D.LC. (ord.) —Buy 11s prem. DJ.C. (pref.)—Buy 21s 3d. Dominion Rubber—Buy 30s, !sel 325. Donaghy’s Rope arid Twine—Buy 365, Dunlop Perdriau. Rubber—Buy 275. Kaiapoi Woollen (ord.) —Buy 14s 2d. Kaiapoi Woollen (corit,)—Buy 4s lOd. eel 5a 6d. .. , , ■•' , Raiapoi. WmiUen Jfpref.)—Buy 16a, 3d, - - ,Milburp - Lime andTCement—Buy 398,' sel '4os.; ;•’ ■ National- Electric—Buy 6s 3d. N.Z. Farmers* Fertiliser—Buy 23s 6d. NX Paper Mills (ord.) —Buy 20s 3d, sel 20s Od. , , Regent Theatre—Buy 255. . •Victoria Nyariza Sugar—Buy 46s cum , div, v V . , Wilsons (NX) Cement—Buy 44s 3d. . BREWERIES. 5-Z- Breweries, Ltd.—Buy 84s, sel 85s. N.Z.- Breweries Debent. —Buy 28s 3d. •el ,28s 9d. . Staples Brewery—Buy,. 54s 3d. Dunedin Brewery—Buy 325. -' / / ' MINING. Nokomai Sluicing—Buy 15s. Waihi—Buy 11s 6d. Electrolytic Zinc/(pref.)—Buy 39s 3d, ■cl 40s cum div. Electrolytic Zinfc (ord.)—Buy 38s 3d, ■el 38s 9d'cum div. Mount-Lyell—Buy. 42s 9d, sel 43s 3d. 7 Big’ Beach—Buy £>s, sel 7s. Ohinemuri—Buy 10s 3d. ' Kildare—Buy 4s lid, sel 6s. Okarito—Buy Is 7d prem. Winding Creek—Buy Is 4d prem., sel la 7Q prem. WAR BONDS. ■ 4J per cent. Bonds, 1938—Buy £IOO. 44 per cent. Bonds, 1939—8uy £IOO. 4£ per cent. Bonds, 1941—Buy £IOO. 54 per cent. Soldiers’ 'Bonds, .1933—8uy £lOl. M - per cent. Inscribed, 1938—Buy £IOO. 44, per cent. Inscribed, 1939—8uy £IOO. ■ -5i per cent. Inscribed Bonds, 1941Buy £99. , is| per cent. Bonds, 1930—Buy £99, 51 per .cent. Bonds, 1936—8uy £lOl 10s. 54 per cent. Inscribed, 1936—8uy £lOl 10s. 54 per cent. Bonds, 1933—8uy £99 10s. Pt. per cent. Inscribed. 1933—8uy £99 10a. NORTHERN EXCHANGES. (Per United Press Association.) .The following business was done on Changes yesterday:Auckland.—Sales: New . Zealand Breweries Debentures, 28s 4|d; Bank of New Zealand, 61s 9d; Union Bank of Australia, '£ls 1s '6d; Taupiri Coal, 29s 9d; Bartholomew Timber, 20s 9d; New Zealand Breweries, 84s 8d;, Milne and Dboyce Debenture Stock, 26s 7d; Northern Boot and Shoe, 13s; Robinson Ice Cream, 23s 6d, 23s 6d; Thames Theatre, 13s; Ohinemuri Gold and Silver, 10s 3d, 10s 3d, 10s 3d, 10s 3d. 10s 3d; Waihi, 12s; Kuala Kampar Tin, 13s 9d. .Wellington.—Sales reported: Union Bank of Australia, £ls 2s; Goldsbrough, ’Mort. and Co., £2 7s Id; New Zealand Refrigerating Co. (10s), £7 4s;7obiriemun Gold and Silver, 10s 3d (three parcels). . Christchurch.—Sales: Bank of Australasia, £l4 10s; Kaiapoi Woollen (7s 5s Hd; Staples Brewery, 54s 3d, 545. Timaru (5s paid), 8s 5d (two parcels); Mount Lyell, 43s (8 parcels); Winding Creek (6d paid), 2s. Sales reported: Staples Brewery. 54a 3d, 54s Gd; Bartholomew Timber, 20s 74d; Bank of New Zealand," Ole Bd, 61a -9d. RABBIT SKIN SALE. The Dunedin Stock Agents and Woolbrokers’ Association (Messrs Daluetv and Co., Ltd., Donald Reid and Co., Ltd, Stronach, Morris, and Co., Ltd., New Zealand Loan and Mercantile Agency Company, Ltd., Wright. Stephenson, and Co., Ltd., Otago Farmers’ Co-operative Association, Ltd., and National Mortgage and Agency Company, Ltd), report as follows: Moderately sized catalogues were submitted _at to-day's sale, - There was good competition , for best grades of winter bucks and "does, arid prices for these were within 3d per lb of last sale’s rates, ut the demand for spotted, sorts, particularly -- bucks, was not at all keen, and there was a considerable decrease of 6d, per lb, on an average, for these sorts. In symwith the London, market, low grades were lower by about 5 per cent. The following is the range of prices:—Weevily, 24Jd to’4od; second broken, : 4ld to 47d" autumn broken, 45d to 48Jd; first winter broken, 48d to 52d; runriers arid suckers, 26d to36|d; summers, 31d to 35|d; light racks, 47dto 47|d; prime racks, 46|d to 4T4d; dawriy autumn,.47d’to 47|d; early autumns, 50d to 52d; autumn, 54|d to SBd; second incoming, 464 d to 49|d; incoming winter, 72d to 764 d; early winter —bucks ;784d to .91d* does-784d to • 803;

LOCAL AND OVERSEAS MARKETS,

first spotted winters, 46Jd to 50d; second winter bucks, Olid to 70jd;. second winter o«Ij‘ 92|d; first winter bucks, 104 * d; first winter does, •to_ll4d; prime bucks, 104 M to 107 id; prime does. 119|d; outgoing, 44d to 58d; springs 40Jd to 4S|d; milky, 30d to 41d; fawn, 70d to 90d; winter fawn, 100 d to 38d to 38|d; autumn black 43d to 50a; first winter black, 72d; S d^T^ r c ] 3 1 l ? ck ,’ 51d t 0 62d ; hareskins, 37id to 56id- : horsehair, 15d to 17d. STANDARD INSURANCE DIVIDEND tkP'cL Ua J T e P° rt of the directors of tde standard Insurance Company, Ltd., states that the income from all sources lor the year amounts to £361,242 3s Id. ha & to be added the balance brought forward from last year, £17,147 Os. ihe surplus, on the- year’s operations, alter making full provision for all ascertained losses to June 30, payment of an interim dividend, donation to the Guarantee and Provident Fund, depreciation of properties. and the "allocation of £IO,OOO thG_Reserves Fund; amounts to £31,618 12s; Out of, this surplus the directors recommend the payment."of a dividend at ® rate f 8 3J , per share, absorbing £12,500, and to carry forward to the next year the balauceof £19,118 I2s. WALLACETOWN STOCK SALE (Special to Daily Times.) INVERCARGILL, August 6. There was -a' moderate attendance at the weekly ■ sale held at Wallacetown Yards,to-day.. A feature of the sale was the improved quality of the sheep and cattle, offered in the fat stock pens. Prices for fat stock were firm all. round, those for cattle being the highest recorded for , some ■ time; Very few stores, sheep, or cattle, 'were forward. Store Sheep.—There 'was a small yarding, consisting of about half a dozen pens. A line of, failing-mouthed ewes made 16s 7d; other aged- ewes in lamb made, 10s 6dr a line of 24 two, four, and six-tooth passed in at 355; a nice lot of store wethers, four, six, and eight-tooth, made 295; a pen of 65 m.s. hoggets made 24k s 6d. '

Fat Sheep.—There was a small yarding of just over 500 head, including some extra prime wethers and ewes. The ewes forward comprised but a small proportion of the total yarding. Extra prime wethers made 45s to 50s 3d; prime, 40s to 445; medium, 35s to 395; light, from 30s; prime ewes, 32s to 345; medium, 30s to 31s 6d; light, from 275. . Store Cattle.—ln this section there was a f small, yarding, which included a few pens of good sorts of young cattle. Prices were high for anything showing condition or quality. Empty cows in fair condition realised from £6 7s 6d to £6 10s; empty heifers. £5 ss; aged cows, 32s 6d to £2 10s. A pen of small m.s. yearlings made £3 14s,- and another pen of Friesian cross m.s."yearlings well grown made £4 18s, . Dairy cows offered on account of Mr Horton (Grove, Bush) made up to £l4 10s, Eat Cattle.—There was a fair-sized yarding which proved to be of much better quality than usual. There was a large percentage of . the yarding well finished steers and heifers. Prices were at the highest - level of the year, - best quality beef making up, to 50s per 1001 b. Light-weight prime steers and heifers sold on a basis of, 48s to 50s per 1001 b, heifers being slightly dearer in . most cases. Prime heavy steers sold at up to £23; prime medium-weights, £l6 to £lB 10s; unfinished and light prime steers, £9 2s 6d to Prime heavy cows made from I* 7a 6d; light-weights, £8 3s/6d to £9 10s; prime heavy heifers, £l2:, to., f 15; I7s 6d; medium-weights, £lO to £l2; light-weights, frpm £B. a CANTERBURY MARKETS. (Per United Press Association.) . CHRISTCHURCH, August 6. The potato market has fluctuated considerably since the‘week-end report on Friday evening. A firming was noted in , August-Septemher deliveries, which were quoted at £B, f.0.b.,. >8 .i, Next mornmg there was a sudden jump to £8 7s 6d, Over-sellers coming on the market. There was an easing back again yesterday morning. but to-day an upward tendency developed, and the price this afternoon was ” 10s. The feature about the market is that prompt” potatoes failed to reflect the August-Septemher hardening. Prompts dropped to £7 12s ■ 6d and to-day are quoted at £7i 15s. Prices to farmers are about £6 12s 6d. The widening-of the values of prompt and forward tubers may be. partly accounted for by the heavy shipments of the last week or two. The Waipiata, which sailed last week with 10,500., sacks from Timaru and Lyttelton, took 1600 sacks from more southern ports. Dakotas have eased for prompt delivery in sympathy with whites. They were being sold at £9- a ton, f.0.b.. s .i..

but are now being reoffered by Wellington merchants at £8 10s.

Fowl wheat continues firm, there being a fair amount -of business at 6s 9d, f .o.b. Milling wheat cannot be bought to any extent at less than 5s DJd on trucks, but there is little doing. Oats are very quiet at Ss 4Jd to 3s od . a f.0.b.. s.i., for A Gartons and lid less for B’s. Chaff has been bought at £4 IDs a ton from farmers at nearby stations. ' AUCKLAND MARKETS. (Special to Daily Times.) „. AUCKLAND, August 6. ine produce markets are beginning to show a firming tendency which is usual at this season of the. year, when Dominion production is at its lowest point. There l ' are fair quantities of potatoes on hand, but in view of the stronger position in the south there is no disposition here to lower prices which run at ahout 110 10s per ton, ex store. There are still many complaints as to quality not only in regard to lines that have been sent here on- consignment, but also in respect to lots that have, passed the Government grader at Lyttelton. There is no change iri the onion market which is steady at about 17s 6d per cwt both for _ locals and Japancse. A shipment which came forward from Japan last week was irregular in quality, some of the onions showing signs of ,sweating in the centres. A fresh consignment is due to-day. The oats market is firmer than it was, though 13 Gartons are unchanged in price at/4s fid per bushel, ex store. Good chaff is distinctly short, and up to £lO 10s is being paid- for special quality. ■ ,

Fowl wheat is very firm just now and prices have been raised a penny per bushel to 7s 8d in sympathy s with the increased rates now demanded by southern holders There are plentiful supplies of maize at the present time and a keen demand exists for this popular winter grain. Bay of Plenty consignments are being purchased for despatch to the Waikato and other centres to be brought direct by steamer for the city trade. Though the current price is steady at 6s 9d per bushel, ex store, the market is inclined to weakness. -The continued wet weather and occasional colder- temperatures have brought about a brisk demand both for bran and pollard, with the result that both lines se . arcc . spot, Merchants report a difficulty in obtaining supplies from the south, and to continue ordering from Australia involves an increased cost of 10t, Per ton. Local prices are unaltered meanwhile. Wholesale current prices are;'— Sharps and bran, mill prices: Sharps £9 10s per ton, bran £8 per ton (merchants' quotations, ex store), southern and Australian pollard fIQ 10s to fIC 15s, bran £8 10s; oats, feed B Gartons, 4s 6d per bushel; A Gartons, 4s 9d; clipped Dunns, 6s 3d to 6s. 6d; clipped Algerians, 5s 9d; clipped Gartons, 5s 3d; fowl wheat. 7s 8d per bushel; maize (old), ex store, 7s; new season’s, 6s 9d;- barley,, feed, 5s 9d per bushel; seed,,cape barley, 6s 6d per bushel; maize meal, 14s 6d per 1001bbarley meal,. 13s per 1001 b; chaff, g.b.o.s’ £lO to £lO 10s per ton for Blenheim or Canterbury; potatoes, prime Canterbury £ll 10s per ton; onions, local, 17s to 17s Od per cwt; Japanese, its 6d.

NEW ZEALAND INSURANCE COMPANY., »

ANNUAL MEETING OF SHAREHOLDERS. ABNORMAL FIRE LOSSES .CONTINUE, (Special to Daily Times.) -AUCKLAND, August 6. The seventieth annual meeting of share-' holders in the New Zealand Insurance Company was held to-day. Mr C. Rhodes chairman of directors, presided. The annual report and balance sheet was submitted. , In moving the adoption of the-' report the chairman said: The year under review has again presented its difficulties, and claim cost in certain fields has ruled high The marine market of the United Kingdom, the present-day bugbear of most companies, has continued to exercise yopr directorate arid executive. While some advance in hull rates has been bronchi the efforts on the part of the asso: mated companies to improve cargo rates have not developed along healthy lines, ihe rates ruling in London are still inadequate and conditions unsatisfactory! and for these reasons our operations there follow a strongly restricted policy. Notwithstanding increasing competition at most points, our income has advanced from £1,150,232 to £1,183,973, giving the satisfactory increase of £33,741. The profit, however, after making full provision for all contingencies, is rather less, being £80,209, or 8.21 per cent,, compared with 8.22 per cent, last year. The expense cost showed a slight decrease —from 31.4 per cent, last year to 30.6 per cent, for the period just ended. Business in New Zealand, in both the fire and. accident departments, still gives insurance edmpanies general cause for some concern. The abnormal fire waste of the past two or three years continues without abatement, and the average claims cost of underwriters in New Zealand for the last statistical year is over 72 per cent. Add to this their average expense of 38 peiv cent., and it is clear that much business is done at a loss. Fortunately, with the experience of our company in other fields we are able to show an aggregate claims cost of 61.2 per cent, and expenses 30,6 per. cent., which yields a moderate margin of profit of 8.2 per cent. Without being extravagant this gives us some reason for congratulation under existing conditions, consistent with the growth m volume.of the assets, Interest and rents derived from'investments have advanced £3805 to a total of £134,077, being a return of 5.33 per cent., compared with 5.28 per .cent, last year. The aggregate book figures of the investments of your company standing at £2,515,739, are less than the market value'of these. This year marks the seventieth anniversary of the existence of the company, its incorporation dating from 1850. In 1909, the occasion of our jubilee, our paidup capital, reserves, and carry forward stood at £755,000. In 1919 they had grown to £1,614,616, and to-day, 10 years later, they stand at £2,486,000. Interest and rents in 1909 produced £28,648, compared with the present-day figure of £134,077. The progress of your company not only benefits shareholders who number some 1900 in all walks of life, but constitutes a decided asset of the Dominion, whose name it has made favourably known in every continent.

Referring to the dividend, the chairman said: After full consideration of current conditions and in accordance with the conservative policy which has consolidated your company’s position during an experience of 70 years, your directors have decided to recommend to this meeting that the dividend this year should not be increased, but maintained at lid per share for the half-year, making Is lOd per share for the year. The trust department is becoming a valuable adjunct to the main business of the company. Steady growth is being experienced and the support of the shareholders and public generally gives an assurance of continued success and expansion. The clay of the personal executor or trustee has passed, and the security and continuity of administration provided' by a department such as ours is steadily being availed of by those seeking reliable executors or trustees. The report was adopted without discussion. \ The retiring directors—Messrs Alfred S. Bankart, C. V. Houghton, and Oliver Nicholson —were re-elected unopposed. Messrs Henry Gilfillan and F. C. Buddie were re-elected auditors. ■' Mr I‘. A. Edmiston; in moving a vote of thanks to the directors and staff, said he was not going to pretend that he considered the result of the year’s underwriting satisfactory, as lie thought it was poor. Whether from force of existing circumstances or from unwise underwriting, or other causes, shareholders would probably only be able to decide when they saw results of similar institutions. However, the fact that during the year nearly £1,200,000 in premiums had been paid showed that the directors and staff were entitled to appreciation. He therefore had much pleasure in moving, on behalf of the shareholders, that thanks be recorded to the board of directors, officers, staff, and agents throughout the service. This was agreed to unanimously.

COMPANY BALANCE SHEETS. NEW ZEALAND MEAT PRODUCERS’ BOARD.

‘Fifteen and a-h*lf months’ trading. As is seen from - the annual statement of accounts, the funds controlled -by the board are yearly assuming larger dimensions. As time progresses, the financial aspect will gradually occupy a more important position in an institution, which, as dc» es not exist for the purpose of making'a profit, will presumably expand its operations gradually as its funds grow._ The surplus of £10,616 for the past year is less than in the majority of pre.yioiis occasions, a larger expenditure having been incurred, but a five-figure margin may continue to be retained between revenue and expenditure without interfering with the expansion of the board’s activities. _ It will be noticed that the largest unit of expenditure is advertising in the United Kingdom, which h-*s risen to £5539, and, as it is there'that the chief market is situated, that item may he expected to increase. A comparison of disbursements with the gross revenue gives, the following relations, viz.:— ,

Salaries, honoraria, and travelling expenses absorb £13,677, or over one-half of the total. The protection of the board’s interests has involved a considerable sum for legal charges, and, as one of the chief reasons for its existence is to guard the producer, disbursements under that heading may be likely to grow under the strict surveillance that is kept. The cold store site in London remains at £29,125. Expenditure of £686 has taken place in connection with it during the year, which, as it includes legal fees and plans, might have been fairly charged to capital. The site is already a revenueproducing item, having contributed £253 towards the income of the past year. In course of time, when buildings and equipment are erected, the' Question of depreciation will enter, but meanwhile the property is_ unlikely to. be diminishing in value. The other fixed assets. are ofiice furniture, fittings, and equipment, reduced to £1062 by the liberal wastage allowance.,and United Kingdom displays, which having been augmented during the year, now stand at £269 after allowance tor depreciation, i oS t8 ’ u aft - er the . ir depletion during 1927-28, having risen to £54,000. .Lodged in gilt-edged securities at what is presumably their par value, they produce amounting to £2542. Meanwhile they accumulate until a demand is made t0 f fur ?u sh * he Coßfc of erection of the cold store that m in contemplation. m i'u* among the liquid assets come sundry debtors at £4121. If those nerto 3 be D r tO - th j h .® ad office represent .levies to be received, the 1 per cent, cost of colth°P bar,t°h- i doubt l ess been deducted. As ti7o k has been allowed to fall to £l7O, while the rest of the assets are working ™ tled Up ,’ would a PPear that orking expenses do not necessitate any and olher o purpo n ses. from revenue -®aming An accumulated fund of £88,967, after indicates S?Ven years ’ inaicaiee that the levies on meat e-snortcd have not been under-estimated. Growth in S 8 w, 5 be Qccom Panied by growth be feS fa? “ do " bt , WELLINGTON WOOLLEN COMPANY. (Per United Press Association.) The erne WE August 6. fnJ \v gr n ßS p i odt earned by the Wdllincton TV oollen Company, Ltd., for the vear with d £67finn 3 ’ t *l alled £ 9 5 > 407 > compared with £67,600, jn the previous year u- TKp wdt“ 8e f S 2 9 a “9 0 4 UDt li tO f29 ’ 922 « com Pared witn rates, taxes, internal salaries, etc., £23,369, against £23 672-

that' 5 fl 1 I ect ° rs in , th , e - r - re P° rt state that the general business denresSl 9 n , which existed' in the Dominion during the year, -apd which nntortunately, has not yet lifted, is reflected to some extent in the figures although not to a sufficient extent to prevent the directors from recommending r 'S er T ft IV *| de “ d . at tbe ' s *™ rate as fast pro , fifc of £30,545 must be added £2474 brought forward, making available £33,019, compared with £34,35f ihe dividend for the year absorbs £30,000 halt of which was paid as an interim dividend, and £2OOO has been added to thcforwTrd t!' lea^, ng £lOl9 t 0 be forward. The paid-up capital of the comof. £5 each and 20,000 preference shares T “ e ,g ener al reserve stands at £56,000, compared with £54,000, and the fi r oooo ura Th/ es i erv i e at W°S» againßt fioSSo' - e bank overdraft totals r?o’osn’ a e £56,700, a reduction of Sundry creditors account for against £63,737. an increase of ’ al in employees'- deposits total f 3 against £2966. , Freehold land, buildings, . plant, etc., less depreciation, amount to £229,840, against £233,745; stocks of raw material and manufactured goods, £216,083, against, £216,134; sundry debtors, £59,074, against‘£6o,6sS; bills receivable, £472, against £1169; and, deducting the reserve for bad detbs, these total £53,248. against £55,294- Insurance' premiums, unespired, £390; and cash in hand, £177, make the total of the assets £499,738, against £505,944.

June 30. Accumulated i Fund. Investments. Surplus. *1823 1 £ S £ .. 34,386 17,000 24,336 1924 .. 32,745 23,000 8,360 1925 .. 43,913 36,000 11,168 1926 .. 51,781 46,500 7.868 1927 .. 64,733 59,000 12,952 1928 .. 78,451 39,500 13,718 1929 .. 88,967 64,000 10,510

Total Gross Ratio 1922-23 expenses. £' revenue. & . per cent. -. 18,593 42,979 43.26 1923-24 .. 21,896 30,256 72.37 1924-25 • • 20,147 31,315 64.34 1923-20 .. 23,498 31,366 74.91 1926-27 .. 21,410 34,363 62,30 1927-28 . - 24,844 38,562 64.43 1928-29 .. 23,873 36,729 70144