COMMERCE AND FINANCE

Otago Daily Times, Issue 20867, 6 November 1929, Page 6

COMMERCE AND FINANCE

THE SHARE MARKET.

DUNEDIN STOCK EXCHANGE,

A aale pf Goldsbrough, Morts was re- ; ported on the Dunedin Stock Exchange ; yesterday at 44a. There were no later : inquiries for these shares. There was I also reported business in New Zealand : Drugs at 745, and, at the close o£ the '■ market. buyers were 'offering 735, with Ino seller forward. New Zealand Paper i Mills were dealt in at 20s Sd (cum divi- . dend), and-later inquiries at 20e found ; aellers unwilling to do further business at { less than 20s od. There was a sale of j New Zealand Insurances at 46s 3d, and i one of South British Insurances at 60s. ; The former shares were not quoted later, but South British were on offer at 66s f without any buyer forward. A parcel i of E.S, and A. Banks was reported to ; have been turned over at £7 12a 6d (cum dividend), and buyers later offered the : same figure. Sellers, however, were asking 3s more, and no further business took place.

Sales reported: Goldsbrongh, Mort. 445; New Zealand Drugs, 745; Paper Mills, 20a 6d (cum div.); New Zealand Insurance, 46s 3d; Soutb British Insurance, 665; E.S. and A. Bank, £7 12s 6d (cum div). The following are yesterday afternoon’s buying and selling quotations, which are subject to the;usual brokerage:—

BANKING. Australian Bank of Commerce —Buy Sis. Bank of N.S. Wales—Buy £4B. Bank of New Zealand—Buy 60s 6d, sel fils 6d. Bank of New Zealand (long “D”) — Buy 28a 6d, set 295. Commercial Bank—Buy 27s 6d. eel 28s. Commercial Bank of Sydney—Buy £24. E.S. and A. Bank—Buy £7 12s 6d, scl £7 15a 6d (cum div.). National Bank of Aust. (cont.) —Buy 18 17s 6d, sel £9 2s 6d. Union Bank—Sel £l4 12s 6d. INSURANCE. National Insurance Co. —Sel 16s Bd. South British Inaur. Co.—Sel 665. SHIPPING. Huddart. Parker (ord.)—Sel 43s 6d. U.S.S. Co. (pref.)—Buy 20s 9d. COAL. ■ Pukemiro Collieries—Buy 60s. Westport Coal Co.—Sel 34s 6d. LOAN AND AGENCY. Dalgety and Co.—Buy £l4. National Mortgage—Sel 85s. N.Z. Guarantee Corp.—Sel 9a 3d. Perpetual Trustees—Buy 68s. Trustees, Ex., and Agency—Buy 60s. MEAT PRESERVING. Gear Meat Co.—Buy 43s 6d. MISCELLANEOUS. British Tobacco—Buy 45s 3d. Brown, Ewing jford,)—Buy 30s. D.I.C. (ord )—Buy 11s 3d prem. D.I.C. (pref.)—Buy 21s 3d. Dental and Medical Supply—Buy Bs. Kaiapoi Woollen (oont.f —Buy 3« 6d. Kaiapoi Woollen (pref.)— Buy 14s 6d, fel 15a 6d, Milburn Lime and Cement—Sel 37s 9d. Mosgiel Woollen Co.—Buy £7 16s. 1 N.Z. Drug Co.—Buy 735. •n oi ? a P e r Mills (ord.)—Buy 20s, sel 80s 9d (cum div.). Auckland Gas—Buy 24s 6d. Christchurch Gas—Buy 26a 3d. Whitcombe and Tombe—Buy 70* Wilsons (N.Z.) Cement—Sel 44*. ! BREWERIES, i N.Z. Breweries, Ltd.—Buy 87s. eel 89s, i N.Z. Breweries Debent.—Buy 27* 9d. MINING. Nokomai Sluicing—Buy 15s. Waihi—Buy 12a 3d. Electrolytic Zinc (pref,)—Buy 34e, sel £SB. Electrolytic Zinc ford.) —Buy 345. Mount Lyell—Buy 41s 4d, eel 41s Bd. Big Beach—Buy 4s. Kildare—Buy 3s 9d, sel 3s lOd. Winding Creek—Buy 8d prem. Winding Creek (pd.)—Buy la sd, eel Is 6a, Stoney Creek—Buy 3d prem., sel 6d prem. Paddy’s Point—Sel 5s Bd. WAR BONDS. 4i per cent. Bonds, 1938—Buy £IOO. 44 per cent. Bonds, 1939—8uy £IOO. 44 per cent. Bonds, 1941—Buy £IOO. ' 44 per cent. Inscribed, 1088—Buy £IOO. 44 er cent. Inscribed, 1939—8uy £IOO. a* per cent. Insc. Bonds, 1941—Buy *99 ss. ' 54 per cent. Bonds, 1930—Buy £99 6a. 04 per cent.. Bonds, 1936—8uy £lOl. 54 per cent. Inscribed, 1936—8uy £lOl 6s. 5i per cent. Bonds, 1933—8uy £99 10s. oj per cent. Inscribed, 1933—8uy £99

northern exchanges. (Peb United Press Association.) .The following business was done on Changes yesterday:— Auckland.—Sales: City of Auckland Debentures (1963) 5i per cent.. £lOl 15s: Auckland Hospital Board (1048) 5J per cent., £IOO 15s; Inscribed Stock (1933) 5} per cent., £99 15s; Commercial Bank of Australia, 27s fld (12 parcels); National Bank of Australasia, £lB • lOs, Union Bank, £l4 12s (Mel. register), £l4 10a od. £l4 10s; National Insurance, 16s 4d; New Zealand Insurance, 46s 3d; South British, 65s 6d, 65s 3d; Goldsbrough, Alert, 44s 3d; Staples Brewery, 53s 6d; Gear Meat. 445; Hayward’s Pictures, 18e; K-srapthorne, Prosser. 745; Milne and Choyce Debenture Stock, 27s 3d; New Zealand Farmers’ Fertiliser, 225; Taranaki Oil, 4s sd.

Wellington.—Sales reported: Commercial Bank of Australia (ord.), £1 7s Od; Union Bank of Australia: £l4 10s; Commercial Banking Co., Sydney, £24 6s; New Zealand Guarantee Corp, ord. (two parcels), 8s 7Jd; Bums Philp and Co. (cum div.), £2 3a fid; Staples and Co., £2 13s 3d.

Christchurch. Sales: Christchurch Drainage Board 53 per cent. (1938-73), £IOJL 10s; Aust. Bank of Commerce, 32s fid, 325; Commercial Bank of Aust., £27 9d (6 parcels); E. S. and A. Bank, £7 15s; Queensland National Bank (cum div.), £9; New Zealand Refrigerating (10s paid), 6s (two parcels); New Zealand Breweries. 88s; Mount Lyell, 41s 4d (two parcels), 41s 5d (two parcels); Winding Creek (6d paid), 1b sd, Is 44d. Sales reported: Commercial Bank of Aust., 28s; Commercial Bank of Sydney, £24 10a; National Bank of New Zealand, £6 15s 9d; Union Bauk of Aust., £l4 10s, £l4 10s fid; Staples Brewery, 53s 3d; National Bank of New Zealand, £6 15s 9d; British Tobacco. 46s 2d; Commercial Bank of Aust., 28s.

CANTERBURY MARKETS

(Peb United Press Association.) CHRISTCHURCH. November 5.

The potato market has slipped further since the week-end, when the quotation was £6, f.0.b., e.i. On Monday sales were at £5 15s, and to-day at £5 IDs, Prices to farmers are £4 ss, Still a fair number of small lines are offering from the farmers. The merchants are receiving Ho orders from Auckland, and only occasional ones from elsewhere, and aa, moreover, potatoes can be purchased so easily from the merchants, there is no demand for_ the farmers’ offerings. The Kurow, which sailed on Friday last, took no poattoea from Lyttelton. Oats have retained previous values —A Cartons 3s 8d to 3s 84d, f.0.b., g.i,, and B Gartone 3s 7id.

Chaff is very difficult to procure. There has been a steady trade with the North Island, in addition to which farmers, on account of the scarcity of feed in the late winter and early spring have chaffed ft good deal of their oats for sheep feed. It is some time since such a small number of stacks were to be seen at this time of the year. Values at present are £7 5s a ton, f.0.b., s.i., and from £5 5s to £5 7s Od a ton on trucks.

Peas are still meeting with a “dead” market, the export demand being nil. Home advices .are to the effect that the : English crop of Partridge peas was better ♦ban in former years, and the quality 1 superior.

LOCAL AND OVERSEAS MARKETS*

THE KILDARE HILL MINING

COMPANY. TO TUB EDITOE. Sib, —I noticed in your issue of October 31 letters from “ Not Left Out" and “ Caution,” in reply to mine of the 30th regarding the Kildare Hill Company. “ Not Left Out ” states that the company has valuable water rights and cash in hand equivalent to a considerable portion of the price at which the shares have been selling. I would point out for his information that the cash is gradually dwindling away and that, if the gold mining venture does not pay, the rights are absolutely worthless, as they were f ranted for mining purposes only. “ Not ieft_ Out” says that no one believes the stupid exaggerated reports which gain currency. Many very exaggerated reports have emanated from sources over which the company might have exercised control.

“ Cautious " asks me how many shares myself and nominees. have purchased. My answer is, “ emphatically none.” My friends and myself know too much for that . “ Caution ” also says it is quite simple to write a letter such as I have done. Yes, it is very-easy to write when one is conversant with the facta and knows he is writing absolute truth. The valuable mining leases mentioned by “ Caution ’’ include three in St, Bathans, one of which was abandoned some years ago by a company and left idle until the Scandinavian Company worked it on tribute and went into liquidation notwithstanding that it had the services of the present manager at the Kildare Company. _ Another was owned by the Scandinavian Company which left it to go and work on tribute in the other unprofitable ground. The next one belonged to the St, Bathang' Gold Mining Company, which also went into liquidation. There arc also two leases at Surface Hill which have been practically abandoned for 10 or 12 years.

“ Caution” seems very much exercised 3uO\it tu6 fituto oi the share market and advises clients to consult their broker before parting with their shares. Probably he is a broker himself, and if not, will qualify for one if he invests all his savings in Kildare shares and hopes to get hia money back in the form of dividends won from the mine or the sale of the water rights, leases, and plant. I wish him and “Not Left Out” good luck; they are at least born optimists. Your issue of November 2 contained a letter from Mr T. Gilchrist in which he states that every report that has gone to the Stock Exchange has been absolutely true in every respect. I claim that the reports have been very much exaggerated. Mr Gilchrist says the wash was cut out in the bottom of a portion of the paddock. I ask Mr Gilchrist why this fact was concealed from the Stock Exchange, shareholders and general public. The cat is now out of the bag,” and what was general street corner gossip is now public property, this being due to the publication of my letter in your paper, and not to any voluntary report from the manager. Mr Gilchrist states that the cut-out occurred near the bottom. If this is so. it did not materially affect the result. The report which was issued when 15 feet of the paddock had been taken out stated that prospects varied from IJdwt to 10 grains to the dish. If this were correct and the wash were only a foot thick, at least lOOOozs of gold would have been obtained out of these 15 feet only. Allowing nothing at all for the other 16 feet, this was an exaggeration of 400 per cent, over one half the paddock or 800 per cent, over the whole paddock. In my letter, I asked what the width _of the lead in the drive was, but to this question Mr Gilchrist does not reply. He says I overlook the fact that the Kildare Hill Company's shaft and drive are at a much deeper level than those worked by the Scandinavian Company in the 'eighties. The same company’s second paddock was at a _much_ deeper level than the first, and with improved appliances showed no better results. Mr Gilchrist also says that alluvial leads follow levels to a certain extent. Out of his own mouth, therefore, he is condemned. In the Kildare and Scandinavian claims the lead was on the same level and out of practically similar areas and the results obtained were Kildare £7OOO and Scandinavian £BOO. There is, as I said before, a limited area of payable ground near the shaft, but the lead will get poorer in the east as it has done on higher levels, and will pinch out altogether about 130 yards from the shaft, and be replaced by a bed of lignite which here goes on to the schist bottom. The ground is soft and drifty also in this direction, and will take a power, of timber to hold it. Mr Gilchrist says lam guessing and taking the easy end. I sunk several hojes in this area. That does not look like taking the easy end when I had only one youth with me to haul up the dirt. As to the directors buying shares and paying 4s for them, if Mr Gilchrist is sincere in his transaction arid sticks to his shares I feel sorry for him, for. as sure as night follows day, under present conditions the Kildare Hill Company cannot prove successful. There are large areas of auriferous gravel in this vicinity which will yet bo treated with _ modern appliances and electrical machinery, and will return a decent profit to the shareholders and do a lot of good to the community in general. As I said before, I wish the Kildare Hill Company every success, and am willing to help it voluntarily in every way, and no one would be better pleased than myself if Mr Gilchrist proves correct and if the shareholders come home good winners. In my opinion, it is only right and fair that the shareholders and general public should know the true facts arid not be swayed by erroneous reports so that the shareholders will not continue to live in a fool’s paradise, and the general public will not lose money on the strength of these reports.—l am, etc.,

Neil Nicolson. St. Bathans, November 3.

TO THE EDITOR. Sib, —Having been in a position to watch the operations of the Kildare Gold Mining Company since they were begun, and being also in the unfortunate position of not having been able to get in on the *' ground floor," when the shares were originally allotted, I have to thank Mr Neil Nicolson most sincerely for his recent effort in print, although to do good to his fellow-man was far removed from his mind, when he wrote, his recent epistle, for it had the effect on the share market for which myself and others have been waiting for some time. It has given us the opportunity of getting in on what we consider a splendid proposition at a price at which, I for one, never dreamt I would be fortunate enough’to buy in. I am, etc., _ “ One Who Got In.” at. .Bathans, November 4. MOSGIEL WOOLLEN FACTORY COMPANY. The directors of the Mosgiel Woollen Factory Company, Ltd., state, in their annual report, that the operations of the company for the past year have been of a satisfactory nature, and express the belief that the shareholders will be pleased with the result. The new machinery is now mostly in action in the new r wing recently added to the spinning building. The profit and loss account closed last year with the sum of £16,518 19s 3d From this was deducted the dividend paid in November, 1928, amounting to £5722 16s, and the interim dividend, paid in May, 1929, amounting to £3815 4s—in all £9538, leaving £6980 19s 3d at the credit bf profit and loss account. The balance available this year after the provision of £SOOO for depreciation and the addition of £2OOO to reserve account is £15,971 2s 3d. The directors recommend the payment of a final dividend of 4 per cent, and a bonus of 2 per cent., amounting to £5722 16a and equalling 10 per cent, for the year. After payment of this there will be a sum of £10.248 0s 3d at the credit of the new profit and loss account. The directors record with deep regret the death of Mr J. Lethbridge, and report that Mr G. M. Maclean was called to the vacancy on the hoard-

COMPANY BALANCE SHEETS,

NATIONAL INSURANCE COMPANY OF NEW ZEALAND, LTD.

The dividend recommended for the past year is the same as that paid for 1927-28 —9d per share —but, owing to the capital having been increased by one sixth in the interval, the rate is correspondingly reduced. After allowing for the allotment to current risks reserve, the net profit of £51,950 comes out at £7577 lower than it did a year ago. The return is equivalent to 14.84 per cent, as against 19.84 per cent. Expenditure is inclined to rise on the whole. General expenses are grouped at £84,349, which, on a higher premium income, raises their proportion to 33.30 per cent. Government taxes, taking the amount deducted from revenue in addition to those debited to underwriting account, have fallen to £6343, while bad debts absorb only £303. There is a considerable reduction in the sum allotted to the reinsurance of current risks reserve. Although risks, judged by recent years’ results. would appear to be growing no smaller, the addition to the reserve charged to underwriting account is £2500, whereas 12 months ago it was £IO,OOO. Again the total losses exceed all previous figures. Although the increase was not so large as it was a year ago, the premium income has not grown sufficient to cover the difference. The ratio of losseS' to premium income is rising steadily in consequence. The average for the past 16 years works out at over 10 per cent, less than the proportion for 1028-29. The relative figures since 1913 aro as follow:

If the past season is excepted, it cannot be said that the position has greatly altered during the period. There may have been a spell of comparative immunity from serious losses during a number of, years, resulting in some cases in an exceptionally low percentage, but, as a matter of course, a series of lean years may be expected to follow. Twelve months ago a sum of £50,000, or Is per share, was distributed among shareholders, making the shares paid up to 7s. The resultant depletion of reserve fund has already been made up to the extent of £SOOO. An allowance of £2500 brings the current risk reserve to £104,600, but the largest allocation is £5980 made to investment fluctuation account, which now stands at £10,500. Exclusive of the £SOOO for taxation and contingency account, reserves total £442,508, keeping well in excess of the .paid-up capital in spite of periodical reductions to increase the latter.

Liabilities to outsiders come to £72,627, of which sundry creditors at branches and agencies comprise £45,747. They are less than the aggregate of balances held in the different offices, but they have been growing decidedly larger during recent years. The appropriation foi unpaid losses is £26,880, or practically the same as a year ago, notwithstanding the larger losses that have occurred. Apparently on this occasion it has been possible to settle a larger number of claims before tho date of closing tho books. The pronounced increase in freehold property recorded a year ago, after being further added to, has been reduced to £155,600'by the sale of a part. Depreciation is not mentioned, but, to judge by the round figure that now represents the properties, it may be assumed that an allowance has been made. The larger amount that hag been placed in freehold property in recent years indicates that os an investment, it is considered satisfactory—a view which doubtless the recent sale has emphasised. If the balance of £19,000 in this connection is outstanding for any length of time, it may be taken as subject to interest. The liquid investments at £572,231, excluding money on deposit, are slightly down. While debentures remain at £116,012, loans on mortgage have been reduced to £96,729. The small increase in Government securities, bringing them to £359,589, corresponds with the larger amount placed in current risks reinsurance reserve. When the fixed property figure is added, the total is virtually the same as that of a year ago. The movement of the investment fluctuation account indicates that nearly £7OOO has been drawn upon it since September, 1028. As the nature of the investments is not such as to admit of much fluctuation, the assumption is that the withdrawal, either chiefly or entirely, has been applied to the freehold property. Any increase that has been made to the funds during the year is to be found in the bank balance which, on deposit and current account, amounts to £86,345. When tho branch and agency balances are added a total of £134,363 is .brought out. Thus, over one-seventh of the assets is held in the most liquid form. It is possible that the 1 intention was to invest a part shortly after the books were dosed to balance the allocations to certain reserves made from the surplus, but the necessity of retaining a margin to meet the unforeseen contingencies that are part of insurance business means that inevitably a considerable sum is lying without a visible return.

SHEEPSKIN SALE REPORT,

The Dunedin Stock Agents and Woolbrokers’ Association (Messrs Dalgety 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-op. Association, Ltd., and National Mortgage and Agency Company, Ltd.) report as follows; Medium-sized catalogues were offered at yesterday’s sale to the usual attendance of buyers. There was good competition at a slightly reduced level of values, prices all round being 3d to 4d lower than last sale. The following is the range of prices:—

d. d. Halfbred full wool 12 to 12J Halfbred half wool 9 to ll| Halfbred quarter wool .. 8 to 83 Fine crossbred full wool .. 113 to 12) Fine crossbred half wool .. 9J to 10) Fine crossbred quarter wool 6 to 8 Crossbred full wool .. .. 9J to 104 Crossbred half wool .. .. 9 to 0 j Crossbred quarter wool .. 8 to 8} Crossbred hoggets .. .. 9J to 11J Halfbred hoggets 11 to 111 Merino 8i to 10| Lambs 73 to 10J Halfbred dead and damaged 8 to 11 Fine crossbred dead and damaged 8i to 03 Crossbred dead and damaged 8 to 9J Pelts 5 to 7

A HEAVY LOSS. (Special to Daily Times.) CHRISTCHURCH, November 5. The annual report of the North Canterbury Sheepfarmers* Co-operative Freezing Export and Agency Company states that the directors regret that owing to the severe fall in both the meat and wool markets the year’s operations resulted in a loss of £29,151 I7s 4d, which, with the amount carried forward from last year, makes a total of £29,418 12s sd. The directors recommended that the loss should be dealt with by writing off the general reserve of £9OOO and the dividend equalisation reserve of £SOOO, leaving a balance of £15,418 12s 5d to be carried forward. During the year an alteration in the arrangements for the disposal of the company’s meat was approved by a majority of the directors. Of the retiring directors, Messrs G. D. Greenwood and J. 11. Blackwell, the former does not seek reelection, agd Messrs Blackwell and Colin MTntosb, the only nominees, are duly elected.

(Special to Daily Times.)

(United Press Association.)

WALLACETOWN STOCK SALE,

INVERCARGILL, November 5. The weekly .Wallacetown stock sale today was well attended by buyers and the public, and the sale was conducted in ideal weather. There were moderate yardings in all classes. In the cattle section the sale was quite a sound one, though a slight easing was noticeable. Very few pens in the fat cattle section were passed in, but in the medium and inferior qualities, prices receded slightly. The fat sheep section was in an oversupply for local requirements, and as outside buyers were unable to operate, a sharp drop of about 2s 6d all round was evidenced, this being particularly noticeable in the medium and inferior qualities. A few spring lambs were forward, and met with fair competition. The prices were not excessively high, but in view of prospects appeared to be quite satisfactory. The demand for lambs at this season of the year probably being keener than in any previous year. This can be accounted for by the fact that reduced prices are having the effect of an increased consumption, both in the store cattle and sheep sections. The demand was only poor, especially in the case of store sheep, which sold at very cheap rates. '

Store Cattle.—The entry in this section was the smallest for some time past, and consisted chiefly of yearlings and two-year-old heifers and oddments of empty cows. The sale was scarcely as good as previous fixtures, and the bulk of the yarding was passed in at auction, but most lots were eventually disposed of privately. Mixed sex yearlings, mostly heifers, realised up to £5; medium sorts, £3 2s 6d to £4 ss; empty two-year-old heifera, up to £S 10s; empty cows of inferior condition, from £6 10s to £7; aged and inferior sorts, from £4 to £5.

Fat Cattle.—The yarding in this section was slightly in excess of that of the previous week, and was quite up to local requirements. Prices eased slightly for prime quality, and to a greater extent for medium and unfinished lines. The bulk of the offering was disposed of at auction, and the sale could be considered very satisfactory. Extra prime bullocks realised up to £l9; medium weights, from £l4 to £l6 10s; extra prime cows, up to £l6; medium weights, from £9 to £11; lighter sorts, down to £7 10s; extra prime heifers, up to £l4 10s; medium weights, from £lO 10s to £l2 10s; lighter sorts, down to £9.

Store Sheep.—The yarding was a small one, consisting chiefly of ewes and lambs with an odd line of good ewe hoggets. The demand for ewes and lambs was very dispirited, and practically all were passed in. A pen of ewe hoggets realised 35s 2d.

Fat Sheep.—The entry was much larger than that of a week ago. A few wethers were yarded, but the majority were ewes, with a few pens of heavy sheep. The sale was a dull one throughout, and a drop of about 2s Od was apparent. Vendors were not disposd to meet the reduced figures, &nd a fair proportion of the entry was passed in. Spring lambs, of which a few were yarded, sold very well. Extra heavy wethers realised up to 40s 6d, medium weights from 33s to 355, lighter sorts down to 30s 6d; prime ewes up to 303, medium weights from 22s to 255, lighter sorts down to 18s; prime lambs up to 30s, medium weights from 24s to 275, lighter sorts down to 12s 6d

CHICAGO WHEAT MARKET.

{United Press Association.) (By Electric Telegraph—Copyright.) NEW YORK, November 4. Lineage wheat dropped nearly four cents per bushel with prices sagging under general reselling, liquidation, and to stop losses. Orders were influenced considerably by the slump in stocks, but they were also affected by weaker cables, better Argentine news, and lack of export demand. The closing prices were:—December 124 3-8 cents per bushel: March, 1314; May, 135 J.

LONDON METAL MARKET.

(By Electric Telegraph -Copyright.) LONDON, November 4. (Received Nov. 5, at 11 p.m.) Copper: Spot, £7O Ss 9d: forward. £7O 6s IOJd.

Electrolytic: Spot, £B3 10a; forward, £B4. Wire bars, £B4. Lead: Spot, £22 3s 9d; forward. £23 5s Spelter: Spot, £2l 17b 6d; forward. £22 7s Cd.

Tin: Spot, £lßl 17s 6d; forward, £lB5 2s 6d. * Silver: Fine, 23 15-16 d per oz; standard, 24Jd.

MINING. ALEXANDER MINES. The secretary of the Dunedin Stock Exchange received the following report from the- secretary of the Alexander mines yesterday:— ‘‘ln the clean-up for October, 272 tons of ore were crushed for a return of 3060 z 7dwt of melted gold. The cyanide plant treated 218 tons of sands for a return of 82oz Idwt of bullion. The total estimated value is £1430.” Successful housekeeping can • only be accomplished by grasping the full significance of the words “NO RUBBING LAUNDRY HELP.” Further information from your Grocer.—Advt.

Paid-up General Net Dividend Sept. 30 Capital Beaerves Profit Bonus £ £ £ p.c. 1914 100,009 377,573 35,664 25 1915 100,000 304,920 43,247 25 1916 100,000 418,431 48,511 25 1917 200,000 351.064 57,633 121 1918 200,000 377,774 56,710 15 1910 200,000 393,429 45,655 15 1920 200,000 424,811 63,882 ici 1921 200,000 431,268 ■ 58,057 161 1922 200,000 470,856 52,088 161 1923 200.000 500,604 64,748 ITi 1924 300,000 401,325 33,221 10 5-6 1923 300,000 431,630 67,811 10 5-6 1926 300,000 448,296 49,160 10 5-6 1927 300,000 462,603 54,231 12} 1928 300,000 484,850 59,527 12} 1929 350.000 412,508 51,950 10 5-7

.Losses Premium Income Ratio £ £ p.c. 1913-14 78,406 148,242 52.95 1914-15 78,262 133,508 50.35 1915-16 70,333 161,932 48.99 1916-17 65,065 157,455 41.32 1917-18 64,695 167,817 38.55 1918-19 84,302 174,749 48.24 1919-20 81,209 196,248 41.38 1920-21 82,158 214,501 42.00 1921-22 92.732 203,254 45.02 1922-23 75,385 199,074 37.87 1023-24 103,590 196,394 52.75 1924-25 86,243 . 212,116 40.GG 1925-26 109,725 217,342 50.48 1936-27 115,904 229,225 50.56 1937-28 135,875 348,809 54.61 1928-29 146,114 252,869 57.78