COMMERCE AND FINANCE

Otago Daily Times, Issue 21772, 11 October 1932, Page 6

COMMERCE AND FINANCE

TOE SHARE MARKET DUNEDIN STOCK EXCHANGE A sale w*a reported on the Dunedin Stock Exchange yesterday of a parcel ot Bank of New Zealand! at £2 6a. There wbi a buyer for tbiwe when the market closed at the same figure, but no seller waa attracted. Four and a-half per cent. Stock (1938) was reported to have found a buyer at £OS. No seller came forward at the close of the market, when a buyer wii prepared to do further business at thiaprice. There was a reported sale •f Waihi Grand Junction! at 3s sd, the . final offer for these being 3s 4d, with no response on the part of sellers. A sale waa reported late on Saturday of a parcel •f Okaritoe at 8s Bd. Yesterday afternoon's quotations for these were - 8s od (bnyera) and 8e 8d {sellers). A firming tendency is noticeable- in Bank of New South Wales ihtrai, which were being inquired for yesterday afternoon at £2B. Crystal Ice* were wanted at £1; "a, but sellers were unwilling to do business at less than £1 16s. SALES REPORTED.

NORTHERN EXCHANGES ' (Peb United Press Association.) The following buiinew was done on 'Changes yesterday- , „ Auckland.—Salea: Loan and Mercantile, £57 10b; Northern .Steam (coi't.), 2s 4d; British Tobacco, 31s dd; Waihi, 17s Wenfngton.~l!ale*: Bank of New Zealand, £2 5s Hd, £2 6« (late Saturday), 12 Bs;i Big River (10d paid), lid. Christchurch.—Sales: Commercial Bank of Australia, 14» 8d; Goldsbrough, Mort, 24s 5d (two parcels); Westport Coal, 12s 6d; Golden Point, 7d (two parcels): Mahakipawa. 4}d (three parcels). Sales reported: 5j per cent. Inscribed (September, 1937), £99 12s 6d; Bank of New Zealand late sale Saturday), 46a (two parcels), 45s lid; South British Insurance, 57 s. REVIVAL IN GOLD MINING PROSPECTS IN TE AROHA HILLS. (Pei United Press Association.) AUCKLAND, October 10. Mr A. H. Kirabell, Under-secretary of the Mines Department, accompanied by several ‘ local departmental officers, conferred yesterday with a large number of prospectors and others interested in gold mining in the Te Aroha hills. The conference («ays a Press Association telegram) was for the purpose of clearing up I misunderstanding with regard to the department’s attitude towards an effort to bring about a revival of gold raining in the district. Mr Kimbell undertook to have investigations made with a view to employing, if warranted, 30 or 40 men, and outlined the recommendations he was prepared to make which gave the measure of assistance required. PRICE OF SILVER (British Official Wireless.) V (VnlUd Press Association.) (By Ilsctrle Telegraph-Copyright.) RUGBY, October 9. gllvtr: Spot, 17|d per or, forward, 17 18-Wd. ; . • ■Stria" Hotter la delivered to your grocer fresh daily from the churn in Jib .and 11b pata.—Advt.

LOCAL AND OVERSEAS MARKETS.

'WELLINGTON FRUIT MARKETS The Wellington Fruit Markets, Ltd., anticipate the following fruit and produce values during the coming week. Inquiry firm for all quality fruit. Green vegetables in fair supply. Green peas easier. New potatoes in good demand. Spring is with us and everything has a brighter aspect. Apples. Consignments recommended. Dominion mark has good inquiry. Delicious: Fancy Bs, 8s Gd, others Os, 7ai; Jonathans: Fancy 7s, Bs, others 5s On, 6s; Sturmers: Fancy Bs, 8s 6d, others os, 75.; Granny Smith: Fancy 9s, 10s, otheis Cs, 7s; Dougherty: Fancy 4s Gd, 5s Cel; Washingtons: Fancy Bs, 8s Gd; Ballarats Wolseleys, 7s Gd, 8s Gd, according condition; Statesman, Tasma, Home Beauty, and Baldwins, Gs Gd, 7s Gd for good clean fruit of favourable sizes. Pears. —Winter Coles, 7s, 8s; Nchs, Os Gd, 7s Gd; P. Barry, Gs, 7s; Vicars, 3s Gd, ss; Bartletts and Keiffers. Gs; Packhams, 7s bushel. . . Lemons.—Choice, cured, preferred sizes, 8s Gd, 10s; others, ss, 8s bushel. Grapes. —Hothouse, Is Gd to 2s per lb. • Passions. —Choice, 15s to 16s; others, 10s to 12s half case. ' ' „ Tomatoes. —Choice hothouse, 2s to 2s Gd per !b. Carrots, 7s to 8s sack. Tree Tomatoes. —Wanted; 5s Gd to us Gd half case. Parsnips, 4s Gd to Gs sack. French beans, Is 4d to Is 7d per lb. Asparagus, 9d to Is bunch. Walnuts. —Prime bright, 5d to Gd lb. Sprouts, 8s to 9s bushel. ’ , Cauliflower. —Choice, 8s to 10s; others, 6s to 7s sack. . Cabbage—Choice spring, Gs Gd to 7s 6d; others, 4s to 6s Gd large sacks. Celery.—Choice, Ca to 7s case. Beetroot. —Wanted. Cucumbers, 16s to 18s bushel. Pumpkins, 12s Gd to 15s sack. Green Peas. —Nelson, 4Jd to s*d lb. Rhubarb, 4s to Gs Gd dozen bunches. Onions—To-day’s values, 25s cental. Leeks, 3d to 5d bunch. Kumeras, 6s to Gs ■ sugar bag. : Flowers.—Fairly plentiful; values fair. Poultry.—ln moderate -demand. -) Potatoes. —New, 4d to 5d lh; prime Dakotas and Buttons, £8 to £8 los; others, £7 10s to £8; according quality. FOREIGN EXCHANGES (British Official Wireless.) (United Press Association.) (By Electric Telegraph—Copyright.)

LONDON STOCK EXCHANGE BRITISH FUNDS FIRM. (British Official Wireless.) . (United Press Association.) (By Electric Telegraph—Copyright.) : RUGBY, October 8. (Received Oct. 10, at 5.5 p.m.) _ British funds remained firm. pn_tlic Stock Exchange this morning, with War Loan assented at £lOl 3s 9d,

COMPANY BALANCE SHEETS

STATE FIRE INSURANCE OFFICE.

More than one cause has contributed towards the reduction of the annual surplus to its lowest level for several years past. Prevailing economic conditions have diminished the fire premium income, while the post-earthquake destruction by fire in the Hawke’s Bay district has increased the expenditure. The result lias been that the revenue from investments was required to meet the adverse balance of £7090 on the underwriting account before the surplus of £21,688 was shown. The net premium income, after deduction of the bonus rebate, shows_ a comparatively small decrease. The difference in the losses more pronounced, owing to the exceptional circumstances in which some payments were made. The relation between premium income and losses has in consequence risen to a higher ratio than in previous years. As business has increased the tendency of the proportion has been to do the same, the rise in the ratio from 1920 to 1030 being most marked. Since 1910 the movements have been: —

Although the increase in reserves is not ns great as usual, they continue to mount up. The chief alterations are the allocation of £7OOO to, the investments fluctuation reserve, bringing it up to £29,000, and the formation of a bad debts reserve by-applying £SOO to that purpose. The £IO,OOO written off office promises may be regarded in the same category as the former allowance. The reserves for unearned premiums, reinsurance, and bonus rebate remain at £88,704, £60,000, and £29,000 respectively. When the surplus is added, the general fund will stand at £711,418, making a total of £918,682 That sum is practically balanced by the invested funds. , .. When reserves are withdrawn from the liabilities side, the aggregate of the items left is comparatively small. With only a sum of £9109 for outstanding losses out ot total losses of £112,932, and sundry creditors standing at £5423, the chief place is occupied by income tax of £26,162, due, but not paid. .. Postages and sundry chai'ges outstanding, at £1222, as f°i* merly make a large proportion of their yearly total. Reinsurance premiums come to £13,729, but it does not appear what share they represent of the annual aggregate. . After being subjected to a depreciation allowance of £lo,'ooo, or approximately 5 per cent., land and buildings appear - at £191,377. The liberal provision made for depreciation is a prudent move, in keeping with the times, and it may be observed that, while £IO,OOO is written off the fixed assets, the allowance accorded for securities, nearly three times as much, is £9OOO. Apparently H is considered that depreciation allowances made in the past have brought the cash investments closer to their market value than the other, or that the recent fall in values has been more acute in the property than in the Government and public body stock market. The aggregate of cash investments has risen to £712,415. Rural advances .and intermediate credit bonds remain at £14,175, and £20,000 respectively, while local authority securieties at £131,150 are Slightly down. The increase is > contained partly in Government securities, which* stand at £397,091. but chiefly in fixed deposits and at short call, now increased to £150,000. Thus, while visible reserves have grown by about £29,000, the corresponding growth in investments is nearly £60,000, most of the difference being accounted for by -the greater indebtedness at the close of 1931, as compared with that at the close of 1930. With no capital issued, there is no shareholders’ remuneration to be considered. The State Fire Insurance Office commenced business in 1905 with_ a loan of £2OOO from the Treasury; repaid some eight years later. On that comparatively modest sum the .present financial structure has been reared. With the elimination of the shareholder, the advantage held ■by-the State office of increasing its funds iis obvious, and although subject,' like all businesses, to the influence of lean periods and fat periods, it is able to show a progress, which, if somewhat retarded- at times, continues without a pause.

MINING BELL HILL SLUICING COMPANY. A report from the Bell Hill Gold Sluicing Company, Ltd., states that since the last report, considerable progress has been made in clearing the paddock of debris and exposing the rock bottom by sluicing. Up to the present time the mullock in the paddock has been removed to within about 50ft of the main face. Owing to the rock bottom having to but cut up>between sluicing periods, the blasting of the rock gutter is taking considerably longer than would be the case if it were possible to make the operation continuous. There is now approximately two chains and a-balf of gutter still to be cut. Due to the main development work on the claim having been completed, it has been possible to reduce the staff to seven hands, which is regarded as sufficient for the work entailed. . The company recently obtained 270 z 6dwt of gold, which came principally from around the old sluice boxes, which are being replaced by new. This gold return should not bo taken as being any indication of the value of the main wash, and the directors are increasingly confident of the ultimate results. OKARITO RETURN. Messrs W. A. Mitson and Co., secretaries of the Okarito Five Mile Bench Gold Dredging Company, Ltd., report that the wash-up for the week ended Saturday, October 10, was 230 z Odwt for 85 hours’ dredging. ALEXANDER MINES. The secretary of ‘Alexander Mines has advised the Dunedin Stock Exchange that a dividend of Is has been declared on all shares, representing £3750. The dividend is distributed free of income tax and will be payable on October 17, This will be the fourth dividend of Is that the company has paid since January 16. MAHAKIPAWA RETURN. (Per United Press Association.) CHRISTCHURCH, October 10. The Mahakipawa return for the week was 40oz of alluvial gold. Scott Bros., produce merchants and commission agents, agents for the Dunedin Egg Suppliers’ Association, report; —Eggs at market rates. Butter: Dairy pats, Old to lOd per lb. Honey: Bulk, 4M to"sd per lb; 10lb tins, 4s Od each: Ofb tins, 2s o<l each, Beeswax, Is to Is ]d. Fat: Nominally 8s to 9s per cwt. Poultry. Hens 2s to 2s 3d each; roosters, Is each; ducks, 2s Od to 3s each: geese, 3s to 4s 6d each; turkeys, liens 8d per lb. gobblers 9d per lb. Pigs: Prime Jjaconers, 5d to 5Ad per lb; porkers, sid to Od per lb, Potatoes, £5 15s to £6 per ton. Chaff: Prime oaten cheuf, £5 to £5 10s per ton. bags extra, ex store. Canadian onions (to arrive), 30s per bag. Partridge peas, Gs 6d per bushel, sacks extra. Whole fowl wheat, 5s 3d per bushel, sacks extra. Barley dust, 8s per 1501 b. Lucerne hay, £5 10s to £6 per ton, ex store. Oats: Cartons, 3s; Spairowbills, 3s 3d per bushel, sacks extra,, cx store. Oat dust. 4s per 120lh sacks. Pressed wheaten straw, £3 ss; oaten, £3 10s, ex store. Feed barley, 2s 0d to 2s 9d per bushel. Farm food, £7 per ton, please note: Pigs and poultry must arrive not later than Thursday of each week. We also stock the following lilies:—Meat meal, grit mills, charcoal, leg rings, oyster, grit, chicken food, egg crates. Quotations on application. October 10. 1932.

GRAIN AND PRODUCE REPORT . Messrs Dalgety and Co., Ltd., report as follows: — Oats. —Practically no business is being transacted in grade oats from this centre, where the available supplies are no more than sufficient for merchants’ seed requirements. The bulk of the oats now held are under grades for which there is very little inquiry. Sales are being effected in small quantities at up to 2s 6d per bushel, ex store. Wheat. —Millers are now drawing their supplies from importations of Australian tvhpat. No locally grown wheat of milling quality remains unsold. Fowl wheat is in small supply, and there is a steady demand at from 4s 6d to 5s per bushel, ex store, according to quality. Chaff.—Supplies are more than sufficient for the limited demand from local feeders, and some consignments have had to be taken into store. There is little inquiry for other than prime quality, which is worth £4 10s per ton, ex truck. Potatoes.—There is a steady demand, and good tables are readily saleable at £5 15s per ton, ex truck. Odd consignments are still coming to hand and are being sold, ex truck, while small stocks are now held in local stores. AUSTRALIAN STOCK EXCHANGES (United Press Association.) (By Electric Telegraph—Copyright.) SYDNEY, October 10. (Received Oct. 10, at 10.30 p.m.) Australian Consols are again meeting with a good inquiry, and prices show an advance. Industrial stocks are active, with prices firm, and others are steady. The following sales were made on the Stock Exchange:— Bonds—4 per cents, 1938, £lOl 12s fid; 1944, £lO2 ss; 1950, £100; 1955, £lOl 12s fid; 1957, £lOl 18 s 9d; 1961, £IOO 16s 3d; Commercial Bank of Sydney, £l7 ss; Bank of New South Wales, £3l ss; Tooheys, 23s 3d; Tooths, 38s (New Zealand delivery, 37e 7Ad); Australian Glass, 45s 3d; Goldsbrotigb, Mort, 27s 9d; Winchcombe and Carson, 255; Dunlop Perdriau, 10s 9d; Broken Hill Pty„ 23s 3d; Mount Morgan, 20s 10Jd; New Guinea Gold, 7s sd. SYDNEY WOOL SALES (United Press Association.) (By Electric Telegraph—Copyright.) SYDNEY, October 10. (Received Oct. 10, at 10.30 p.m.) At the wool sales 11,638 bales were offered and 10,710 were sold, while 232 were disposed of privately. There was strong competition from Japan, the Continent, and Yorkshire, and the market was firm, though some faulty lota were irregular, especially if lacking fineness. Greasy merino sold at Ifijd. The average price of wool last week was £ll 17s 9d per bale, or 9.02 d per lb. TEXTILE RECOVERY • j A review of the recently-issued accounts of companies engaged in the textile in-; dustry seems to indicate that working conditions generally in this sphere show a certain improvement on the experience of the past two or three years (states the Scotsman). One of the latest reports and accounts, that of the Tootal Broadhurst Lee Company (Ltd.), shows for the year to June 30 last an increase in net profits from £24,870 to £59,365. This latter amount is after the transfer of £25,000 to income tax reserve, whereas no reserve allocations were made in the previous period. As a result of this improvement the directors recommend an ordinary dividend of 7i per cent., against the 5 per cent, distribution previously made. The carry forward is lower at £16,057 ag compared with £19,231. This reduction is not heavy, but the directors’ willingness to draw on this balance is at least worth Oilier concerns which have recently issued their accounts, possibly have not made such a substantial recovery, but at the same time the English Sewing Cotton’s results made an extremely favourable impression, while in spite of the absence of Bleachers ordinary shares from the dividend list for the second year, there was a good improvement m. this - concern’s profit. • -h That extile companies have been work-, ing more profitably is beyond doubt. The depreciation of the pound sterling brought them increased competitive , power in foreign markets which they have quickly grasped. The improvement now, noted is the first sign or better conditions in actual profits, in some cases since 1928. HEAVY LOSSES WHALING COMPANIES’ TROUBLES. Prevailing economic conditions have seriously embarrassed the activities of the whaling undertakings. Most of them have considerable supplies of oil on hand, owing to the inability to secure a profitable sale for it, and despite co-operation and a partial cessation of operations the demand is still insufficient to absorb old stocks. The Globus and Polaris undertakings, managed by Melsom and Melsom, have 52,000 barrels stored pending a rise in prices, and they stand in the books at £l2 10s per ton, against the current market price of £lO. The accounts of the Globus Company for the past year discloses a loss of 745.000 kroner, which, with the debit or 824.000 kroner, brought forward, makes an adverse balance of 1,569,000 kroner. The stock of whale oil on hand is valued at 2,202,500 kroner. There are loans amounting to 1,371,000 kroner, these being secured by mortgages on the ships and upon the oil in stock. The Polaris Company reports a loss of 1,087,000 kroner, making, with the debit brought forward, a debit of about 145,000 kroner ihe stock of oil on hand ,is booked at 3.740.000 kroner. Sums have been set aside in the case of both companies on account of the litigation with Unilever, which the companies have resolved to take to the House of Lords. . Owing to the continued depression ot the oil markets and the suspension of whaling on account of unsold stocks ot whale oil, Hektor Whaling, Limited, was unable to meet the half-year’s interest on the secured notes, and the sinking fund instalments which fell due on July 31 last. The directors placed the facts before the trustees and the principal noteholders, and an informal committee, representative of the noteholders, was set up. This committee have now put forward the outlines of an arrangement winch they personally are disposed to accept and to recommend to the noteholders generally. The chief provision of this arrangement (a meeting to consider which has been called) is that a moratorium shall be granted by the noteholders in respect ot four half-years’ interest falling due up to January 31, 1934. Sinking fund payments for the two years ending Jii Mt 1933, are to bo suspended, In addition, the company is to be allowed to borrow on the security of a charge in priority to the notes upon the ship mortgages winch form the security for the notes. As compensation to the noteholders, the premium on redemption of tho notes is to be increased from 1 to 20 per cent. ihe noteholders arc also to be given control ot the board and of the company a voting rights. The company is to .procure the Hektor Company’s agreement to certain modifications in the trading arrangements between the two companies. Registered in 1928, the company at first reported handsome profits and dividends were naid of 25 per cent, for 1028-2. r aim of 12J per cent, for 1929-30, For 1930-. R, however, a heavy loss was incurred, and no dividend was Ahe company s difficulties are largely the result of genual over-production of whale oil at a time of industrial depression. GUINNESS, SON, AND CO. Net profits of Arthur Guinness, Son, and Co Ltd brewers, Dublin, tor tho year ended June 30, are £1.605.070,_ compared with £2.380.357 for the previous year. Preference dividends are 0 per cent., and ordinary stockholders receive 24 per cent., with a bonus of 5 per cent., less British income tax. Last year ordinary dividend was 35 tier cent., with a bonus of 5 per cent. Capital is £9,500.000. ot wind. £7 500,000 is in ordinary slock: tin* company has a reserve of £2.500,000, Assets of £16.026,024 include land, buildings, e.c., £5.605,731; debtors, U.OOS.OOO; investments in securities, £4,059,705; cash, £1,341.708; and stocks, casks, etc., £2,900,212.

£ B d. Bank of New Zealand .. . • 2 6 0 Okavito (late Saturday) .. p • 0 8 8 95 0 0 < Waibi Grand Junction .. .. 0 3 5 The following are buying and eelling q subject to the usual yesterday afternoon’s notations, which are brokerage: BANKING. Buyer. Seller. £ 8. d. £ s. d. I: ■k of A’asia .. ak of N.8.W. ,. 9 17 28 0 .0 0 Bank of N.Z. .. 2 8 0 — Bank of N.Z. (long 1 8 D) 6 — Commercial Bank 0 14 6 0 11 10 ' Com. Bank (pref.) B.8. and A. Bank 7 2 4 13 0 0 7 9 4 15 0 0. Natl. Bk. of A'asia 5 12 (cent.) 0 8 0 Union Bank 7 17 0 0 INSURANCE. Ni tional .. .. .. rw Zsaland 0 14 6 0 15 0 Ni 2 2 0 2 3 0 Smith Britlab .. Standard 3 1 0 2 17 2 10 3 0 • ■ SHIPPING. Haddart. Parker 0 18 0 — and 0. Dtf. •, ' U.8j! Co. (pref.) 1 0 1 0 0 0 COAL. ISSif*.; ;'. :: 0 1 0 13 0 3 0 12 9 LOAN AND AGENCY. z>« Ck Ni dusty and Co. .. Idsbrough, Mort itional Mortgage 8 11 1 i 0 0 2 0 0 National Mortgage 0 17 (B issue).. .. 0 N. Z. Outran. Corp. 0 5 6 — Stephenson 0 11 0 — MEAT PRESERVING. Gear Meat .. .. — 1 15 3 NJ5. Ref»ig. (eont.) 0 2 7 0 3 9 South Otago Frees. — tt« 0 0 MISCELLANEOUS. Australian Glass 1 17 8 —• British Tobacco .. I 11 3 Brows, Ewing Bruce T$ool. (ord.) 0 io 0 0 10 6 Crystal lee .. D.I.C. (ordj .... IJoMgby’a Rope .. Kaiapoj i Woollen 1 7 1 10 0 0 1 10 0 11 0 6 (ord.) Milburn Lime 0 9 1 6 3 6 — Mosgiel Woollen 6 15 0 ' National Electric .. ■ 0 9 0 N. Z. Drug Co. •. 3 18 0 ■ N.Z. ‘Paper Mills Regent Theatre .. Wilsons Cement .. 11 0 10 1 0 1 13 6 breweries. N.Z. Breweries .. 1 8 3 1 9 3 N.Zs Brew, (debs,) 1 0 0 — 6 Dunedin .. .. 1 1 3 1 3 Tooths .. •• •• 1 11 0 • T : MINING. Kawarau .. .... 0>.0 6 , Waihi .. .. .. .. t+o 18 10 Waibi Grand Jctn. 0 3 4 ■ ~ Electrolytic Zinc 1 8 8 ■ Electrolytic Zinc 0 16 0 17 (ord.) 5 0 Mount Lyell .. .. 1 1 1 1 1 6 N. Broken Hill .. 3 4 0 3 7 0 Molyneuz Electric 0 2 0 — 6 „ J* Mahakipawa .. .. 0 0 4 00 Kildare .. .. •• 0 1 0 1 Okarito .. .. .. 0 8 6 0 8 ...8 ... Paddy's Point .. V 'J “ 0 5 1 Cornish Point 0 0 1 10 Golden Progress .. . — 0 1 King Solomon ... Golden Dawn . -..’' 0 I 10 0 4 6 0 2 0 Alexander • • • •' 0 16 0 0 19 0 Waitabu *0 0 4 . Gillespie’s Beach to 0 24 to 0 3 Goldtn Ssnds ... . • Big Rirer 0: 1 par 0 to. 0 2 6 GOVERNMENT LOANS. q 44 nx, Bonds. 1938 95 0 0 95 5 4* p.c. Bonds, 1930 95 0 0 — 4i 'p.c. Ins.; 1938 95 0 0 4* n.c. Ins.. 1939 95 0 0 Si vx, Bonds, 1936 99 5 0 5i 61 !>,<>*, Ins., 1936 99 0 0 — Ins., 1937 p,e, Bonds (Feb., 96 0 0 — 5i 90 10 1937) 0 9i px. Bondi (Scptep 1937) .. .. •• 00 10 0 r6i px- Ins. (Feb., 1987) ...... •• 08 5 0 —: ; p.c. In*. (Sept., 1937) ,.v .. .. 99 JJ JL 99 10 0 •Discount. fPremium. tfCum div., .

KUGBT, October 8. Par. Oct. 6. Oct. a. Parts, fr to £1 .. .. 124.21 88 1-10 87 13-10 Brussel*. betsa* to £1 35 24.87% 24.82% 18.189 19.85 19.85 (Stockholm, kr to £1 18.150 19.47% 19.47% Copenhagen, kr to £1 18.150 19.27% 19.27% Berlin, mark* to £1 20.43 14 17-32 14.52% Montreal, do) to £1 4.86 2-3 3.81% 3.60 Now York, Jol to £1 4.86 2-3 3.45% 3.45% Yokohama, pence to pen 24.582 12 9-16 10% Hongkong, pence to dol 24.58 16% 16% Bombay, pence to rupee — 18 11-64 13 11-64 Batavia. norlm to £1 18 — Milan, lira to £1 .. • a 02.40 67 6-18 67 7-10 Amsterdam, guilder to £1 12.107 8.59 8.57% Prague, kr to £1 104% 116% 116% (Jonera. kr to 11 .. 25.22% 17.89% 17.82%. Vienna, echllllngs to £1 34,68% 29% .. . 29% Helsingfors, mark! to £1 193.23 232% 232% Madrid, oestaa to £1 25.23% 42% 42 3-10 276.3 235 — Atben*. drachma to £1 a. 875 689 680 Uibon. escudo* to £1 .. 110 110 110 Bucharest. 1st to £1 .. 831.6 580 680 Bio de Janeiro, pence to 8% 8 7-32 mllrelt 8.890 Buenos Aire*. pence to 47.82 pesoi — — ' Bhanghal, pence to tael — 21 3-10 21% Montevideo, pence to peso 61 30 . SO Warsaw, slotys to £1 .. — — ,

Total General Net Dec. 31. Reserves. Revenue. Eipcn.es. Surplus, £ £ fi £ 1920 ., 310,057 135,070 04.115 47,210 1022 .. 410.000 150.470 00,570 40,403 1024 .. 400.007 100,300 02,084 31.131 1020 .. 023.022 233,540 70,425 40.738 1027 .. 070,001 243,400 00.157 35,883 1028 .. 744,271 252,004 00,878 01,001 1020 .. 821,001 258.005 75,050 57,277 1030 ., 880.495 272,213 81,300 43.330 1031 .. 018.082 205,503 84,584 21,088

Premium Fire Inrome. Looses. Katio. £ £■ p.o. 1920 124.538 21,182 17.01 1932 .. 142,501 40,000 32.32 1924 ,i .. 143.005 00,817 42.51 1920 1997 .. 172.075 .. .. 181.81(1 ' K 45.71 53.97 1928 .. .. 185.213 81,585 44.05 1929 .. .. 100.782 75,317 39.48 1980 .. .. 104,008 00,001 40.17 1931 .. .. 180.820 112,032 59.40