COMMERCE AND FINANCE

Otago Daily Times, Issue 21774, 13 October 1932, Page 14

COMMERCE AND FINANCE

Tiff SHARE MARKET

DUNEDIN STOCK EXCHANGE

A sate took place on the Dunedin Stock Exchange yesterday of New Zealand Refrigerating (cont.) shares at 3s 6d. These were later on offer at the same figure, with no buyer on the market. A parcel o£ Waihi Grand Junctions was sold at 3s The final quotations for shares of this.description were 3s 3d (buyers! and 3s Sd (sellers). A sale.was reported of 4J per cent. Bonds (1938)_ at £9o 6s. Buyers were later offering £95 for these, but ho seller was attracted. Bank o:t New Zcnlands were reported to have been sold at £2 6s. When the, market closed yesterday there was a buyer at £2 5s 6d, but sellers were adhering to the former price, and nh. further business was transacted. O AT.ira nv CHANGE

NORTHERN EXCHANGES

(Per United Press Association.) The following business was done on 'Changes yesterday:— Auckland. —Sales; Bank of Australasia, £lO Is fid; New Zealand Insurance, 435; South British Insurance, 57s (2); New Zealand Breweries, 28s 6d; Okarito, 8s 7§d. Wellington.—Sale: New Zealand Breweries, £1 8s 6d. Sales reported: Bank of New Zealand (5), £2 6s: Commercial Bank of Aust., 14s 6d; Consolidated Goldfields, Bs. Christchurch. —Sales: 5J per cent. Inscribed, 1930, £99 15s; Bank of Australasia, £lO 2s fid; Commercial Bank of Aust., 14s 7d (2); E. S. and A. Bank, £4 13» fid; National Bank of Australasia (£5 paid) £5 15s fid (2); National Bank of New Zealand, £3 19» (2); Bank of New Zealand, 45s lOd (2), 45s 9d; Goldsbrough. Mort, 23g 10d, 245, 23s lid, 245; New Zealand Refrigerating (10s paid), 3s fid, 3s 5d (2), 3* 4d (2); Christchurch Gas, 255; Tooths Brewery, 32s Sd; Dunlop Rubber, 14s 8d; Mount Lyell, 21s Id (2); Blackwater. 17s 9d; Golden Dawn, 4s lOd, 4s 9d; Golden Point, Id_(6); King Solomon, Is 10jd; Mahakipawa (pref.), 7d; Okarito, 7s 7d; Waitahu. 3d dis. Sales reported; Bank of New Zealand, 45s lid (2); South British Insurance, 575; Goldsbrough, Mort, 24s 3d (2). _ SYDNEY STOCK EXCHANGE (United Press Association.) (By Electric Telegraph—Copyright.) SYDNEY, October 12. (Received Oct. 12, at 10 p.m.) The Stock Exchange market was less active, but prices generally were firm. The following sales were made: —‘ Bank of New South Wales, £3l 12s fid; Commercial'Bank of Sydney, £l7 7s fid; Colonial Sugar, £54 12s 6d; Adelaide Steam, 21s 3d; r Fhiryjnead Sugar, 20s fid; Millaquin Sugar, 28s fid; Tooths, 36s 9d;Tooheys, 235; Carlton. Brewery. 35s 7Jdr British Tobacco, 36s fid; : GoWsbrougli; 27«: Winchcorohe Carson. 24s lOld; Henry Jones, 355; Australian Glass, 455; Berlei, 2fia 3d; Taranaki Oil, 2si Sd; Broken Hill Pty., 23s lOJd;, Zinc Corporation, 30ii. Bonds: 4 per cents. —1938, £lOl 18s 9d; 1941, £lOl 17s fid; 1944, JlO2 7s fid;, 1950, £101; 1955, £lOl 17s fid; 1051, £102; 1959, £lO2 13 s 9d. P. AND 0. SHARES (United Press Association.) (By Electric Telegraph—Copyright.) LONDON, October 11. ft shares, 10s Sid,

.LOCAL AND OVERSEAS MARKETS.

ADDINGTON MARKET (Peb United Press Association.) CHRISTCHURCH, October 12. Heavy entries had the effect of dei pressing the values of mutton and beef at tha Addington market to-day. The decline in mutton was the sharpest recorded for a long period. Store Sheep—There was a big yarding. Good lines of hoggets sold well. values were: —Ewes and lambs (all counted), 3s 6d to 9s 7d; medium ewe hoggets, Us Cd to 12s 6d; medium wether hoggets* to Us 3dp ordinary tyether and m.s. hoggets, 8s to 8s 7d; two-tooth halibred wethers (shorn), 7s to 10s; merino, to 68 Spring Lambs.—A yarding of 510 ot good quality was forward. Values advanced by Is 6d a head in a keen sale. The top price was 18s 10d. Fat Sheep.—There was an entry ot 5400, which constituted an over-supply, and a general easing in value of Is od to 2s a head followed, and there were many passings. Values were; —Extra prime heavy wethers, to 19s lOd; prime heavy, 15 s to 16s; medium-weight prime, I3s od to 14s 9d; ordinary, 12s to 13s; light, 10s to 11s 6d; extra prime heavy ewes, to 16s 4d; prime heavy, 13s- to 16s; prime medium-weights, 10s 6d to 12s 6d; ordinary, 9s to 10s; light, 7s 6d to 8s 9d. Fat Cattle.—An entry of 410 head included 171 head from the North Island and over 100 from south of Rakaia. inG quality generally was excellent, but the market was easier, all classes being 15s to £1 a head lower. Best beef made to 25s per 1001 b; good prime, 21e to 245; heavy, 18s 6d to 21s; secondary, 15s to 18s; inferior, to 14s. Values were: Extra prime heavy steers, to £ll 7s on, prime heavy, to £10; prime mediumweight, £6 10s to £8; ordinary quality, £4 15s to £6; light, to £4 10s; extra prime heifers, to £9 7s Od; prime, £5 10s to 17 15s; medium, £4 6s to £5 6sj light, to £4; extra prime cows, to £8 12s o«; prime, £5 to £7; medium, £3 10s to £4 15s; light, £2 10 s to £3 10s. Fat Pigs.—There was a smaller entry, and pork was in n little better demand. Bacon was unchanged, and choppers were easier. Values:— Choppers, 35s to £3, baconers, 45s 6d to 65s 6d; heavy, £3 to £3 14s 6d; average P™e per Jb, 4Jd to Sid; porkers made 27s 6d to 32a od, heavy, 34s 6d to 38s 6d; average price per lb, 4Jd to 6Jd. CANADIAN WHEAT FARMERS BONUS TO, BE ASKED FOR, (United Press Association.) (By Electric Telegraph—Copyright.) WINNIPEG, October 11. (Received- Oct. 12, at 5.5 p.m.) In view of the continued low price for wheat, a conference of representatives ot the Alberta, Saskatchewan,, and Manitoba • Governments and officials of the three provincial wheat pools decided to petition the Federal Government tor a bonus on wheat production. . The advisability of calling a conference of representatives of Governments and the producers of the chief exporting countries to 'consider all phases of the wheat problem was also suggested. 5 Messrs Fraser’ and Co., selling agents for Otago and Oaraaru Egc Circles, report as under:—Eggs: Poultry farm eggs, market rates. Butter: Separator pats. 9d to lOd per lb: bulk, 9d to lOd per lb. Tallow. 6s 6d to 8s per cwt. Pigs: Good bacon weight, 4jd to 5d per lb; overweights, 3d to 4d; porkers, fid to 6jd per lb Potatoes, £5 10s to £6 per ton. Chaff, £5 to £5.10s per ton, sacks extra. Whole fowl wheat. 5s 3d to 5s 6d per bushel. Rice meal, ffi 10s per ton. Bulk honey, 44d to 5d per lb; 10lb tins. 5s to 5s 6d. Beeswax, Is. Poultry; White Leghorn hens, 4s 6d to ss; heavy breeds, 6s to 7s; cockerels, 4s to 8s; roosters, 2s to 2s od, ducks, 4s to sa; ducklings, 5s to 7s Od. all per pair; turkey gobblers, 7d to 8d per lb, live weight, .hens 7d per lb. We stock Pftlmfer’s chick food, National meat meal, leg rings Is per dozen, (bpeciai quotes for quantities.) . , We are agents for Champion egg erates, Isco cod liver, oil for poultry, prices on application. ’ v '■ , Consignors, please note that all pigs and poultry must arrive not later than Wednesday morning of each week. We have a stock of poultry crates on hand tor the:; use of our, clients.

COMPANY BALANCE SHEETS

THE BRUCE WOOLLEN MANUFACTURING COMPANY, LTD.

The net profit for the past year is about as much above that of 1930-31 ns the gross profit is reduced. There is sufficient surplus to meet the annual dividend of 7 per cent, on the preference shares and leave £B7 to add to reserves.The question arises whether the perfer-' ence rate of dividend is not subject to ai 20 per cent, reduction in terms of the; National Expenditure Adjustment Act, 1932. - , Expenditure nas been further curtailed.; The -interest, discount, and insurance group stands at £8897, while the inclusion of provision for income tax is responsible, for raising the general expenses group to £6610. A further charge is_ the depreciation allowance of £4OOO, which brings the total charges to £19,507._ The amount of the depreciation provision is arbitrary,' and it has been prudently determined to use the bulk of the available surplus towards that end instead of deciding upon a small division among shareholders. Reserves are increased by the £B7 left from the net surplus by which the floating balance is brought up to £542. General reserves and dividend equalisation account are retained at £12,000 and £SOOO t&. spectively. There is also an income tax reserve of £IBOS, which presumably sents the amount required to meet the income tax on the past year’s trading, and represents a provision rather than a reserve. In relation to paid-up capital, reserves have stood as follows: —

The liabilities are divided between loans and general items. The former comprise £82,430, of which the bank overdraft covers £70,363. After a reduction during the past two years, it has risen again, owing possibly to the recent capital expenditure. Deposits show a similar course, so that the interest-incurring liabilities approach more closely their aggregate of two years ago. As long as interest on a sum of £82,430 has to be met, the prospect of a dividend on the ordinary shares is considerably lessened, but recent statutory relief should prove of some help to the company in this respect; The general indebtedness, which apparently consists chiefly of accrued charges and allowances, continues its downward course, and has reached £4979. The outside indebtedness at the latest three balancing dates has been as under: —

Some considerable capital expenditure has taken place during the year_chiefly through the installation of additional worsted plant, the benefit from which had not had time to show itself in the past year’s accounts. While the sum of £5284 appears as added to the fixed assets, the increase of the depreciation provision to £4OOO goes a long way towards cancelling the effect. Fixed assets stand at £136,876, and, although the respective book, values of plant and premises are_ not . stated, it is known that the more rapidly deteriorating section stands possessed of £SOOO new property, while its book value may not be appreciably larger than at September, 1931. Stock does not vary greatly, but on this occasion it shows an upward tendency. In view of the low prices ruling for the raw material, which will necessarily affect goods in process of manufacture and the completed artices, it may be assumed that the quantity has increased considerably. When bills receivable are included with book debt, the total is little larger than 12 months earlier, although book debts ■ have increased to £18,990, while bills receivable are down to £2218. The growth of one at the apparent expense of the other need not be of any significance.

When the funds tied, up in fixed assets and stock are practically equivalent to the paid-up capital, plus the borrowed money, it is difficult to see how much reduction of the indebtedness can be affected. The comparatively small amount of book debts in relation to the stock would seem to indicate that settlement in the majority of cases is not long- delayed, but it will require a more rapid turnover than can reasonably be expected at the present time before the burden of indebtedness'can be sensibly easier. FOREIGN EXCHANGES

, (British Official Wireless.) (United Press Association.) (By Electric Telegraph—Copyright.)

LONDON METAL MARKET (United Press Association.) (By Electric Telegraph—Copyright.) LONDON, October 11. (Received Oct. 1?.- st 9 p.'.n.) The following ere the official quotations:— Ton.

PRICE OF FINE GOLD (United Press Association.) (By Electric Telegraph—Copyright.) * LONDON, October 11. The price of fine (gold is quoted at £5 19s fid per oz. LONDON STOCK EXCHANGE (United Press Association.) (By Electric Telegraph—Copyright.) LONDON, October 11. Banks —Australasia, £9 6s 3d; New South Wales, £2O 15s; Union of Australia, £7 2s fid; National of New Zealand, 82s; Bank of New Zealand, 4 per cent., £100; shares, 53s 9d; Loan and Mercantile, 4 per cent, debentures, £72; ordinary stock, £47 15s.

DAIRY PRODUCE Messrs H. L. Tapley and Co., Ltd., South Island agents for the Anglo-Con-tinental Produce Company, London, have received the following cabled market report:— Butter: First grade, 104 s per cwt. Cheese: White, 65s to 66s per cwt.; coloured, 60s per cwt. The South Island Dairy Association, Ltd., lws received the following market report from London: — Butter. —Quiet; finest 112 s, first 105 s, Danish 118 e. Cheese. —Quiet; white 65s to 60s, coloured 59s to 60s. WOOLLEN MILLS STATE OF DOMINION INDUSTRY. Conditions in the Dominion’s woollen milling industry during the year ended March 31, 1932, were reported by the majority of concerns operating as steady, says the Government Statistician. The number of mills working during 1931-32 was 10, the same as for 1930-31, Persons finding employment in this industry were 2216, or 1 per cent, below the number recorded for 1930-31. The total salaries and wages paid declined by 9 per cent. A striking feature of the statistics is the huge drop of 20 per cent, in the cost of materials used for 1031-32 as compared with 1930-31. The value of products receded from £890,677 in 1930-31 to £802,105 for the year under review, or by 11 per cent. “Added value” (difference between the value of products and coat of materials) decreased by 5 per cent. A 3 per cent, decline is registered for the value of land, buildings, plant, and machinery. The quantity of wool used in 193L32 dropped by 1 per cent, in comparison with 1930- while the cost showed the substantial decline of 27 per cent. The average price per pound of scoured wool used during 1931-32 amounted to 14d, as against 19d for the previous year. The production of yarn for 1931-32 was more than double that recorded for 193031. Flannel increased by 43 per cent., while tweeds and cloth remained stationary. Blankets decreased by 4 per cent., and shawls and rugs decreased by 24 per cent. Short time recorded in woollen mills for 1931- amounted to 253.113 hours, as against 202,328 hours in 1930-31. Female employees suffered the bulk of the short time, viz., 174,930 hours, against 78,183 hours for males. The total overtime worked for the year 1931-32 w*as 22,132 hours (males 16,588 hours, females 6544 hours), as compared with 19,275 hours (males 15,852 hours, females 3423 hours) in 1930-31. BROKEN HILL PROPRIETARY The Broken Hill Proprietary Company ended the financial year with a profit of £103.72.0, after providing £252,589 for depreciation. In 1931 the earnings were £83,257. Work at the Great Broken Hill Proprietary mine is almost suspended because of low prices for metals, but the iron and steel works and other enterprises are fairly active. There has been a marked improvement in the wire and wire netting manufacture business. The chairman. Mr H. G. Darling, said:, “ I firmly believe that there is a truly prosperous time ahead, dependent as to time upon the soundness of reconstructive measures undertaken internally by Australia; perhaps not as speculative as the last prosperous era, perhaps slow in developing, yet surer in its gains, which, after all, is better for the moral welfare as well as for the general welfare of the community.” MOTUROA OIL FIELDS The report of Moturoa Oil Fields, Ltd., for the week ended October 8 is ns follows: —Moturoa No. 2 well: Produced 76 barrels of oil (2660 Imperial gallons) for three days. Total production to date. 262.214 Imperial gallons. Four days lost working to clear tubing and packer. No. 3 well; Erection of _ drilling machinery proceeding satisfactorily. LONDON WOOL SALES (United Press Association.) (By Electric Telegraph—Copyright.) LONDON, October 11. At the wool sales 9034 bales were offered, including 2335 from New Zealand. About 7145 bales were sold. The offerings "included a good selection of greasy merinos. There was a brisk sale at full late rates. The tendency was in sellers’ favour. New Zealand halfbred lamb ehpe, “Kaiapoi.” top 121 d, average lOJd; halfbred, “Gladbrook?’ 11 id and ll^d. SYDNEY WOOL SALES (United Press Association.) (By Electric Telegraph—Copyright.) SYDNEY, October 12. (Received Oct. 12, at 10 p.m.) At the wool sales 11,614 bales were offered and 10,406 were sold, while 857 were disposed of privately. Good competition prevailed, and the market maintained its firmness, but there was some irregularity in regard to ordinary and inferior fleece wools. Greasy merino made 18Jd.

SALES Ui> 1 UUAiNUrl £ s. d. N.Z. Refrigerating (cont.) .. 0 3 6 Waihi3Grand Junction ... .. 0 3 4 SALES REPORTED 4J p.c.Ttonds (1938) . Bank of New Zealand ... .. 95 2 5 6 0 0 The'fbllowing are yesterday afternoon’s buying; and selling quotations. which are subject-to the usual brokerage:— /.) ' BANKING. ■ • • ■’ . Buyer. Seller. ..... £ s. d. £ 8. a. Bank of A’asia ;. 10 0 0 — Bank of N.S.W. .. 28 0 0 — Bank of N.Z 1 2 5 6 2 6 0 Commercial Bank 0 14 3 0 14 7 E. S. and A. Bank 4 13 0 — Natl. jBnk. of N.Z. ' , 4 0 0 Natl. Bhk. of A’asia 12 7 6 Natl. Bnk, of A’nsia (cont;) . .. v. Union; Bank .. .. 5 12 . p 7 16. 0 — ■ m , INSURANCE. New Zealand .. .. 2 2 3 2 3 0 SHIPPING. • Huddart, Parker U.®?Co‘.’ (pref.) 1 0 0 1 9 0 •.£&. ■ COAL. ‘ Kaitangata .. .. *0 0 6 •' — Westpgpt .. .. .. 0 .12 3 T 1 %>' LOAN AND AGENCY. DalgeWKand Co. .. 8 TO 0 — W r ighli;' Stephenson (or if.) ’ 0T1 o .. :■MEAT PRESERVING. Gear Meat >— ■ 1 15 0 N.Z. Refrigerating (paw) .. 0 10 3 0 11 0 N.Z. Refrigerating (copf:) .. .. ... 0 3 6 South. Erozen Meat ’ v* (paid) .. .. :. 2 0 0 2, 1 0 South' Otago Preezing tf3: 0( 0fttS 0 0 MISCELLANEOUS. Australian Glass .. ' 1 18 0 — British (Tobacco • Tv 11 o . T- •• ‘i'u Crystal-Ice i ■c.icfc. ■ ■■■ D.I.C. (ord.) 0 10 6 0 11 6 D.I.C. (pref.) .. 0 19 6 — ' Dominion Rubber 0 6 0 — Donaghy’s Rope . . 1 10 0 — Milbiirn Lime .... 1 6 3 • Mosgiel Woollen .. 6 15 0’ N.Z. Drug Co. .. 219. 3 — N.Z; Express (ord.) ' —■' 0 10’ 6-.. N.Z. Express (pref.) ~ -I 0 10 0 Farmers’ Fertiliser 0 14 6 > . N.Z. Paper Mills . • 1 1 2 , Regent -Theatre .,. 0 10 0 — Wilsons Cement .. — 1 13 0. ' BREWERIES. N.Z. Breweries .. t 8 0 1 8 9 . N.Z. Breweries (debs) .. .. .. 1 0 0 1 1 0 Dunedin ........ 1 .1 ,3 1 3 6 , MINING. Kawarau — 0 0 6 Waihi f+0 17 0 — Waihi Grand Jctn - 0 3 3 0 3 5 Electrolytic Zinc ,H (pref.) .. . |r.. • It; # i 7 0 / Electrolytic Zino (ord.) 0 10 0 0 16 8 . Mount Lyell .. .. 1 0 7 1 ' 1 3 S, Broken Hill .. ' * 2 7 a Mahakipawa 0 0 4 0 0 5 Kildare .. .. .. 0 1 7 0 1 8 Okarito .. ;. .. 0 8 5 0 8 8 Paddy’s Point — 0 5 1 Golden Progress .. 0 1 3 0 1 9 King Solomon 0 1 10 0 i iii Golden Point .. .. 0 0 6J 0 0 n Blackwater ,. .. 0 17 0 — Alexander .. .. ..' — 0 17 6 Mount David .. .. — 0 5 3 Waitahu .. .. .. *0 0 3 _ Gillespie’s Beach .. (0 0 21 f0 0 3 Golden Sands 0 1 7 —r Big River ..... 0 1 1 — GOVERNMENT LOANS. 4} p.c. Bonds, 1938 95 0 0 — 4J p.c. Bonds, 1939 95 2 6 — 44 p.e. Ins., 1933 .. 95 2 6 — 4J p.c. Ins., 1939 .. 95 2 6 — 5J p.c. Bonds, 1936 99 5 0 — 5J p.c. Ins., 1936 99 0 0 — 5J p.c. Bonds, 1937 96 0 0 — 5J p.c. Ins., 1937 .. 96 0 0 — 5} p.c. Bonds, Feb., 1937 99 10 0 — 5i p.e. Bonds, Sept., 1937 99 10 0 — 5J p.c. Ins., Feb., 1937 99 5 0 ■— 54 p.c. Ins., Sept.. 1937 99 5 0 99 10 0 •Discount. (Premium. ttCum dividend.

Gross Not Dividend. Sep. 19. Trciflt. 1‘rofl t. Trcf. Ord. £ £ p.c. p.c. 1918 .. .. •13.271 — 11 192(1 .. .. 35,820 •24,503 — 12 1022 .. .. 41,091 ‘27.270 — 10 1924 .. .. 34,034 •18,010 — 8 192(1 .. .. 20.798 0,050 — 7 1927 .. .. 10,354 11,507 — — 1928 .... |# 20,095 7,279 7 — 1929 .. .. 25.851 5,077 7 — 1930 .. .. 28.017 0,405 7 . W. 1931 .. .. 21,300 0,518 7 —V 1933 .. .. 23.094 7.587 7 —. * Subject to income tax. t Loss.

Paid-up Sep. 19. Reserves. Capital. Ratio. £ £ p.c. IMS .. 17,472 40,000 34.05 1920 .. 17,204 50.000 34.59 1022 .. 0,521 100,000 0.52 1024 .. 17.201 100,000 17.20 1020 .. 18.005 100.000 18.00 1927 .. 17.039 100.000 17.04 1028 .. 17.250 118.855 14.52 1029 .. 17,303 141,704. 12.20 1920 .. 17,437 149,908 11.03 1031 17,455 150.000 11.04 1032 .. 17,642 150,000 11.09

Sep. 1030. Sep. 1031. Sep. 1932, £ £ £' Sundry creditors .. c.ono 5,303 4,970 Deposits .. .. .. 0,300 7,571 12,007 Bank .. .. 00,298 70.303 00,327 70,174 87,409

ItDGBT. October 11. Par. Oct. 10. Oct. 11. Paris, fr to £1... .. .. 121.21 87 15-10 87 11-10 Brussels, bclgas to £1 ,, 35 24.85 i 24.85 Oslo, kr to £1 18.189 19.85 10.85 Stockholm, kr to £1 18.150 19.47% 19.47% Copenhagen. kr to £1 .. 18.150 19.27% 10 0-32 Berlin, marks to £1 20.43 14 17-32 14.48% Montreal, dol to £1 4.80 23 3.79% 3.78% New I'ork. .lol to £1 4.80 2-3 3.45% S.44% Yokohama, pence to ren 21.582, 10 7-10 10% Hongkong, pence to do) 24.58 10% Bombay, pence to rupee — 18 5-32 18 5-32 Batarla. Itorlns to £1 .. 18 8.02 — Milan, lire to £1 .. .. ’ 92.40 07 7-16 07% Amsterdam, guilder to £1 12.107 8.58 s;6t< Prague, kr to £1 .. .. 104% 110% nc% Geneva, kr to £1 .. .. 25.2214 17.80 17.84% Vienna, schilling} to £1 34.68% 29% 29% Helsingfors, marks to £1 103.23 232% 232% Madrid, pestas to £1 25.23% 42% 42 1-10 Belgrade 270.3 237% 242% Athens, drachma to £1 .. 375 580 680 Lisbon, escudos to £1 .. no no no Bucharest, lot to £1 831,G 580 580 IUo de Janeiro, pence to mllrels.- ; 5.890 6 7-32 6 5-32 Buenos, Aires, pence to f pesos . .. .. 47.82 _ • Shanghai, pence to tael — 213-10 Montevideo, pence to peso 61 30 30 VVarsaw. zlotys to £1 ... - — , —

copper. «poi .. .. £31 16 754 Rise £0 11 8 Copper.' forward 31 18 0 No change electrolytic, ipot .. 3G 0 0 No chance Electrolytic, forward 87 0 0 No change Wire ban. .. .. 37 0 0 No change Lead, spot .. .. ii 1C 3 Rise 0 18 S Lead, forward .. • • 12 2 6 No change Spelter. «pol .. •• .. 14 12 6 Rise 0 2 6 Spelter, forward .. .. 15 0 0 Rise 0 3 0 Tin. epol .. .. .. 149 8 0 Rise 1 6 3 150 12 G Ilise 1 8 0 Oz. BUrer. standard •• 17 11-lOd Fall l-lfld Silver, floe .. •• 10 1-lCd Fall 1-lCd