COMMERCE AND FINANCE

Otago Daily Times, Issue 21951, 12 May 1933, Page 4

COMMERCE AND FINANCE

THE SHARE MARKET DUNEDIN STOCK EXCHANGE Business was reported on the Dunedin Stock Exchange yesterday in New Zealand Insurances at £2 10s, the closing quotations for these shares being 6d on either side'of that figure. Contributing New Zealand Refrigeratings were also turned over, the price being 3s lid. There was an unsupplied buyer in the market later at 3s 9a. A parcel of New Zealand Paper Mills realised £1 6s, and there were further inquiries at £1 5s 6d, no seller responding. A sale of Mahakipawas took place at 2d, and Central Shotovers were turned over at Is Ojd and Is. The best offer at the close of the market was 10Jd, sellers demanding Is. SALES ON 'CHANGE.

'DIVIDENDS PAYABLE. The following is < a list of shares on which dividends will shortly be payable: Donaghy's, Is 3d final .., .. May Mosgiel Woollen, 2s 2 2-sd, interim .. ...... May 13 National Insurance, 4d, interim May 15' Kaitangata Coal, 2s, annual .. May 15 Dalgety, 2s 6d, interim .. .. May 17 N.Z. Paper Mills, 9 3-sd, final May 22 Broken Hill Propty., Is, interim May 24 Bank of N.S.W., ss, interim .. May 30 National Bank of Australasia ss, final May 31 National Bank of Australasia (£5 paid), 2s 6d, final .. .. May 31 Bank of New Zealand, Is, final June Wilsons Cement, Is, final .. .. June I Broken Hill South, Is .. .. J utu; '!■'>

NORTHERN EXCHANGES (Pkb United Press Association.) The following business was done on yesterday:— Auckland—Sales: All stock (1938-43) 8i per cent., £99 15s; (1938-52) 3J per cent., £99 15a; (1939-43) 3$ per cent.. f 99 15s; (1939-52) U per cent., £99 15s; (1940-4), £IOO 10s; Auckland City(l949), 5£ per cent., £99; Bank of New Zealand, 465; New Zealand Insurance, 49s 9d, 49b 6d; South British, 66s 6d, 66s 3d (two sales); Renown Coal (pref.), 9d; Auckland Gas, 23s 6d (two sales); Devonport Ferry, 19s 6d; Wilsons Cement, 31s 6d; King Solomon, Is 9d; Waihi Junction, 3s lid (two sales); Mount Lyell, 22s 3d; Gillespie's Beach, Is 6d. Wellington.—Sales: Inscribed stock (1940), £IOO ss; New Zealand Breweries,

LOCAL AND OVERSEAS MARKETS.

29s 7d, 29s 9d; Staples, 235; Big River, Is 4«& d, Is sd; Okarito, 10s Id; Waihi, 21s lid; Waihi Grand Junction, 3s lid; Waitahu, 5s lid (all late sales Wednesday) ; National Bank of Australasia (£5 paid), £5 18s 9d (two sales); Bank of New Zealand, 465; Dalgety, £7 12s (two sales); Wilsons Cement, 325; Mount Lyell, 225. Christchurch.—Sales: 4 per cent. Inscribed (1940), £IOO 7s 6d; 4 per cent. Inscribed (1946), £IOO ss; (1949), £IOO ss; New Zealand Refrigerating 6£ per cent. (1935), £97; Christchurch Gas, 5-J per cent. (1934), £IOO ss; Bank of New South Wales (cum div.), £29 17s 6d (three saiga); Bank of New Zealand (cum div.), 46s (five sales); Dalgety and Co. (cum div.), £7 12s 6d (two sales); New Zealand Refrigerating (10s paid), 4s (three sales); North Canterbury Freezing, 3s 9d; New Zealand Breweries, 29s 7d; Electro. Zinc (ord.), 17s 8d (two sales); Mount Lyell, 22s (two sales), 21s 9d (two sales), 21s 8d; Central Shotover (6d paid), Is L]d (four sales); Big River, Is 5d (three sales); Gillespie's Beach , (9d paid), Is 5Jd (two sales); Lawson's Flat (Is paid), Is 5d (two sales); Nokomai, 5s 3d (two sales), 5s 31d; Waitahu (4s paid), 5s 9d. Sales reported: Commercial Bank of Aust. (pref.), £8 15s; National Bank of New Zealand, £3 13s; Dalgety and Co., £7 12s 6d: Staples Brewery, 255; British Tobacco, 34s 4d. Unlisted sales: BellHooper, IOJd (five sales).

FOREIGN EXCHANGES i_ (Brltlsb Official Wireless.) (United Press Association.) (By Electrio Telegraph—Copyright.)

LONDON WOOL SALES (United Press Association.) (By Electric Telegraph—Copyright.) LONDON, May 10. At the wool sales 8463 bales were offered, including 5474 from New Zealand. About 7169 bales we're sold. There was brisk general competition for all descriptions. The bulk of the offerings wa« cleared at full opening rates. New Zealand greasy merinos, " Craig Lockhart," top lljd, average llfd; greasy crossbred, " Havelock," IOJd, 7Jd. A GENERAL IMPROVEMENT (United Press Association.) (By Electric Telegraph—Copyright.) LONDON, May 10. Dawson and Co. declare that the London wool sales are the most excited in recent years, and moderately register a welcome improvement in the general ■position and the consumption of merinos, which is steadily overtaking supplies. Fine grades should continue to harden. Crossbreds are affected by the abnormally large offerings, but prices should be helped by the increases in the fine grades. MessTs Murray, Roberts, and Co., Ltd., have received the following #ool market quotations from London, dated May 10 (the figures at the close of the previous series being given in parentheses): — f>o/64's (N.Z. merino) yielding 48 per cent., 9£d (83d); 56's, yielding 60 per cent., lid (10id); 50'a, yielding 65 per cent., 7£d ing and carding, yielding 70 per cent.. 7Jd (6|d); 46/48's mixed preparing and carding; yielding 72 por cent., ssd (ojd); 44/46's preparing yielding 74 per cent., old 'sd); 44/46's carding, yielding 72 per cent, 4Jd (4*d); 40/44's, yielding 73 per cent., 4id (4d); 3G/40s, yielding 75 per cent., none. N.Z. AND A. LAND COMPANY (United Press Association.) (By Electric Telegraph—Copyright.) LONDON, May 10. The New Zealand and Australian Land Company deferred consideration of a preference dividend until the year's accounts were completed.

PRICE OF FINE GOLD (United Press Association.) (By Electric Telegraph—Copyright.) LONDON. May 10. Fine gold is quoted at £6 3s id per ounce. AUSTRALIAN STOCK EXCHANGES (United Press Association.) (By Electric Telegraph—Copyright.) SYDNEY, May 11. (Received May 11, at 10 p.m.) On the Stock Exchange there was little alteration in values in any department. The banking gtoup showed improvement, but there were only minor variations in the miscellaneous list. Commonwealth Bonds were fairly steady, and the turnover was again very heavy. The following sales were made: — Bank of New South Wales, £29 12s 6d; Commercial Bank of Sydney, £ls 15s: E.S. and A. Bank, 86s; Colonial Sugar, £55 10s; Burns, Philp, 50s 3d; Associated News, 8s 3d (pref., 18s 3d); British Tobacco. 34s 7id; Gordon and Gotch, 33s 7Jd; Henry Jones, 37s 9d; David Jones (New Zealand delivery), 255; Dunlop Perdriau, 17s; do, pref., 32s 9d; Goldsbrough, Mort, 23s 10Jd; Broken Hill Proprietary, 335; North Broken Hill, " b " MELBOURNE, May 11. Goldsbrough, Mort, 23s lOd; Mount Lyell, 22s lid; South Broken Hill, 51s; North Broken Hill, 77 s 6d. AMERICAN WINTER WHEAT (United Press Association.) (By Electric Telegraph—Copyright) WASHINGTON, May 10. This year's winter wheat crop of the United States is estimated by the Department of Agriculture at 337,485,000 bushels. Last year's crop was 462,151,000 bushels.

COMPANY BALANCE SHEETS THE BANK OF AUSTRALASIA.

After its decided drop during 1930-31, the net profit shows a move upwards. This result is due to the reduced expenditure, mainly in taxation. A further cut, amounting to 2 per cent., has been made in the dividend rate, which on this occasion is kept within the limits of the net surplus, and admits of an addition of £18,720 to the undivided surplus carried to the current season. The dividend of 7 per cent., which has been declared, is subject to income tax. A shrinkage of nearly £IOO,OOO has taken place in the gross profit brought out as compared with that at October, 1931. A gross income of £1,118,033 is faced with an expenditure of £863,063, each individual group of which is reduced. Rates and taxes, at £238,650, are the chief factor in bringing about the larger net profit, but charges of management, at £476,956, show a substantial reduction. Fronj the wording of the profit and loss account it would seem that provision for bad'and doubtful debts has come partly from the year's surplus, and partly from reserves, whereas 12 months before, provision appears to have been made entirely from reserves. The increase in general reserves is caused by the addition of the undivided portion of the net profit. In this way the encroachment made upon general reserves to meet the dividend for the previous year has been made good to the extent of over one-third. Reserve fund, shorn of the amount transferred to form a currency reserve, stands, at £2,475,000, the currency reserve remaining at £2,000,000. It is apparently necessary to make the transfer, although only a book entry is concerned, and reserve fund eventually has to stand any difference in exchange that may be involved. The general fund, which stood at a 'figure practically equivalent to the paid-up capital, looked equal to all emergencies. No hidden reserves have been brought to light at this time.

Among the liabilities, a considerable rjse has taken place in the miscellaneous group, which has increased to £3,915,981. How far the increase means further indebtedness and how far greater reserves is not disclosed, but the fluctuation which is not excessive may be ascribed chiefly to larger indebtedness. Notes in circulation, at £334,031, are little altered, the contraction caused by reduced trading having apparently taken full effect. Deposits" have, as might be expected, risen as a whole, the interest-bearing section being chiefly responsible. While the upward movement is not so pronounced, there has concurrently been a drop of over £1,800,000 in the advance group, so that the excess in deposits is greater by some £2,250,000. The ratios between the two have been as follows:

The reduction in the ratio must mean a considerable curtailment in the earning powers of the bank. The reduced rate of interest on deposits is scarcely likely to compensate for the lower rate on advances, whose total has fallen to such an extent.

The accession to the bank's funds by the alterations in advances and deposits has meant that the group of Government securities in Australia and New Zealand has risen to £8,038,270. Of late years, this group has been the favourite repository for surplus money, so that, in five years, it has grown nearly eightfold. With the ruling exchange complexities, it is likely to continue to grow. British Gov- - ernment securities, at £2,015,240, remain fairly steady, but their ratio to the. total investments continues to drop as the undernoted columns show:—

Loans at call and at short notice, at £50,000, have not altered greatly, while the specie bullion group is reduced to £7,931,815. A similar reduction is seen in the bills receivable group, standing at £2,124,952. Apart from the smaller advances, the increase in the assets has benefited the interest-bearing section. Australian and New Zealand assets and liabilities are included at the par rates of exchange. Fixed assets, at £468,167, are slightly down. Their extensive development in r'ecent years would appear to have ceased, and with the closing of six branches during; the year, some.diminution in the book value might be expected. No mention is made of any depreciation provision in respect of the land and buildings, the allowance for which must be considerably larger now than it was four years ago. As an investment, they share in the general depreciation that has taken place in the interval, but doubtless all deterioration is fully covered among the provision for contingencies. CANADIAN SPRING WHEAT (United Press Association.) (By Electric Telegraph—Copyright.) OTTAWA, May 10. Tlie area to be sown in spring wheat m Canada this year will be 1,475,100 acre*' less than last year, according to the estimate of the Dominion Bureau of Statinties.

DAIRY PRODUCE MARKET The New Zealand Loan and Mercantile Agency Company, Ltd., has received the following cabled advice from its London house, dated May 10:—Butter, 755; market slow. Cheese: _ White, 43e; coloured, 50s. Market quiet. NEW ZEALAND PAPER MILLS The directors of New Zealand Paper Mills, Ltd., report for the year ended March 31 that after making provision for all bad and doubtful debts, for depreciation, and for income tax, there is a balance of £21,342 7s 2d, and deducting the interim dividend paid on November 10, 1932, £4500, there is left available £16,842 7a 2d. The directors recommend that this amount be dealt with as follows: — Payment of dividend at the rate of 4 per cent, for the half-year (making 7 per cent, for the year) £6OOO and carry forward £10,842 7s 2d. Total, £16,842 7s 2d. The dividend is the same as last year. Net profits were £11.813 13s 7d, against £11,798 last yesir. It is also reported that business during the past year lias been steady, despite various disturbing elements, and sales have been satisfactory. At Mataura the river level was below normal for some time, nnd though this somewhat affected the output, it rendered possible work on the tailrace, which was awaiting such an opportunity. Considerable improvement has .accordingly been made in the efficiency of the turbines, and a permanent increase attained in the power at the works. The retiring director, Mr T. Somerville, offers himself for re-election, and the retiring auditors, Messrs Barr, Burgess, and Stewart, also offer their services.

AUSTRALIAN MARKETS (United Press Association.) (By Electric Telegraph—Copyright.) SYDNEY, May 11. (Received May 11, at 10 p.m.) Wheat is quiet. SHo grain is worth 2s 5Ad on sidings, and bagged 2s 6d — equal to about 3s ljd and 3s Id ex trucks, Sydney. .Flour, £lO. Bran and pollard, £5. Potatoes: Tasmanian, to £8 ss; Victorian, f 7 ss. Onions: Brown Spanish, £5 10s; Globes, £4 10s. Oaten hay, £6. Maize: White and yellow. 4s 3d. ADELAIDE, May 11. Wheat: Growers' lots, 2s 9§d to 2s lOd. Flour: Bakers' lots, £8 12s 6d. Bran and pollard, £5 2s 6d. Oats: About Is Bd. MINING MAHAKIPAWA RETURN. (Per United Press Association.) CHRISTCHURCH, May 11. The Mahakipawa return for the week was 3G ounces. MORRIS MOTORS Morris Motors earned £IOO,OOO more last year than in 1931, notwithstanding the depression. The gross earnings, including interest on industrial securities, aggregated £1,122,262, against £1,020,563. Interest on Government securities yielded an additional £9OOO. The. increase in profit is equivalent to a 5 per cent, taxfree dividend, and the rate of distribution on the ordinary capital, which is held almost entirely by Sir William Morris, is restored to the 10 per cent, level from which it was reduced a year ago, when the selling prices of the company's models were reduced to such figures " as will show the lowest margin of profit consistent with business prudence." The reserve for contingencies, which a year ago was entered in the balance sheet at £245,792, has been increased this year to £642,025. Of this figure, £336,673 re : presents, the realised profit on sn.e of investments and the appreciation resulting from the valuation at market value of the Government securities. The general reserve remains at £2,000,000. The position is as liquid as ever, the cash holding standing at £1,679.990 (last year £532,376) and the security holding at £2,438,155 (£2,854,065).

OTTAWA AGREEMENTS EFFECT IN CANADA. The Canadian Chamber of Commerce in Great Britain recently issued the results of the investigation made by the Canadian Manufacturers' Association into the effects upon Canadian and Empire trade of the Ottawa agreements. An analysis of many hundreds of replies received shows that there is " a very pronounced movement away from foreign and towards British sources of supply for the materials used in manufacturing in Canada."

During the four months ended January last 50.3 per cent, of Canada's export trade went to Empire countries, as compared with 41 per cent, a year ago, while the corresponding figures for imports are 32.8 per cent, and 26.4 per cent.

SUN NEWSPAPERS, LTD,

CAPITAL REDUCTION APPROVED,

The proposal to reduce the capital of Sun Newspapers, Ltd., Christchurch, from £300,000, divided into 300,000 shares of £1 each, to £125,000, divided into 250,000 shares of 10s each, was approved at the annual meeting of shareholders recently. Mr H. D. Aclancl, chairman of directors, said that for the first time for many years operations in Christchurch had resulted in a small loss. In the previous year a profit of £4OOO was shown. This w<is brought forward, and the present loss reduced the amount at credit of the appropriation account to £5561.

PRODUCTION OF MOTOR CARS' For the fifth time since 1927 the works of the Austin Motor Company, Ltd., at Longbridge, Birmingham, are being extended to cope with increased business. About £25,000 is being spent to build new trimming and finishing shops, which will need 250 tons of steel and 27,000 square feet of glass. The number of employees, which is nearly 14,000, .will be still further increased. The firm is turning out 1200 ears a week, and in the last six months 7800 more motor cars have been sold than in the corresponding period of 1931-32. VICKERS, LIMITED Net profit of Vickers, Ltd., for 1932 amounts to £529,038, and with £234,329 brought forward there is available £763,367. Preference dividend takes £418,190, and ordinary dividend of 4 per cent. £123,155, leaving £222,022 to be carried forward. Issued capital is £13,568,968, debentures £3,282,610, and creditors, etc., £1,522,281. Among assets of £18,719,036 are investments in other companies £10,647,420, and floating assets £8,071.616. Net profit in 1931 was £574,593, and ordinary shareholders received 5 per cent.

COMMONWEALTH BANK PROPOSAL FOR REORGANISATION. The Australasian Insurance and Banking Record comments on the announcement of the Federal Attorney-general (MiLatham) that the Federal Government hoped at an early stage to consider the advisability of reorganising the Commonwealth Bank to constitute it as a central bank, and to separate that section from the trading operations. The authority questions whether there is any special need for altering the constitution of the bank. It says that, under the administration which it now enjoys, the institution has been developing as a central bank in actual working and that there is every reason to hope that the process will continue by natural growth.' The success of the Bank of England as a central bank is mentioned, and its tendency to hold itself somewhat in reserve as regards general banking business is commented upon favourably. "Altogether the Commonwealth Bank is working extraordinarily well," says the Record, "and in the interests of the public it would appear desirable to leave well alone and to avoid alterations which would be Qiiita as likely to hamper as to help borrowers. Proposals are put forward sometimes for requiring the trading banks to keep certain minimum percentages of their deposits with the Commonwealth Bank, but such a plan would be unsuitable unless the percentages were low, and even then the plan would be inadvisable. If the directorate is to be placed on a fresh basis the best course probably would be chat the bank should be constituted with a share capital, in order to facilitate the steering clear of politics." BURNS, PHILP, AND CO. Gross profits of Burns, Philp, and Co., Ltd., increased bv £11,596, gave net profits an increase of £6124 to £20,853. Dividend is maintained at 10 per cent, (interim and final equally 5 per cent.), and requires £150,000. To reserve £25,000 is added, making it £950,000. but in addition to depreciation of £74,400 charged to the general profit and loss account there is transferred from the net profits a sum of £25,000 to "special depreciation from copra plantations." A sum of £20,000 is added to the staff bonus fund. With £36,295 brought forward, £24.826 ia carried forward.

During tho year £10,586 was added to the company's insurance fund. Liabilities to the public casli credits decreased by £22,341, and there was an increase of £46.423 in open liabilities. Among assets stocks of merchandise, of copra, and amounts of sundry advances have been added to in the sum of £86,367. and cash holdings are higher by £13,875, while property, shipping, and investments have improved by £58,856. Debtors owe £34,552 less.

QUEENSLAND COTTON FIRST SHIPMENT TO JAPAN. The first shipment of Queensland raw cotton to Japan will leave Brisbane by the Montreal Maru this week. Hitherto all the surplus Queensland cotton crop has been shipped to the United Kingdom, so that it is an interesting development in Australia's export trade with the East. The trial shipment, which comprises 100 bales, has been made by Mitsui Bussan Kaisha, Ltd., of Sydney, by arrangement with the Queensland Cotton Board. This company is one of the oldest and largest exporters of' Australian wool to Japan, and claims to have started the export of Australian wheat to Japan and .China. Japan is a big consumer of raw cotton, imports amounting to 3,500,000 bales annually. The bulk comes from America, India supplying about a third. Certain factors favour Japan cultivating imports of raw cotton from Australia, and the result of this trial shipment from Queensland will be watched with interest. ECLIPSE PETROL ECONOMISER, LTD. The seventeenth annual meeting of the Eclipse Petrol Econoniiser System Company, Ltd., was held in Chvistchurch, Mr Norton Francis, chairman of directors, presiding. The annual report was adopted. Mr E. R. Godward, inventor of the vapotiriser, attended the meeting, having recently arrived from England and America. Mr Godward spoke to the shareholders very interestingly for an hour in explanation of the winding-up of the American license company in August of last year, and the subsequent steps taken to place the vapotiriser on the English and Continental market under license to one of the best known motor engineers in England, General Alfred Huggins. Mr Godward also gave details of a recent successful private tractor trial in Southland at which 40 farmers had attended. Messrs G. T. Booth and W. F. Tait were re-elected directors, and Mr A. YV. Eames was re-appointed auditor.

LONDON METAL MARKET (United Press Association.) (By Electric Telegraph—Copyright.) LONDON. May 10. (Received May 11. at 10 l>.m.) The following are the official quotations:—

AUSTRALIAN IRON AND STEEL Mr 0. H. Hoskins, chairman and joint managing director of Australian Iron and Steel, Ltd.. told shareholders at the annual meeting in Sydney that sales for the first eight months of the year had been the lowest in the history of the company, but that for the remainder of the year they had improved considerably. Unfortunately the improvements had not been sufficient to enable the various units of the plant to work other than intermittently. The two Lithgow merchant bar mills had been transferred to Port Kembla, and had operated satisfactorily. Answering a shareholder, Mr lioskins said that the resumption of the payment of preference dividends was largely dependent upon an improvement of trade. Operations had been more satisfactory than had been anticipated, but business could not be maintained with spasmodic operations.

£ s. d. Central Shotover (two) .. 0 1 0i 0 1 0 SALES REPORTED N.Z. Insurance (two) .. 2 io 0 N.Z. Refrigerating (cont.) 0 3 11 N.Z. Paper Mills ... -i. .. 1 6 0 0 0 2 The following are yesterday afternoon's buying and selling quotations, ' which are subject to the usual brokerage:— . BANKING. Buyer. Seller. £ B. d. £ s. d. New Zealand 2 5 9 — Commercial .. .. 0 14" 2 0 14 7 E. S. and A 4 5 0 4 8 0 0 — INSURANCE, 0 17 0 New Zealand .... 29 6 2 10 6 3 2 13 0 SHIPPING. Huddart, Parker (pref.) 12 3 — U.S.S. Co. (pref.) 1 2 0 — COAL. / Kaitangata .. .. 10 9 0 14 2 LOAN AND AGENCS ", Dalgety and Co. .. 7 10 0 — Trustees, Executors 2 7 6 — MEAT PRESERVING r. N.ZI Refrigerating (paid) 0 11 N.Z. Refrigerating 0 """■ 9 — MISCELLANEOUS. British Tobacco .. 1 13 6 1 14 6 Broken Hill South 2 9 0 2 10 0 D.I.C. (ord.) .... — D.I.C. (pref.) .. 0 18 0 11 0 « — Dominion Fertiliser 0 10 3 — Dominion Fertiliser (debs.) .. ..... 99 0 0 — Electrolytic Zinc 0 1 11 0 Electrolytic Zinc (ord.). .. .. U: 0 17 4 0 17 10 Milburn Lime .. 16 0 1 8 0 Mosgiel Woollen ..8 0 0 — Mount Lyell .... 1 1 6 1 2 2 N.Z. Dru* Co., .. 3 5 Farmers' Fertiliser — 0 3 7 0 0 16 t N.Z. Paper Mills .. 1 5 6 — Smith and Smith 0 10 0 0 12 0 BREWERIES N.Z. Breweries .. — 1 10 0 9 — 6 1 1 3 0 • —. MINING. 5 0 0 61 3 1 2 3 Waihi Grand Jctn. 0 3 9 — 4 — 1 0 10 4 Paddy's Point .. 0 5 3 0 5 8 Golden Progress ..0 1 5 0 2 3 King Solomon .. — Golden Dawn .. 0 2 0 1 10 0 — Gillespie's Beach 0 1 5 0 1 6 2 0 6 4 Golden Sands .... 0 2 10 — Big River .... 0 1 4 0 1 6 Mount David .. ._. — 0 2 6 1 0 5 5 Freshford .... — 0 1 31 Lawson's Flat .'. — 0 1 7 Central Shotover 0 0 10J 0 1 0 GOVERNMENT LOANS. 3J p.c. Ins„19381943 ..... '■..-. .-. 99 10 0 — 3i p.c. Ins., 19381952 .. 99 10 0 — 3J p.c. Ins., 19391943 ...... .. 99 10 0 : — 3i p.c. Ins., 19390 — f 3J p.c. Ins., 19411943 ........ 99 10 0 — 3J p.c. Ins., 19410 — 4 p.c. Bonds, Jan., 1940 .. ./ .. ..'■' 99 15 0 .—'. 4 p.c. Ins., Jan., 0 4 pjc. Bonds, Feb., 1946... .... .. 99 15 0 — 4 p.c. Bonds, April, 0 — 4 p.c. Ins., April, 100 10 0 4 p.c. Bonds, June, 1955 .. ...... 99 15 0

RUGBY, May 10. ParisPar. May. 9. May 10. Francs to £ 1 124.21 85 13-16 ■ 85% Brussels— Belgas to £1 .. 35 24.241-3 24.221 OsloKroner to £1 .. 18.189 19.60 J9.60 Stockholm — Kroner to £1 .. 18.150 19.38 19.35 Copenehagen— Kroner to £ 1 18.150 22.45 22.45 Berlin — Marks to £1 .. 20.43 14.34J 14.371 Montreal — Dollars to £1 .. 4.86 2-3 4. SH 4.481 New York— Dollars to £1 .. 4.86 2-3 3.945 3.931 Yokohama— Pence to yen .. 24.582 141 14 11-16 Hongkong— Pence to dollars 24.58 16% 16 7-16 Bombay— Pence to rupee — 18 5-64 18 5-64 Batavia— Florins to £1 12.10 - 8.40 " 8.40 MilanLire to £1 .. 82.46 63 15-16 64 Amsterdam— Guilder to £1 12.107 8.391 8.39 Prague— Kroner to £1 .. 104J 1131 113} Geneva — Kroner to £ 1 25.225 17.49 17.45} Vienna— Schillings to £1 84.68} 311 31} Helslngfors— Marks to £1 .. 193.23 2261 226} MadridPesetas to £1 25.23} 39 7-16 39 7-16 Belgrade— Dinars to £1 .. 25.221 250 250 Athens — Drachma to £1 375 5871 587} Lisbon— Escudos to £1 110 110 110 Bucharest — Lei to £1 .. 931.6 570 575 Bio de JaneiroPence to milrels 5.890 41 43 Buenos Aires— Pence to pesos 47.28 42 42 ' Shanghai— Pence to tael .. — 15 1-16 15 Montevideo— Pence to pesos — 341 34 Warsaw — Zlotysto £1.. -■■ ! '

ended 3'ald-up General ExpenNet DIvi October. Capital. HeserTes. diture. Proiit. dend £ £ ' £ £ p.c. 1019 . . 2,000.000 3.227.823 005,109 460,708 18 1021 . . 4.000.000 3.54G.7G3 013,152 58S.389 13 1023 . . 4.000.000 3,745.428 871,317 018,559 13 1025 . . 4.000.000 3,802.887 852,58S 632.555 13 1927 . . 4.000,000 3,089.508 918,670 054,000 14 192S . . 4.500,000 4.5S9.760 973,701 075.192 14 1029 . . 4.500.000 4,030.943 901,152 077,183 14 1930 . . 4,500,000 4.G07.027 1,046,592 015,084 13 1031 . . 4,500.000 4,020,003 99S.272 217.530 9 1032 . . 4.500.000 4,044,783 863,003 254.970 '7

October: Advances, etc. Deposits. Ratio £ £ p.c. 1925 .. .. 25,393.633 28,708,073 88.45 1920 .. .. 27,770,275 29.394,047 94.53 1927 .. .. 29.689,600 31,478,750 94.32 1928 .. .. 31,504,314 33,876.329 93.18 1929 .. ,. 34,314,900 34.414,798 89.71 1930 .. .. 33.387.248 34.232,548 .97.53 1931 .. -.. 32.834,379 37,678,573 87.14 1932 .. .. 31,011,981 38,120,030 81.35

British Government •Total October: Securities. Investments. Ratio, £ £ P.O. 1919 ..' .. 2.227.499 2,604,958 83.58 1,921 .. 775.201 1,700,508 44.03 1923 .. .. 2.311,558 2,874,005 80.41 1925 .. .. 3,201,340 3.053.2S0 80.98 1527 .. .. 2,684,548 3,004,'449 70.53 1928 .. .. 3.041,295 5,082,083 71.05 1929 .. .. 2,224,075 3,681,895 00.41 1930 .. ,. 2.109,393 . 4,890,383 44.31 1931 .. .. 2,034,170 0,741,594 30.17 1932 .. .. 2,015,240 10,053,510 20.05 * Excluding' loans at call and at short notice

Toil. Copper, spot .. .. ,. £33 1 WA Fall £0 fl 10<4 Copper, forward .. . 33 7 6 Fall 0 4 i% Electrolytic, spot .. , 30 15 0 Fall S 5 0 Electrolytic, forward .. S7 15 0 Itisa 0 5 0 Wire bars .. .. . 37 15 0 Hlso 0 5 0 l,ead. spot . 11 18 3 Fall 0 3 9 Lead forward . 12 3 9 Fall 0 ! 6 Spelter, spot , 15 2 6 Fall 0 8 3 Spelter, forward .. . . 15 7 G Fall 0 S 0 , 1S2 11 3 No change Tin, forward . 183 2 Oz. C Fall 0 3 9 Silrer, standard .. . . 18 15-lfid Fall ! id Silver, flno . 19 7-10 il Fall 1 fcd