COMMERCE AND FINANCE

Otago Daily Times, Issue 23393, 7 January 1938, Page 12

COMMERCE AND FINANCE

LOCAL AND OVERSEAS MARKETS

THE RESERVE BANK ASSETS AND LIABILITIES (Per United Press Association) WELLINGTON, Jan. 6. The Gazette issued to-night con tains the following statement of lia bilities and assets of the Reserve Bank of New Zealand as at the close of business on January 3. The figures at the close of the previous week are given for purposes of comparison, shillings and pence being omitted:~ LIABILITIES Last week. This week.

FOREIGN EXCHANGES (British Official Wireless) (United Press Association) (By Electric Telegraph—Copyright)

LONDON METAL MARKET (United Fre:is Association) (By Electric Telegraph Copyright) LONDON, J«n. 5. Th« following are lh« official metal quotation,:—

PRICE OF FINE GOLD ■ (United Press Association) (By Electric Telegraph—Copyright) LONDON, Jan, 5.

BRITISH COTTON RECORD FIBRE CONSUMPTION Lancashire cotton spinning companies, particularly those spinning American cotton, are slated to be producing the best financial results they have shown for years. Many of the mills have bigger order books than they have had for a long time. A list compiled 'for the period from July to October showed that out of 63 companies all but one made profits. Thirtyone of the companies paid dividends, mostly ranging from 5 to 20 per cent, and a number carried forward good credit balances. _ ... . Argentine purchases of British cotton yarns and piece goods rose by 16.7 per cent, in the first nine months of last year. By the end of September they had exceeded £3,250,000, and showed little signs of being affected by the 20 per cent, cut in Jap;anese prices. Lancashire is making increasing use of artificial silk and the country’s consumption of fibre was expected to be a record for the year'. In addition to the hosiery trade, it is being used increasingly in the manufacture of fabrics for women’s wear, shirtings, casement cloths, curtains and other household furnishings. Now that many of the difficulties in connection with its manufacture have been overcome its use is expected to grow still more rapidly. Official figures show that the progress in Britain has been more rapid in this direction than in other European countries. LONDON STOCK EXCHANGE (United Press Association) (By Electric Telegraoh—Copyright) LONDON, Jan. 5. The Stock Exchange has turned cheerful, with a definite broadening of business in some sections.

ON NEW ZEALAND CURRENCY BASIS The Bank of New South Wales, Dunedin, quoted the following rates for purchases and sales of foreign exchange yesterday;— Buying. Selling London—

DOLLAR RATES The Associated Batiks (outer than ihe Bank of New South Wales) quoted the following dollar rates yesterday on a New Zealand currency basis They are subject to alteration without notice.— U.S.A. Canada (Per £1 (Per £1 N.Z.) N.Z.) Spiling Dols Dols tt .. 4.01 1-16 4.01 1-16 OD •• •• 4.01 7-16 4.01 7-16 Buying— O.D 4.05-j 4.05 J LONDON SHARE QUOTATIONS (UniltcJ Press Association) (By Electric Telegraph—Copyright) LONDON, Jan. 5. Share Quotations. Clutha River Buyers, Is 10id; sellers, 2s l 2 d. Molyneux River: Buyers, Is 7 2 d; selleis, 1. IOJd. N.Z. L. AND M.A. COMPANY (United Press Association) (By Electric Telegraph—Copyright) LONDON. Jan, 5. New Zealand Loan and Mercantile, ordinary. £42 10s; preference. £B7 15s. THE MONEY MARKET (United Press Association) (By Electric Telegraph—Copyright) , LONDON, Jan. 5. Discount and short loan interest rates, day to day loans, i per cent fine trade bills, three months, 2 to 24 per cent,; bank bills, three months, 9-16 per cent.; bank bills, six months, I per cent.: Treasury bills, two months, i per cent.; Treasury bills, three months, J per cent.; New York call money, 1 per cent. DOLLAR AND FRANC . (United Press Association) (By Electric Telegraph—Copyright) LONDON. Jan. 5. Exchange on New York is quoted at 5.00.'; dollars to the £ and on Paris at *474 francs.

WORLD SHIPPING A JAPANESE VIEWPOINT BARRIERS AGAINST GOODS The outlook for world shipping and Japanese shipping in particular was discussed by the president, Mr Noboru Ohtani, at the half-yearly meeting of the Nippon Yusen Kaisha at Tokio. Japan’s position, especially that of the N.Y.K., he pointed out, was subjected to peculiar hardships. Ihe barriers against Japanese goods prevailed everywhere, and bad of late been eyen aggravated, thus seriously impeding Japanese export trade. On the othei hand, numerous measures were being adopted by the Japanese Government, with a view to regulating the foreign trade of Japan. Foremost among these was the exchange control measure, which was being strictly enforced, especially since the outbreak of the China incident. Under this control imports of foreign goods to Japan were considerably restricted, and freight earnings of Japanese ships accordingly reduced. At present, owing to the disturbance in China, Japanese ships were shut out from international trade to and from that country, but their participation would be resumed as soon as peace was re-established. The future of the shipping trade, the president continued, was difficult to forecast. How long the present, partial boom of world shipping would last was an open question, especially when the tonnage now building everywhere would be thrown out on the ocean highways. As regards Japan, the character of her world trade might be subjected to unforeseen changes upon the restoration of peace with China, particularly when the large number of ocean-going ships now building in Japan were placed in commission. In the period under review the freight earnings, on the whole, had markedly augmented, due to a continued large demand for tonnage all over the world and the unabated advance in freight rates, in consequence of partial recovery of international trade since last year. Especially the increased movement of cereals and other foodstuffs and materials for heavy industries continued, thus giving welcome employment to the hitherto idle tonnage. JAPAN GAINS GROUND NEW ZEALAND TRADE A warning to British manufacturers that in order to fulfil the needs of the New Zealand market it is often necessary to introduce some departure from the designs in current use in the United Kingdom is expressed in a report on economic and commercial conditions in New Zealand, published by the Stationery Office, London. The reBort, dated July, 1937, is issued by the 'apartment of Overseas Trade. The report says that New Zealand’s primary and secondary industries have developed along lines differing in many ways from those followed in the United Kingdom. In many instances it is usual to follow the practice adopted in America or Australia, both countries of more recent development. “ If there is any particular direction in which it Is desirable that United Kingdom manufacturers should turn their especial efforts it would appear to be that of supplying industrial machinery. It is doubtful whether the openings presented by these undertakings have been as assiduously or as successfully cultivated as have the markets for such standardised articles as textiles, apparel, metal manufactures, china, glass, and so on. “Whatever may be Its intermediate difficulties, manufacturing industry will develop' and expand In this Dominion as it has in others, and will in the future, as in the past, provide valuable orders.” Figures show further Japanese gains at the expense of the United Kingdom in cotton, linen, and canvas piecegoods. The United Kingdom’s proportion of the total value of these imports was 90.3 per cent in 1934, 87.4 p?r cent, in 1935, and 81.4 per cent in 1936, while Japan's proportions were 5,6 per cent, 8.7 per cent., and 14,9 per cent. On the other hand, although Japan retained in 1936 the first position as a source of supply of piecegoods of silk and artificial silk, the United Kingdom proportion of the trade rose from 33.2 ner cent. In 1935 to 34.8 per cent, in 1936, Japan’s share falling from 45.1 per cent, to 43.1 per cent. “So far as prices are concerned.” states the report, “United Kingdom manufacturers appear quite unable to compete with the prices quoted from Japan.” BANKING OPERATIONS PAST YEAR’S PROFITS INCREASE Net profits shown in the annual reports published during 1937 by the 11 ordinary banks trading in Australia and New Zealand amounted to £3,115.285, compared with £2,840,763 in 1936, an increase of £274,522. Compared with 1934, the increase is £461,439. Current profits are still below the 1913 figure of £3,312,676. although the amount of shareholders’ funds employed has become much greater Dividends declared in 1937 a, £2,807,042 showed an increase of £203.391 as compared with the previous year, and a total increase 0£319.054 £319.054 since 1934. The proportion of net profits to average shareholders funds employed during the past year is still only 33 per cent., while the '••oportion of dividends declared to shareholders’ funds is 3 2-5 per cent Aggregate net profits and dividends and the proportion for the past six years compare as follows: — Net profits. Dividends. Ratio. £ £ P-c 1932 .. 2,572,771 2,937,758 1933 .. 2.685.613 2,541,425 94.63 1934 .. 2,653,846 2,487.988 93.75 1935 .. 2,632,990 2,482,841 94.30 1936 .. 2,840,763 2,603,651 91.65 1937 .. 3,115,285 2,807,042 90.10 The highest profits were earned in 1928, when they reached £6,404,418. and dividends amounted to £5,213,456. Including paid capital of £45,464,487, the total of shareholders’ funds is £82,716,832. against £82,612,588 a year ago, and £82.564,474 two years ago. Reserve funds, including exchange and currency reserves, amount to £35.540.000, and undivided profits to £.l 712 345. The results, which are summarised in the Australasian Insurance and Banking Record, cover balance sheets dated from August 31, 1936, to September 30, 1937. They do not include the Commonwealth Bank of Australia and the Reserve Bank of New Zealand. NEW CAPITAL ISSUES INCREASE IN AUSTRALIA Reflecting increased industrial activity and favourable conditions in Australia tor the profitable employment of capital, new capital issues, both in number and amount, showed a striking advance last year. New share issues raised by companies listed on the Sydney Stock Exchange represented £7.700,000- Tips increase is from £2,800,000 in 1936 and £4,400,000 in 1935, and the total of £6,750,000 for 1929 has been exceeded for’the first time since the depression. The number of companies whose expanding operations called for larger capital this year was 42, against 30 last year. They embraced a wide range of concerns, including engineering, building, and construction, retail and chain stores, retail finance, brewery, gas, and electricity, textile manufacturing, and transport.

BRITISH MARKETS CONFIDENT TONE NOTICEABLE (United Press Association) (By Electric Telegraph-Copyright) LONDON, Jan. 5. Generally speaking, a confident tone is becoming noticeable on the markets, especially in gold shares, which are regarded as likely to have a most interesting year. The commodity markets are also firmer. PROFIT OF BANKS MIDLAND AND BARCLAY’S (United Press Association) (By Electric Telegraph—Copyright) LONDON, Jan. 5. The Midland Bank net profit is £2,508,000, compared with £2,467,000 last year. The dividend has not Bank profit is £2,133,000, compared with £1,894,000 last year. The dividend has not changed. AUSTRALIAN MARKETS (United Press Association) (By Electric Telegraph—Copyright) SYDNEY, Jan. 6. (Received Jan. 6. at 11 p.m.) Wheat: New, silo, 4s 5Jd; new, bagged, 4s 7d. Flour, £ll. Bran, £6 10s. Pollard, £6 15s. Potatoes: Tasmanian, £5 10s; others, £4 10s - , . „„ Onions: Queensland, £6. Maize: Yellow, ss. TIN CONSUMPTION EXPANSION IN DEMAND RECORD MOTOR OUTPUT According to the bulletin of the International Tin Research and Development Council world consumption of tin in the year ended September last totalled 177,443 tons, against 159.669 tons in the preceding yeat. World production figures for the same two periods were respectively 197,700 tons and 173.400 tons. The proportion of the world’s tin production controlled by the International Tin Committee, which increased from 75.8 per cent, in 1933 to 87.1 per cent, in 1936, further increased in the six months ended September. 1937, to 88.2 per cent. . Very substantial increases in tin consumption occurred during the year ended September in Russia, Germany, the United States, Japan, and the United Kingdom, but m France there was a decrease of 5 per cent. The greatest increase was in Russia with a rise of 354 per cent, to 12,022 tons. Tin consumption in Italy, as measured by imports, decreased by over 52 per cent, from 5773 tons to 2743 tons. . World production of tinplate in the year ended October, 1937, was 4,090,000 tons, compared with 3,581,000 tons in the previous year. The output of the world’s motor industry increased from 5.717.000 vehicles in the year ended September, 1936, to a new record of 6.435.000 vehicles in the year ended September, 1937. World visible stocks of tin decreased by 204 tons during October to 21,828 tons, compared with 17,975 tons in October, 1936. ... The average cash price of standard tin in October, 1937, was £224 0s lid, against £259 2s 3d in September. The bulletin’s comparisons of the London prices of various commodities with prewar levels, on the basis 1913 equals 100, show that in October of this year tin was above that level by 11.1 per cent., steel .bars by 72.2 per cent., tinplate by 75.9 per cent., and aluminium by 19.6 per cent., while copper and spelter were both appreciably below their pre-war levels. RABBIT SKIN SALE The Dunedin Stock Agents and Wool Brokers’ 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-operative Association, Ltd., and National Mortgage and Agency Company, Ltd.) reports as follows: — At yesterday’s sale small catalogues were submitted, the offering being chiefly summers, springs, and milky sorts. A good proportion of the offering contained blood-stained, broken, and shot skins. Since last auctions there has been no improvement in the market, owing to the increasing lack of confidence in the political and financial outlook in the United States of America. Business generally with overseas at the moment is non-existent. The London sales scheduled for January 12 have been cancelled, owing to the lack of demand, and this had a depressing effect on the sale yesterday, with the result that buyers were very cautious. The following are the prices realised; — Smalls, m to 9:1 d per lb: runners, l(Hd: racks, 12d to 14d; summer bucks, 14d to 15d: summer does. 14d to 15d; milkys, 14d to 15i}d: springs. 13,?d to 15d: spring bucks. 14d to 15d; spring docs, 16d: outgoing bucks. 18d to 20d, outgoing does, 20d .to 24d: hareskins. 4}d to 6}d: horsehair. 20d to 21 id. The next sale Is on February 3.

AUSTRALIAN STOCK EXCHANGES (United Press Association) (By Electric Telegraph—Copyright) SYDNEY. Jan. 6. (Received Jan. 6, at 11.30 p.m.) The Stock Exchanges showed greater activity to-day, the tone of the market being distinctly firm, while base metal shares responded to the appreciable lift in overseas metal prices. THE MORNING SALES

BRITISH MOTOR INDUSTRY ITS REMARKABLE GROWTH The output of the British motor industry for the 12 months ended September 30 last exceeded the record established in 1935-36 by 10 per cent. Total production amounted to 507,749 units, against 461,447 units, the output of private cars increasing from 353,838 units to 389,633 units, and that of commercial vehicles from 107,609 units to 118.116 units. The expansion In the output of private cars was, of course, mainly due to the prosperous conditions in Britain, but it is satisfactory that larger overseas demands (chiefly Empire) accounted for a not inconsiderable proportion of the increase, exports rising from 59,599 units to 77,911 units. Legislation has restricted the domestic market for certain commercial vehicles, and much of the expansion achieved last year was undoubtedly the result of Government orders, but exports of this class of vehicle also increased The remarkable growth of British motor production is indicated by the following table:—

The outstanding event of the year was the general increase in prices—the first advance made by the industry since the War. Costs of raw materials and of labour have risen substantially, and in order to recoup themselves manufacturers raised prices of both private cars and commercial vehicles by an average of 5 per cent. AUSTRALIAN LOANS CONVERSIONS THIS YEAR This year two Australian consolidated loans fall due—one of 3 per cent, and the other of 4 per cent. Both loans mature in December, and they aggregate, at present, £71,917,490, of which £65.664,060 is in the 4 per cent issue. The 4 per cent, issue was part of the great emergency conversion scheme carried out during the depression. At June 30, 1932, the Government’s indebtedness in respect of this loan was £71,330,860. Since that date the loan has been reduced £5.666,800 through the operations of the sinking fund, and since June 30. 1936, there has been a reduction of £2,914,570. The 3 per cent, loan has been reduced very little for obvious reasons. The loan is a comparatively small one, and the interest rate less than the market rate. The redemption, or conversion of the 4 per cent, loan this year will be the first large scale operation of that nature in Australia since the depression. The trend of interest rates at present indicates that the conversion should not prove an exceedingly difficult task. No Australian consolidated issue is now yielding on the market more than 33 per cent. The next large loan to fall due is the 4 per cent, issue of £77,640.720, which matures in November, 1941. That issue has, as yet, been reduced by a few thousands only. LEWIS BERGER AND SONS IMPROVEMENT IN BUSINESS A prosperous year was experienced by Lewis. Berger, and Sons, Ltd.. London. and it subsidiaries, according to Viscount Greenwood, chairman of the company, when addressing shareholders at the annual meeting in London recently. The home trade made a record and export trade showed a marked improvement. The Australian. New Zealand, and South African subsidiaries’ trade had continued good, and further improvement was anticipated. For seven years the company had made increasing progress in every direction. Viscount Greenwood added that there was a better feeling in Great Britain between employers and employees than ever before, and he viewed the future with confidence.

YESTERDAY’S MATCHES THIRTEENTH ROUND Erskine v. Lynch.—English opening with king’s side fianchetto. Lynch had an isolated pawn on the queen’s file, and when he advanced it to the fifth rank Erskine secured

simplifying exchanges, enabling him to commence an attack on it. The pawn was finally won in an ending, with bishop against knight, and Erskine forced home a pawn to queen, Lynch resigning on the seventieth move.

£ £ 1. General Reserve Fund .. 1,500,000 1.500,000 t. Bank notes 15,233,127 15.095,175 8, Demand liabilities— (a) State 3.486.745 2,770,163 (b) Banki - ■■ 8,929,644 9,054,755 (c) Other 498.201 497,752 4. Time deposit* .. .. .. — — 8. Liabilities in currencies other than New Zealand currency .. .. — & Other liabilities .. .. 169,313 277,329 Total .. .. .. £29,817,032 £29,195,176 ASSETS %, Reserve— 2.601.791 (a) Gold -• 2,801,791 (b) Sterling exchange .. 16,992,748 16,414.908 (c) Gold exchange .. .. — — t Subsidiary coin .. .. 209.661 213,133 i Discounts— (n) Commercial and ngrlcultural bills — (b) Treasury' and 'local body bills ... .. — M. Advances— (a) To State or litala undertakings— (1) Primary Product* Marketing Depart8,162.554 8,180,312 (2) For other purposes 009,000 900.000 (b) To other public authorltlos •• •• — ** (e) Other II. Investments 2,688,325 2,663.325 12.{Bank building 74,194 44,463 Total £29,817,032 ,£29,1915, 176 Proportion of reserve (Nil. 7 lose No. 5) to notes and 70.323% 70.088% ttfier demand llabilltlen ..

Copper, ipot Ton . £41 0 0 Rise 81 4 4'/a Copper, forward , . 41 4 4(4 Rim 1 >9 Electrolytic, epot . 45 5 0 Rise i 15 0 'leotrolyllo. forward . 45 15 0 Rise I 5 #ire ban .. .. . 45 15 0 Rise 1 5 0 Lead, ipot .. . IS IS 7'/a. Rise 0 10 7'/a toad, forward .. . 15 IS 9 Rise 0 0 7‘/2 Jpelter, ipot .• . 14 19 4'/, Rise 0 6 3 Spelter, forward . 15 4 4'/a Rise 0 s 3 fin. ipot .. .. . I8S 12 6 Rite 4.15 0 fin, forward .. . 186 7 6 Rise 4 42 6 Silver, itandard Oz. . 119 9-l6d No change No change

..vi £ s. d. January 5 ■e 19 9 January 4 .. .. b 6 January 3 .. 6 19 3 Dece'mber 29 .. .. 6 19 6i December 28 .. o 19 7 December 22 .. .. 6 19 8 December 21 .. .. 6 19 9 December 20 .. %. 6 19 9i December 18 .. .. 6 10

RUGBY, Jan. 5. (Received .Ian. (i, at 5 p.m.) Paris— Pa i Jan. 4. Jan. 5. Francis 10 £ I 121.21 11? 10-61 117 19-61 Brussels— 29.17* Belgas to £) 30 •29.181 Oslo— 19.90 Kroner to £ 1 18.180 19.9(1 Stockholm— 19.40 Kroner to £ I 18.130 19.10 Copenhagen— 22.40 22.40 Kroner to £J 18.150 Berlin12.41 .Marks to £ 1 20.34 12.42 Montreal — 5.00 3-16 Dollars to £1 4.86 2-3 5.001 New York— ♦ Dollars to £1 4.86 2-3 5.00 3-16 5.00 3-16 Yokohama— 14 Pence to yen 31.582 11 Hongkong— 15 16 Pence to dollar 21.58 Bombay— 18* 18* Pence to ru|iec — Batavia8.96* Florins to £ 1 12.10 8.96* Milan— 95 1-16 Dire to £1 82.46 95 1-16 Amsterdam— 8.98 3-16 Guilder to £1 12.107 8.98} Prague— 1121 142* Kroner to £ 1 101* Geneva— 21.61* Francs to £ 1 25.22* 21.61* Vienna— Schillings to 20* 26* £1 81.86* Helsingfors— 226* 226* Marks to £1 193.23 Madrid— 25.22* Pesetas to £1 — — Belgrade— 25.22* 216 216 Dinars to £1 Athens— Drachmas to 547* £1 375 547* Lisbon— Escudos to 110 3-16 £1 no 110 3-16 Bucharest — 677* 077* Lei to £1 931.6 Rio de Janeiro— Pence to 2.30 5-64 milrcls .. 6.890 2,17-32 Buenos Aires— 47.22 Pence to pesos — — Shanghai— Pence to tael — 14 3-10 14 8-16 Montevideo — 38* 251 Pence to pesos — Warsaw — Zlotys to £1 _ 36.57 26.87

£1 N.Z. to £100 124/10/Sts. .. ... •• T.T. 124/-/-O.D. 123/10/123/8/9 Australia — 100/10/- £ A. to £100 N.Z. T.T. 101/-/-O.D. 100/10/FIJI— £ F: to £100 N.Z. T.T. 90/7/6 «»/-/• O.D. 90/7/6 89/-/-New Tork— 4.0080 Dollars to £ N.Z. T.T. 4.0427 O.D 4.0527 4.0120 Montreal — 4.0424 4.0099 Dollars to £ N.Z. T.T. O.D. 4.0544 4.0139 Austria— .t , ' Schillings to £ 20.98 N.Z T.T. — O.D. — 20.94 Belgium— 23.882 23.572 Belgas to £ N.Z. T.T. O.D. 23.057 23.583 Czechoslovakia — 113.34 Crowns to £ N.Z. T.T. — O.D. — 113.39 Denmark— 18.203 17.893 Kronor to £ N.Z. T.T. O.D. 18.263 17.899 France — 117.29 Francs to fi N.Z. T.T. 119.79 O.D. — 117.33 Germany— Reichsmarks to £ 9.898 N.Z T.T. — O.D. ~ 9.908 Holland— 7.319 7.169 Florins to fi N.Z. T.T. O.D. 7.359 7.173 Italy— 70.20 Lire to fi N.Z. T.T. — O.D. — 76.25 Java— . 7.145 Florins to £ N.Z. T.T. 7.295 O.D. 7.335 7.149 Norway— 16.181 15.891 Kroner to £ N.Z. T.T. O.D, 16.241 15.897 Sweden— 15.788 15.493 Kroner to fl N.Z T.T. O.D. 15.848 15.499 Switzerland — 17.273 Francs to £ N.Z. T.T. 17.543 O.D. 17.648 17.278 Noumea — Francs to £ N.Z. T.T. 121.04 116.04 O.D. — 116.08 Papeete— 116.09 Francs to £ N.Z, T.T, 120.89 O.D, — 116.13 Hongkong— N.Z. Pence to 1 dollar .. .. T.T. 18 29-04 IS 53-64 on 18 27-64 18 53-64 India and Ceylon— N.Z Pence to 1 rupee .. .. T.T. 222 i 22 21-32 O.D, 22 11-32 22 21-32 Japan — N.Z. pence to 1 T.T, 174 ' von — O.D. — 175 Shanghai— N.Z. pence to 1 IS 9-61 dollar T.T. — O.D — 18 9-64 Singapore— N.Z. pence to 1 34 23-32 35 13-64 dollar .. •• T.T O.D 348 35 13-64 Chefoo— N.Z. pence to 1 185 dollar T.T. —— O.D. — 18 7-64 Manila— N.Z. pence to 1 peso .. •• f.T O.D 20 37-61 20 31-61 I 30 5-61 1 30 5-64 Ali, rales subject to alteration without notice.

Commonwealth Bonds — £ s. d. 33 p.c.. 1949 97 5 0 4 p.c., 1941 102 11 3 4 p.c., 1947 .. .. 104 17 6 4 p.c.. 1950 104 18 9 4 p.c., 1953 104 17 6 4 p.c., 1955 103 13 9 4 p.c., 1957 104 5 0 4 p.c.. 1959 104 15 0 Tooih's 2 15 9 Associated News (pref.) 1 4 6 Australian Iron and Steel (pref.) 1 6 9 Felt and Textiles (new, paid) .. .. 1 15 6 ADDITIONAL SALES £ s. d. Bank of New South Wales 33 10 0 Commercial Banking of Sydney 20 13 0 National Bank (£10 paid) 14 7 0 (New Zealand delivery) 14 7 0 Queensland National Bank 5 5 0 Colonial Sugar 43 0 0 Associated News 1 2 6 (pref.) 1 4 6 Burns Philp South Sea 1 7 9 Tooths 2 15 6 Australian Iron and Steel (pref.) 1 6 9 Dunlop Perdriau 1 3 3 Farmers 1 13 44 Anthony Hordern .. .. 0 19 U General Industries .. .. 0 19 6 Stedmans 0 15 6 Kandos 1 5 9 Peters 2 15 0 Newcastle Gas B 0 12 1 Australasian Paper .. .. 2 12 3 William Adams 0 16 3 Traders’ Finance .. .. 1 4 6 Producers and General 0 10 1 Meggitts 1 13 0 Mangrovite Belting .. .. 0 17 6 Schutc Bell 1 2 0 South Broken Hill .. .. 1 15 10J North Brokens 2 12 3 Rawang .. ■ 0 10 3 Larut 0 14 6 Kramat Tins 0 15 44 Peninsula Tin 1 10 6 Placer Development .. .. 3 14 6 MELBOURNE Jan. 6. The bond market was firm to-day. Industrials were steady, with minor fluctuations on light trading. Lolomas attracted most attention in the gold section. £ s. d. Commercial Bank of Australia 0 17 1 National Bank (£10 paid) 14 5 0 Howard Smith 1 1 6 British Tobacco 2 11 0 Coles 4 5 3 Dunlop Perdriau 1 3 4 Australian Paper Manufacturers (pref.) 1 6 0 Mount Morgan 0 11 2 Mount Lyell 1 11 6 Broken Hill Pty 3 4 9 Broken Hill Pty. (new issue) 1 15 6 North Brokens 2 12 6 Souths 1 16 0 Wellington Alluvials .. .. 0 6 0 Emperor 0 13 1 Loloma 0 17 11 National Reliance Investment Trust .. .. .. .. 0 11 11

Private Comcars mercial Year. and taxis. vehicles. Total. 1913 . 34,000 1924 . 116,600 30,000 146,000 1929 . . 182,347 50,458 238,805 1932 . . 171,244 61,475 232,719 1933 . . 220,779 65,508 286,287 1934 , . 256,866 85,633 342,499 1935 . . 311,544 92,176 403,720 1936 . . 353,838 107,609 461,447 1937 . . 389,633 118,116 507,749