COMMERCE AND FINANCE

Otago Daily Times, Issue 23702, 9 January 1939, Page 12

COMMERCE AND FINANCE

LOCAL AND OVERSEAS MARKETS

LONDON MEAT MARKET LATEST SMITHFIELD PRICES (Per United Press Association) WELLINGTON, Jan. 7. The New Zealand Meat Producers’ Board advises that the following are the ruling prices ol wholesale quantities of the descriptions of frozen meat mentioned and are toi representative parcels of the goods sold on Thursday, January 5. Chilled beef prices are averages of the week on which this list is issued All prices are on the basis of delivered to Srnithfield Market. Previous prices are also shown: -

beef quotations second quality. Lamb Market—New Zealand lamb quotations new season’s. More inquiry for our new season’s, but with heavy Australian stocks, market showing easier tendency. Mutton Market. —Wethers and ewes; demand slow, but prices unchanged. Beef Market. —Frozen beef; firmer. Chilled beef; good trade at the better prices. N.Z. Baconer Pigs.—Market quiet and unchanged. Boneless Bobby Veal. —Trade slow.

The Bank ot New Zealand has received the following advice from its London office, as at the close of business on Friday:—The market for wethers .is dull, and there is only a poor demand for ewes and lambs. Wethers—Light, 4Jd to 4£d a lb; heavy, 3|jd to 4Jd a lb; ewes, 2jd to 3d a lb; Lambs—twos, 8d to Bid a lb; eights, 8d to Bid a lb; fours and seconds, not quoted.

HEAVY CATALOGUE WELLINGTON WOOL SALE The Wellington Woolbrokers’ Association will hold its second sale of the 1938-39 series to-day. beginning at 8 a.m. The New Zealand Wool Committee’s allocation of 24,000 bales for this sale will, be exceeded by 2700 bales. The catalogues to be offered. In order of sale, are as follows: Bales New Zealand Loan and Mercantile 3.000 Farmers’ Distributing Company 3.95 b Abraham and Williams and Wright, Stephenson 4.761 Dalgety and Co 3,847 Murray Roberts, and Johnston and Co 4.056 Levin and Co., and Wairarapa Farmers 8,047 Total bales 27,673

LONDON MARKETS (United Press Association) (By Electric Telegraph—Copyright) ' LONDON, Jan. 7. (Received Jan. 8, at 6.30 p.m.) Friday’s closing prices were as follows: Cotton: 5.30 d per lb; February, 4.92 d. Rubber: Para. 7d; plantation smoked, BJd. Jute; January-February, £2O Is 3d. Copra: January-February South Sea, £9 15s; smoked, £9 12s 6d; plantation Rabaul, £lO 10s. Linseed oil, £25 15s. Turpentine, 345. Antwerp futures are steady. February, 22id; May, 23d; July, 23R Liverpool futures: March old contract 4s 7 15-16 d, new 4s' 4 13-16 d; May, old 4s 7|d. new 4s 5 13-16 d; July, 4s 6id, PRICE OF FINE GOLD (United Press Association) (By Electric Telegraph—Copyright)

SYDNEY STOCK EXCHANGE (United Press Association) (By Electric Telegraph—Copyright) SYDNEY, Jan. 7. Following were the transactions on Exchange this morning:— £ s. d.

BANK PROFITS FOR YEAR (United Press Association) (By Electric Telegraph—Copyright) LONDON, Jan. 6. The National Provincial Bank profit was £1,771,785, compared with £1,874,000 last year. The dividend is unchanged at 15 per cent. Lloyd’s Bank profit was £1,705,300, compared with £1,832,501 last year. The dividend is unchanged—A shares 12 per cent., B shares 5 per cent. SHEEPSKINS AND HIDES WELLINGTON SALE PRICES The first sale this year of sheepskins, hides and tallow was held on Friday by the combined Wellington brokers, a moderate offering meeting fairly keen competition. The selection of sheepskins was quite up to average, but when compared with prices ruling at the previous sale, held on December 9, an easing of id to id a lb was recorded. More interest was shown in hides, though values were somewhat erratic. Light ox and cow showed an advance of id to 3d a lb. Heavy and medium ox showed little change, kip and yearling id to §d up, while calfskins were generally firm. A small offering of tallow was submitted, and prices were generally firm on last quotations;— The following Is the range of prices:— Dry Sheepskins—Half bred, 6Jd to 7id; fine crossbred, 53d to 7id; medium crossbred, 5Jd to 7id; coarse crossbred, s|d to 7|d; half wools, 5d to 7d; quarter wools, 3Jd to sid; pelts, 2Jd to 33d. Hides.—Ox, 331 b to 441 b, 43d to 6Jd; ox, 451 b to 521 b, sid to 6.id; ox, 531 b to 591 b, sid to 6id; ox, 601 b to 691 b, 6Jd; ox, 701 b and over, 64d; cow. 331 b to 391 b, 4id to sgd; cow, 401 b to 481 b, 3id to 5Jd; cow, 491 b and over, 3id to 53d; kip, 251 b to 321 b, 3jjd to 53d; kip, 171 b to 241 b, 3id to 63d; yearling, 111 b to 161 b. 4.1 d to 73d; calf, 91b to 101 b, s|d to 7gd; calf. 61b to 81b, B|d to 103 d; calf, 11b to 51b, 6Jd to 10&d. Tallow.—ln casks, etc., 8s to 14s 3d; in tins. 5s to 7s. Sundries.—Cow tails. BJd to 9Jd; horsehair, 18id. FRUIT AND PRODUCE WORLD Reilly’s report selling:— Per Dozen. —Hothouse cucumbers, 6s 6d to 9s 6d. Lettuce: Choice. Is to Is 6d. Spring onions, 9d, Carrots. Is 6d. Eggs: Guaranteed. Is 2d; storekeepers’ Is Id. Cauliflowers. 4s 6d to 6s. Honey: 21b pottles, 17s 6d. Per Pottle.—Strawberries; Ettersburgh, choice, 2s to 2s 6d. Raspberries Is Id to Is 3d. Each.—Champion egg crates: 24 dozen, 18s. Fruit crates, fc 6d. Per Bucket.—Raspberries. Us to 12a 6d. Loganberries. 10s. Per Case. —Californian grapes: Alrnerias. 255. Californian grapefruit, 355. New Zealand lemons; Keribest, 24s to 265: others; 20s to 22s Cd. Oranges: Jamaicans. 24s .to 275. Bananas: Ripes, 245, Apples: Delicious. 12s to 14s; Sturmers, 10s to 14s; Tasmas; 12s; Canadian Delicious, 24s to 255. Per Half-case—Apricots, 3s to 7s 6d. Peaches, 2 S to ss. Cucumbers. 10s 6d to 12s 6d. Nelson tomatoes. 15s. Cherry plums, 3s to 4s 6d. Plums: Evans Early, 3s to 4s 6d. Pears: Jargonelle. 4s 6d to 5s 9d, _ , Per Pound—Apples; Beauty of Bath. 2d to 4d. Grapes. 2s 2d. Cherries: Choice. 9Jd to Is 3d; small, 6d to 8d Peaches. 2d to 4Jd. Apricots. 3d to 5d Local tomatoes; Firsts. Is Id to Is 2d: dessert. Is. Christchurch hothouse tomatoes; Firsts. Hd to is: dessert, lOd to lid; seconds, 8d to 9d Local potatoes Id to Ud Green peas, 23d to 3Jd Broad beans Ud. French beans 6d. Rhubarb, 2d. Gooseberries, IJd to 2d, Kumeras. 2Jd. Tea; Orange Pekoe, 2s lOd. Butter: Storekeepers’, lid to is. Bacon: Prime, Is 3d. Bacon and porker pigs, 7Jd to 8d: overweights, sd. Bulk honey, 5d to 6Jd. Beeswax. Is 2d. Walnuts. 6d to 9d. Red and black currants, 4d to sd. Per Sack.—Cabbage, Is 6d to 2s 6d. Coconuts. 21s. Per Hundredweight.—Onions: Canadians, 17s 6d. New potatoes, 9s to 12s. Olive oil, 18s. Lime sulphur. 3s 9d gallon. Restar: J-gallons. 4s 6d. Semesan; 11b, 12s 6d. Red Rose nicotine sulphate: 101 b. 465; 21b, 15s; 11b, 9s; Jib. 5s 6d. Arsenate of lead paste, 9d to Is 3d. Powder, Is to Is 6d. Red oil, 4s 9d. D.P. Derris for white butterfly control; lib tins. 2s 3d; 101 b. 15s. Woodwool, 255. Fruit wrapping paper. 2s 9d ream. Fowl wheat, to 7s 3d. Partridge peas. 6s 6d. Maize, 7a. Oats: Cartons, 3s 6d to 4s per bushel, Crushed oats, 12s 6d. X Keys meatmeal, 15s bag. Bran. £5 ss. Pollard. £6 15s. Chaff: 8.0.5. £6. Closer hay. £6 10s. Oaten straw, £4. Palmer’s chick food: 501 b, 11s 6d: 1001 b, 21s 6d. Poultry.—ls2 hens at 3s 0d to 6s, 38 cockerels at Is 10d to 6s 2d, 21 pullets at 6s 6d to 9s. and geese to 8s 6d per pair. REILLY’S CENTRAL PRODUCE MART, LIMITED, Moray place, Dunedin, C.l.

FOREIGN EXCHANGES ■»> (British Official Wireless) (United Press Association) (By Electric Telegraph—Copyright) RUGBY. Jan. 6.

ON NEW ZEALAND CURRENCY BASIS The Bank ot New South Wales, Dunedin, quoted the following rates for purchases and sales of foreign exchange on Saturday:—

DOLLAR RATES The Associated Banks (other than the Bank of New South Wales) quoted the following dollar rates on Saturday 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.) Dols Dols. Selling— T.T 3.71 J 3.74 5-16 O.D 3.713 3.74 9-16 Buving— O.D 3.77 5-16 3.80 5-16 LONDON METAL MARKET iUnited Press Association) (By Electric Telegraph—Copyright) LONDON. Jan 6. The following are the official metal quotations:— lon

MERCHANDISE MARKET EFFECT OF IMPORT RESTRICTIONS The merchandise market was affected during the past week by the uncertainty surrounding the import restrictions. Merchants generally are still waiting for the issue of licences, some of which are expected to be available to-day, A new line of cigarette tobacco, Rugby toasted, is expected on the market on January 16. and will sell at Is 6d a tin. Some merchants are short of stocks of Thomson’s seedless and seeded raisins. The parchment paper market is reported to be very firm. Supplies of new season’s honey have not vet come to hand. Suppliers have disposed of the whole of last season’s output, and the new season’s stocks should be on the market by the end of January. The bulk cornflour market has again firmed. Some firms are short of Singapore pineapples, and supplies are expected to continue light, as merchants are experiencing difficulty In securing permits for further importations. The next sugar boat, the Waimarino. is due on January 11. PRICE OF WOLFRAM (United Press Association) (By Electric Telegraph—Copyright) LONDON, Jan. 6. (Received Jan. 8, at 5.5 p.m.) Wolfram: Chinese, 595, nominal. LONDON WOOL SALES The Bank of New Zealand has received the following advice from London: —For the next series of the wool sales, prospects are favourable. Prices for merinos are expected to be unchanged, and crossbreds possibly a little cheaper. TRUSTEE COMPANIES AUSTRALIAN AND NEW ZEALAND BUSINESS The published accounts of 23 trustee companies operating in Australia and New Zealand, the dates ranging from December 31, 1937, to October 31, 1938, show total profits amounting to £171,059, an Increase over the previous period of £1502, Of the 23 companies, eight have their headquarters in Victoria, two in New South Wales, one in Queensland, four in South Australia, two in Western Australia, four in Tasmania, and two in New Zealand. In some cases the balance sheets Include overdrawn clients’ accounts. Though the profits show a slight increase after providing for heavier expenses, the business continues to be of a more complicated character than 20 or 30 years ago (says the Australian Insurance and Banking Record), „ The 23 companies have subscribed capital aggregating £5,666,318, the paid-up capital being £1,398,452. The reserves (including investment fluctuation funds and commission reserved accounts where shown), together with undivided profits after giving effect to the latest appropriations, amount to £1,252,023, The total shareholders’ funds, in the form of paid-up capital, reserves, and undivided profits thus amount to £2,650,475, In addition, the clients of the companies have the security of uncalled capital and in one case further reserve liability, amounting together to £4,667,866, making a grand total of shareholders’ funds and uncalled capital of £7,318,341, or an Increase of £27,882. as compared with the previous year. The corresponding total for 1937 was £7,290,519. and in 1936 it was £7,253,345. Total assets of the companies for 1938 show 'an increase of £21,006 Setting aside deposits with Governments, other investments and fixed deposits show an increase of £17,058, mortgages, etc., a decrease of £33,705, and advances to clients, etc. (so far as shown separately in the accounts), an Increase of £8037. _ The net profits and dividends (and bonuses) for the last 16 years compare as follows: Div. and Net profits, bonus. , £ £

The aggregate net profits (subject in a few instances to income tax and minor allocations) show an increase of £1502 as compared with the previous year, the total increase since 1933 being £45,669. Gross profits for 1938, inclusive of interest and rents amount to £863,281, against £817,672 for the previous year, or an increase of £45,609. Expenses and taxes amount to £692,222, against £648.115 or an increase of £44,107. The net profits for 1937-38, £171,059, are equivalent to 6.48 per cent, on average shareholders’ funds, against 6.51 per cent, for 1936-37 BANKING PROFITS SMALL INCREASE SHOWN Net profits earned by the 11 ordinary banks (exclusive of the Commonwealth Bank and the Reserve Bank of New Zealand) transacting business in Australia and New Zealand amounted to £3.201,966 in 1938, compared with £3.115.285 in the previous year. Dividends distributed to shareholders totalled £2.882.401 against £2.807.042 in 1937. The total amount of net profits reported and the total amount of dividends distributed by the ordinary banks since 1920, and the proportion of the latter to the former heading, compare as follows:

* Including till Union Hank of Australia, Ltd., for six months ended August 31. 1934. new balancing date.

The foregoing figures have been compiled by the Australasian Insurance and Banking record, which comments that “ both profits and dividends continue on a low level in comparison with shareholders’ funds and with the scale upon which business is conducted. New Zealand business shows little profit, although taxation under the peculiar system in force does not follow actual profits. Expenses have continued to show a rising tendency, which it appears probable will be displayed further in the coming year.”

Hula Is the only Otago butter iodised for health. Recommended bv doctors.—l 737. " 1 sold them through the Otago Daily Times Classified Advertisements—and bought these new things." This remark is one of many made by readers who have discovered how profitable the O.D.T. Classified Advertisements are.

1ft O) C'l ?! N.Z. Sheep— Jan. Dec. Dec. Crossbred wethers and/ iper lb ) or maiden ewes; d d a Under 481b .. .. .. 43 43 43 49-561b ■ . 42 41 42 .. 42 41 42 65-721b 4 2 41 42 Ewesl Under 481b .. .. .. .. 3 3 3 49-561b 23 23 23 57-641b 24 21 22 65-721b 2* 23 23 N.z Lambs Canterbury: Under 361b — — — 37-421b — — —. 43-501b — — — Secona quality: Average about 311b .. ... — — — Other South Island; Under 381b — —• — 37-421b — — — 43-501b — — — North island Downs: 81 81 37-421b — — 43-501b . — — — Secona quality: Average about 301b .. .. 72 — — North Island: First quality: Under 361b — — 37-421b — — — Second quality: Average about 311b .. — — — Australian Lambs— Victorian: First quality: 71 71 29-361b 71 37-421b 62 7 7 Argentine Lambs— First quality: Under 361b .. .. .. .. 6i 61 63 37-421b .. 62 61 62 *N.Z Frozen Beef— Ox hinds. 145-2101b .. .. 4.1 41 42 Ox fores, 145-2101b .. .. 31 31 32 ♦Australian Frozen Beef— Ox hinds, 145-2101b .. .. 41 41 41 Ox crops, weights corresponding .. 31 31 31 N.Z. Porker Pigs— First quality: 61-801b 73 78 78 8l-1001b .. 71 71 71 101-1201b 63 63 , 63 N.z Baconer Pigs— 121-1601b 63 68 68 Boneless Bobby Veal— Ex store, in parcels .. .. 41 41 41 • Chilled beet prices are approximate average prices realised for the week) N.z. Chilled BeefOx hinds, 145-2101b .. 6 51 Ox fores. 145-2101b .. .. 33 33 — Australian Chilled Beef— Ox hinds, 145-2101b .. .. 58 53 52 Ox crops, weights correspending 32 38 38 Union ut South Africa Chilled Beef— Ox hinds, 145-2101b .. ... 61 52 Ox fores, 145-210Ib .. .. ■ 4 32 — Southern Rhodesian Chilled Beef— Ox hinds, 14S-2101b 58 58 58 Ox fores, 145-2101b .. 31 33 32 Argentine Chilled Beef— Ox hinds, 145-2I01b 63 68 62 Ox fores, 145-2101b .. 4| 41 41 Uruguayan Chilled Beef— Ox hinds, 145-2101b .. 61 61 61 Ox fores, 145-2X01b ■ "4' 4 4 Brazilian Chilled Beif— Ox hinds, 145-2101b .. — — — * New Zealand and Australian frozen

LONDON, Jan. 7. January 7 . 7 8 9J January 5 . 7 10 1 January 4 . 7 10 5 January 3 . 7 10 0i December 29 , , 7 9 0* December 2d 7 9 0 December 22 7 9 0 December 21 7 9 3 December 20 , , 7 8 10 December 19 7 8 8 December 17 7 8 11 December 15 7 8 8 December 14 , , 7 9 0 December 13 7 9 December 12 •• 7 8 10J

Commonwealth bonds— 4 p.c., 1941 . 6 4 p.c., 1944 . 102 5 0 4 p.c., 1947 . 102 4 6 4 p.c., 1950 . 102 11 3 4 p.c., 1953 . 102 15 0 4 p.c., 1955 .. .. .. . 0 4 p.c., 1959 . 101 17 6 4 p.c., 1961 . 102 5 0 Tooneys . 1 10 7i Tooths . 2 14 6 Australian Gas (A; old) . . 7 11 0 Broken Hill Pty . 2 17 3 Henry Jones . 2 8 6

Paris— Par. Jan. 5. Jan. 6. Francs to £1 124.21 176 21-64 177 9-32 Brussels— 27.07 Bclgas to £1 30 27.51 Oslo— 19.904 Kroner to £1 18.180 19.904 Stockholm— 16.42 Kroner to £1 18.130 19.42 ' Copenhagen— 23.40 Kroner to £J 18.130 22.40 Berlin— 11.65 Marks to £ 1 20.34 11.554 Montreal — 4.T14 Dollars to £1 4.86 3-3 4.68 Now York— 4.67* Dollars to £1 ' 4.86 2-3 4.634 Vokohama— 14 Pence to yen 84.582 14 Hongkong— 24.58 15 15 Pence to dollar Bombay— IT 69-04 Pence to rupee — 17 59-64 Batavia— 8.494 8,533 Florins to £1 12.10 Milan— 88* Dire to £1 82.46 m Amsterdam— 8,593 Guilder to £1 12.107 8.53 Prague— 1354 1364 Kroner to £’ 1044 Geneva— 20.70 Francs to £1 22.224 20.534 Vienna— Schillings to 264 £1 84.864 264 Helsingfors— 2263 2263 Marks to £1 193.23 Madrid— 200 Pesetas to £1 25.224 200 Belgrade— 209 Dinars to £1 25.22» 209 Athens— Drachmas to 5474 £1 375 5474 Lisbon— ■ Escudos W 1104 £1 110 1104 Bucharest— 660 660 Lei to fi 1 931.6 Itlo de Janeiro— Pence to S 1-16 mllrets 5.890 8 1-18 Buenos Aires— 20.251 20.214 Pence to pesos 47.22 Shanghai*— 84 84 Pence to tael — Montevideo — 19 19 Pence to pesos — Warsaw— 24.46 24.46 Zlotys to £1 1 - • Nominal.

London— Buying Selling £1 N.Z, to £100 ate T.T 124/7/6 125 O.D. 123/18/9 124/19/6 Australia— £ A. to £100 N.Z. T.T. 100/10/100 O.D. 100/10/100 Fiji— fi S', to £100 N.Z. T.T. 90 88/12/0 O D. 90 88/12/6 New York— Dollars to £ N-Z. T.T. 3.7732 3.7205 O.D. 3.7782 3.7215 Montreal— Dollars to fl N.Z. T.T. 3.8026 3.7424 O D 3.8113 3.7434 Belgium— Belgas to fl N.Z T.T. 22.391 21.851 O.D. 22.466 21.856 Czechoslovakia — Crowns to £ N.Z. T.T. — 106.48 O.D. — 106.60 Denmark— Kroner to £ N.Z. T.T. 18.227 17.695 O.D. 18.287 17.697 Finland— Marks to £ N.Z T.T. 186,14 178.99 O.D, 188.54 177.00 France— Francs to £ N.Z. T.T. 144.17 139.17 O.D. — 139.19 Germany— Belchsmark* to fl N.Z. .. .. T.T. .19.151 O.D. — 9.153 Greece— Drachmae to £ N.Z. .. T.T. 418,90 O.D. — 419,05 Holland— Florins to £ N.Z. T.T. 7.016 8.761 O.D. 7.056 6.763 Italy— Lire to £ N.Z. T.T. 70.40 O.D, — 70.42 Florins to £ N.Z. T.T. 6.989 0.729 O.D. 7.029 6,731 Norway— Kroner to £ N.Z T.T. 16.208 15.71! O.D, 16.268 16.714 Noumea— Francs to £ N.Z. T.T. 119.17 135.67 O.D , . .. —. 135.71 Papeete— 147.97 135.97 ' Franca to.£ N.Z. T.T. O.D. — 136.01 Sweden— Kroner to £ N.Z. T.T, 18.837 15.335 O.D 15.897 10.338 Switzerland— Francs to £ N.Z. T.T. -16.802 16.337 O.D, 16.907 16,539 Chefoo— N.Z. pence to 1 dollar ,. .. T.T. O.D — — Hongkong— N.Z. pence to 1 dollar ,, .. T.T. 18 27-64 19 5-64 O.D. 18 25-64 19 5-64 India and Ceylon— N.Z. pence to I rupee .. .. T.T. 22 9-64 22 41-64 O.D. 22 7-64 22 41-64 Japan— N.Z. pence to 1 yon .. .. T.T. 17 45-64 O.D. — 17 45-64 Manila— N.Z. pence to 1 peso .. .. T.T. O.D. — — Shanghai— N.Z. pence to 1 dollar .. .. T.T. O.D. — — Singapore— N.Z. pence to 1 dollar .. .. T.T. 31 27-64 35 17-64 O.D 34 23-64 35 17-64 All rates subject to alteration without notice.

£ s d. £ s. d Copper, spot 44 8 9 Fall' 0 8 15 Copper, forward 44 13 9 Fall 0 8 15 Electrolytic, spot 50 0 0 No change Electrolytic forward . 50 13 0 Fall 0 5 0 Wire bars 50 15 0 Fall 0 5 0 Lead spot .. .. 14 13 75 Fall 0 2 6 Lead, forward • 13 0 75 Fall 0 2 6 Spelter spot 13 13 9 Fall 0 4 45 Spelter, forward 13 18 15 Fall 0 5 0 Tin. spot . 217 2 6 Fall 0 12 6 Tin forward 217 r',, 17 6 Fall 0 15 0 Sliver, standard 20Jd Fall id Silver, fine . 22id Fall Jd

(22 companies)— 1923 .. .. 155.182 100.694 1924 .. .. 174,318 104,399 1925 .. .. 191,259 121,929 1926 .. .. 200,460 130,903 1927 .. .. 210,075 138,826 1928 .. .. 212,186 145,013 1929 .. .. 222,491 152,357 (23 companies)— 1930 .. .. 211,096 156,445 1931 .. .. 166,511 124,185 1932 .. .. 129,541 100,781 1933 .. .. 125,390 97,393 1934 .. .. 140,570 100,658 1935 .. .. 145,436 101,723 1936 .. .. 159,328 110,507 1937 .. .. 169,557 120,051 1938 .. .. 171,059 117,839

Net Proprofits Dividends portion £ £ per cent. 1920 .. 4,130,002 2,002,050 64.31 1921 5,037.753 3,176,333 03.03 1922 .. 4.757.188 3.232,737 67.03 1922 5,100,270 3,558,540 60.03 1924 .. 5.510.230 3.703.080 68.40 1925 .. 0,032,338 4,335.455 71.87 1920 .. 0,110.505 4.740,004 73.50 1927 0,212,201 4,801,170 78.30 1922 .. 0.404,418 5,213,450 81.40 1929 .. 0,350,181 5,173,502 81.32 1920 .. 5,008,071 5,038,312 85.28 1921 4.404,573 4,164,818 04.53 1922 .. 2,572.771 2,037,758 — 1922 2,085,013 2,541,425 01.63 1921 .. 2,053,840 2,487,088 03.75 1925 *2,032.000 *2.482,841 01.30 1920 .. 2,840,703 2,003,651 01.65 1927 3,115,285 2,807,042 00.10 1928 3,201.900 2,882,401 00.01