COMMERCIAL

Otago Witness, Issue 4039, 11 August 1931, Page 19

COMMERCIAL

LONDON STOCK EXCHANGE. LONDON. August The following are the latest quotations for Goteminent securities compared with the prices ruline last week: — Last week. This weeK

THE TIN MARKET LONDON, August 5. Ti n . —Visible, 51,401 tons; spot, 3142;' afloat, 760; deliveries, 1996. BEET SUGAR LONDON, August 6. Beet Sugar.—September, 6s 3id. THE BANK RATE RUGBY, August 6. There was no change to-day in the minimum discount rate of the Bank of England, which remains at 4J per cent.

LONDON METAL MARKET. LONDON. August T. Following are the official quotations In the metal market;—

BANK OF ENGLAND RETURN LONDON, August 6. The following is the Bank of England return: — ISSUE DEPARTMENT.

The proportion of reserve to liabilities is 41.20 per cent. Short loans are quoted at 31 per cent.; three months’ bills at 4 11-32 per cent. LONDON STOCK EXCHANGE

LONDON, August 4. Bank of Australasia, £7 18s 9d; Bank of New South Wales, £23 10s; Union Bank of Australia, £5 15s; National Bank of New Zealand (ex. div.), 67s 6d; Bank of New Zealand 4 per cent., £95 10s; Bank of New Zealand shares, 47s 6d; New Zealand Loan and Mercantile 4 per cent. Debentures, £62 10s; ordinary stock, £4O. BRADFORD TOPS MARKET LONDON, August 6. The Bradford market is dull and inactive. Quotations are practically unchanged. PRICE OF FINE GOLD LONDON, August 6. Gold is quoted at £4 4s Hid per oz. NEW LOW RECORD REACHED LONDON, August 6. Commenting on the new low record for wheat, an authority on the London grain market states that prices are likely to continue downward, as wheat is being offered from every quarter of the earth. Russia, however, is the biggest disturbing influence. Her crops are reputed to be larger than ever. There is no competitive buying, only competitive selling. Short of a crop disaster of the first magnitude or concerted Government action to limit the dumping of the products of Russian slave labour, the present situation will continue.

LONDON MARKETS i LONDON, August 8. ’ Frozen Meat. —Australian sheep—First I quality crossbreds and/or merino wethers, j 401 b to Gslb, 3Jd; second quality, 301 b to 551 b, 3Jd; ewes, 301 b to 551 b, 3Jd. New , Zealand lambs—Selected North Island brands, including downs, 361 b and under, 63d. Argentine Chilled Beef.—Ox fores, 1601 b to 2201 b, 2|d; ox hinds. 1601 b to 2201 b, 7’d. The others are unchanged. Friday’s closing prices are as follow:—. Cotton. —September, 4.21 d per lb. . Rubber. —Para, 4]d; plantation smoked, 2’d. Jute. —New crop, August-September, £l5 2s 6d. Hemp.—July-September, nominally £2O. Copra.—July-August, South Sea, £ll 10s; plantation. Rabaul, £ll ss. Linseed oil, £l6. Turpentine, 475. The New Zealand Loan and Mercantile Agency Company, Ltd., has received the following cablegram from its London hcuse under date August s:— Butter.—New Zealand choicest salted, 110 s. The market is steady, but quiet. Cheese. —There is no change in quotation. LONDON FRUIT MARKET The secretary of the Otago Provincial Fruitgrowers’ Council advises that the High Commissioner’s cabled report for the week ended August 1, on the London fruit market, is as follows:— “ Trade very slow owing to American Gravenstein and English applies now coming on to market; Current prices for . fruit, ex store: —Sturmer, 10s 6d to 12s; Dougherty, Rokewood. and Statesman, Us to 14s; Granny Smith, 12s to 15s. Small quantity not stored and remainder selling slowly at lower prices.” WHEAT, FLOUR, ETC. LONDON. August 6. Wheat cargoes are again lower. Parcels also declined. Futures: —London: September, 16s 6d; December, 17s 3d. Liverpool: October, 3s 9Jd; December, 3s s lOAd; March, 4s Old. The spot trade is E slow. Australian, ex ship,' 20s 6d and 235.

Flour is dull. Australian, ex store. 16s 9d and 17a 9d. Oats: Slow demand. Australian Algerian, 12s and 13s. A Gartons, 17s 6d and 18s. Peas: Neglected. Blue Tasmanian, 170 s and 180 s; New Zealand, 160 s and 170 s; Maples, Tasmanian, old crop, 60s and 625; new crop. 50s an‘d 525; New Zealand, none offering. Beans: New Zealand, 27s and 28s. DAIRY PRODUCE LONDON, August 6. Butter.—Rather more demand. Danish. 114 s and 116 s; choicest salted New Zealand, 110 s and Ills;-Australian, 106 s and 107 s; unsalted New Zealand, 112 s and 116 s; Australian, . 106 s and 112 s. Cheese.—Firmer. -New Zealand white, 60s and 61s; coloured. 62s and 635; Australian white, 59s and 60s; coloured. 60s and 61s. Messrs Dalgety and Co., Ltd., have received the following cablegram from their head office, London, dated August 6: — The butter market is rather better, but the cheese market is quiet. Quotations are: Danish butter, 112 s to 114 s; New Zealand finest butter, 108 s to Ills; Australian finest, unsalted butter, 107 s tn 110 s; salted butter, 104 s to 107 s; G.A.Q.. 100 s -to 103 s. Australian cheese —white 58s to 60s, coloured 60s to 625; New Zealand cheese, white 60s to 625, coloured 62s to 645;- Canadian cheese, white 60s lc 625, coloured 60s to 635; c.i.f., 59s to 60s All top quotations are exceptional.

Messrs A. S. Paterson and Co., Ltd., have received the following cablegram from their London principals, dated August 6: — Butter. Market quietly steady, but firmer. Undertone German uncertainty dominates all markets. Danish, 116 s; New Zealand, 110 s to Ills; Australian. 106 s to 107 s. Cheese. —Market steady. Canadian, 2s to 3s lower, but expect some, improvement soon; white, 60s to 61s; coloured, 63s to 645. The South Island Dairy Association, Ltd., has received the following market report from the New Zealand Produce Association. Ltd., London:—Butter: Depressed; 108 s to Ills; Danish, 114 s to 116 s. Cheese: Steady; white, 60s to 61s; coloured, 62s to 635. AMERICAN MONEY MARKET NEW YORK, August 7. Call money rate of renewal was IS per cent, all day, BREAK IN LIVERPOOL PRICES NEW YORK. August 6. The break in Liverpool prices brought wheat to a new all-time low record here, September selling at 47J cents per bushel; December, 51 J; March, 541; May, 56|. AUSTRALIAN MARKETS SYDNEY, August 6. Wheat is lifeless. Ex trucks Sydney 2s 2d, country stations Is 7d. Flour, £lO 10s. Pollard and bran, £4. Potatoes: Tasmanian, to £7 10s; Victorian, £6 Onions: Victorian, £5 10s to £6. Oats: White and Algerian, 2s 6d. Maize, 3s 4d. MELBOURNE, August 7. Wheat, 2s 3d to 2s 4d. Flour, £6 15s. Bran, £3 15s. Pollard, £4 ss. Oats, 2s to 2s 3d. Barley, unchanged. Maize, 3s 6d.

PORT OF AUCKLAND i “The receipts for July were better than J could reasonably have been anticipated,” ( was the comment in a report on the cash ( receipts last month at the port, presented , at a meeting of the Auckland Harbour Board on Tuesday. A decrease of £llll j was shown in the total receipts of £32,770 for the Waitemata Harbour. The total ' for the last 10 months, £301,681, although £38,856 below the figures in the preceding period, was only £4958 below the esti- , mates. For Manukau Harbour the July receipts were £770. an increase of £279 on those in July. 1930, and the total for 10 months was £4104, a decrease of £9BO. A credit balance of £118.146 was shown in’the general account on July 31, and a debit of £81,364 in the loan account. JAPANESE WOOL-BUYING Statistics given by Winchcombe, Caraon. Ltd., of Melbourne, show that exports of wool to Japan in the last season have established a new record. In 1930-31 wool shipped from Australia to Japan amounted to 508,421 bales, compared with 284,659 bales shipped in the previous year, and 342,175 in 1928-29. Japan is. now ranked second in the list of countries to which Australian wool is exported. The firm suggests that such heavy buying by Japan is likely to continue, as that country has been increasing its manufacturing facilities, and it is expected that Japanese will begin to wear woollen goods almost exclusively in the winter. Japan also has an enormous field to explore once the purchasing power of the masses in the East improves. Japan has .recently extended its operations in wool to the purchase of all classes of greasy merino and crossbred fleece and skirtings, except the highest class of specialties and of very burry, carbonising wools. PARA RUBBER COMPANY The annual meeting of shareholders I of the Para Rubber Company, Ltd., was held in Christchurch on Tuesday. The directors’ report showed that the year’s profit with the balance brought forward from credit of profit, and loss account. £2495 12s 4d, left an amount' of £4521 Us 2d available for distribution. It was decided to pay a dividend of 6 per cent, per annum (against 8 per cent, per annum last year), to set aside £350 fop income tax, to add £5OO j to general reserve, and to carry forward s £2052 15s 2d. After payment of divil dend, the position of financial reserves and balances is: £10,500 general reserve,

£lOOO bad debts reserve, £5OO staff provident fund, and balance carried forward £2051 15s 2d. With payment of 6 per cent, dividend this year, shareholders have had 98 per cent, of their capital returned to them since 1920. The directors report that trading conditions for the present year have been extremely difficult, and that the utmost care was necessary to avoid credit losses. Almost all the company's capital was invested in fluid assets. Stocks have been conservatively valued, and now the item £3OOO goodwill had been entirely written off. WELLINGTON WOOLLEN COMPANY

Directors of the Wellington Woollen Manufacturing Company. Ltd., report as follows: —Shareholders, in receiving this, the forty-eighth balance sheet and statement of profit and loss for the 12 months ended June 30, 1931, will be pleased to learn that the directors, after writing down stocks, and making other necessary provisions, are able to recommend the payment of a further dividend of 3 per cent, (making 6 per cent, for the year) on both preference and ordinary shares, and that the remainder, £3083 2s lid. be arried forward. The usual sum of £5OOO las been written off for depreciation of >lant and buildings, which have been well naiutained out of revenue. The commerial depression mentioned in several preeding reports became more acute within he year, resulting in the company’s out>ut being materially lessened. The wool narket fluctuated considerably, which idded difficulty to trading, and the earthpiake at Hawke’s Bay in February also rampered business in a large part of the Dominion where the company’s products vere formerly in firm demand. The balance sheet shows, among liabili;ies, capital £300,000; reserve, including ire insurance reserve, £69,100; bank, sunIry creditors, and employees’ deposits£63,o3l; profit and loss, less interim divi lend, £12,083. Assets include freehold land, buildings, plant (less depreciation). £226.331; stocks of raw materials and goods, £168,130; sundry debtors, £52,592; and bills receivable, £2587, less reserve for bad debts and discounts, £5903: insurance premiums and cash in hand, £596.

AUSTRALIA’S RECOVERY Australia is making impressive progress toward balancing imports and exports, to judge by the latest returns (says the Dominion). In the year ended June 30, exports were valued at 102 millions and imports at 61 millions and, even after translating the Australian value of exports into sterling, a considerable favourable balance remains. No doubt this balance is still pitifully inadequate as a set-off against “ invisible imports," chiefly overseas' interest payments, freights, insurance, and the like. At the same time the measure of Australia’s efforts to economise is shown by the huge reduction of imports in 12 months from 131 millions to 61 millions, a decrease of about 54 per cent. In the same period export values have fallen from 125 to 102 millions, o r by only 18 per cent. If at last the politicians are preparing to face the fact of reduced national income in the same spirit as. according to the-'indication given by the trade figures, the public is already doing, the Commonwealth may emerge from the painful process of readjustment to a lower level sooner than anyone at present expects.

NEW ZEALAND INSURANCE COMPANY REDUCED PROFITS. AUCKLAND, August 4. Reduced profits and dividend unchanged at 10 per cent, per annum were the chief features of the New Zealand Insurance

Company’s annual meeting to-day. The chairman of directors (Mr C. V. Houghton) stated that the adverse trading conditions referred to a year ago had been accentuated to an almost alarming degree, not only in the Commonwealth and New Zealand, but in every sphere of the company’s operations; in fact, throughout the world. In India, the Far East, and South America, for example, the economic problems were rendering successful trading most difficult. It must be conceded that the company’s results during the year had been relatively good under the existing state of things. The underwriting profit for the year was £76.573 as against £61,385 last year. Undoubtedly' the world-wide depression was primarily responsible for the fall in profits. Prominence must, however, be given to the extont by which the results were affected through losses arising out of the Napier earthquake disaster in February last. While the company’s policy in regard to earthquake insurance had been, and still was, a conservative one, some earthquake commitments had of necessity been carried In all centres of New Zealand, including Napier, the income had fallen to £1,145,257, a decrease of £54,124. The losses at £740.244 were

higher by £2526, but owing to the de- . creased premium revenue the claim cost had increased from 61.51 per cent, to 64.64 per cent. During the year stocks, particularly those of the Commonwealth of Australia, suffered substantial declines in market values. Even at the present time there were coming into operation certain measures which, while they were expected to assist materially in the process of restoration, must bring about further falls in the market values unless a general readjustment of ideas took place. The board had. therefore, decided to make provision for market fluctuations by the transfer of £95.000 from the available surplus to the investment fluctuation and contingency account, which would then stand at £120,000. COMPANY REGISTERED The Mercantile Gazette notifies the registration of the following company: — Prudential Lands. Ltd. Registered as a private company, July 27, 1931: capital, £llOO into 1100 shares of £1 each. Subscribers: Dunedin —R. E. Massey-1099. G. W. Garden 1. Objects: To acquire and deal in lands, construct, erect, and maintain buildings, etc., lend money, carry on business of builders, architects, and surveyors. PRICE OF PETROL Advice received by the Vacuum Oil Company states that the price of petrol will be reduced by Id per gallon as from to-day. SWMP IN POTATO PRICES CHRISTCHURCH, August 7. The potato position is as weak as ever, and the history of a great many years docs not give another instance where values have been so low at the corresponding period of the year. The f.o.b. price for all deliveries is 355, and this week some farmers have sold at 17s 6d a ton on trucks. Buyers of potatoes are quoting 15s a ton on trucks to-day, but are not securing any supplies at that figure. Business is practically lifeless in other * sections of the market.

Addressing the Canterbury Law Students’ Society, Dr John Guthrie described the law courts as the last citadel of defence of the English language, and the lawyers as its garrison. The courts, he said, demanded a dignified deportment on the part, of the profession and the use of dignified language, and he expressed the hope that they would always discourage colloquialisms.-

HIGHER TAXES INCREASES SINCE THE WAR. How taxation in the Dominion has increased since the war is shown m the New Zealand Trade Review, by C. W. Carroll. Revenue derived from Customs, land, income, death duties, totalisator, duty on instruments, and other taxes are compared as under: —- TOTAL REVENUE.

A comparison of both the amounts and the percentages of 'increase of each class for the latest year and the year before the war as given below is of considerable interest: — Amount of Revenue,

The returns cannot, of course, refer to the Budget now before Parliament. STANDARD INSURANCE COMPANY, LTD. ANNUAL REPORT. The annual report of the directors of the Standard Insurance Company, Ltd., states that the income from all sources for the year amounts to £226.949 8s Id, to which has to be added the balance brought forward from last yeai\ £23,144 9s 4d. The surplus on the year's operations. after making full provision for all ascertained losses to June 30, payment of an interim dividend, donation to the Guarantee and Provident Fund, and the depreciation of securities, amounts to £35,558 19s sd. Out of this surplus the directors recommend the payment of a dividend at the rate of Is 3d per share, and the carrying forward to next year of £23,058 19s sd. EXCHANGE RATES Bank exchange rates as revised for August 4. 1931. are as follow: — NEW ZEALAND ON LONDON.

NEW ZEALAND ON AUSTRALIA. Buying per £lOO, New Zealand —£119 7s 6d. Selling per £lOO, New Zealand—£llB 12s 6d.

PROBLEMS IN AUSTRALIA AN ACCUMULATION OF TROUBLES. Messrs H. Byron Moore, Day, and Journeaux write in their last monthly review:— Whilst it was universally conceded that 1931 would be a difficult period owing to the accumulation of troubles existing ■when the year commenced, even the most pessimistic would not have forecast that conditions would develop into such a stale of chaos as subsequent events have demonstrated. Briefly our troubles consisted of—(a) A decline in national income from £650,000,000 to £480,000,000. (b) Tremendous fall in the prices of our primary produce as, follows:—(1) A drop of 55 per cent, in woo] prices, compared with the 1929 level. (2) A drop in overseas wheat prices from 47s per quarter at the end of 1929 to 25s per quarter, and the internal price from 5s 3d per bushel to 2s 4d per bushel. (c) Accumulated Budget deficits by the Commonwealth and State Governments of £22,720,728.

Id) An enormous floating debt in London and heavy short term indebtedness in Australia.

I e) High interest charges and sudden stoppage of loan money owing to the inability to borrow either on the overseas or local markets.

if) Heav.v interna] debts maturing during 1931 by the Commonwealth and States. (g) A stringent banking position owing to the heavy demands being made by the Governments for accommodation. (h) Growing unemployment. (i) Political unrest and loss of public confidence. (j) Rising exchange rates resulting in excessive costs in remitting funds abroad to meet interest and sinking fund obligations.

Other troubles of less importance had also accrued and further difficulties were threatened by the attitude of the Federal Labour Party in framing legislation that would only aggravate rather than alleviate the distress in our midst. The most obvious of our troubles which for many years had been in evidence was the tremendous cost of production arising from high wages and comparatively short working hours This had brought about by the various arbitration awards and the persistent increases which resulted from the compromising attitude towards settling the many strikes and lock-outs, which unfortunately have made a severe blot upon the industrial histori of Australia. Referring to the future, the review states: —

“ Although the nation’s affairs were allowed to drift in the early part of the year, it is now quite evident that the various Governments, having a definite plan to work to, will do their utmost in carrying it to a successful conclusion It should mark a turning point in oui internal affairs, and if assisted by an improvement in external conditions resulting from the suggested postponement of war debt payments, there is justification for the belief that Australia is now passing through the severest stages of the depression and about to take an upward turn in the long and gradual curve towards financial and economic recovery. *' During the next six months many important developments should take place. There are already indications of a return of confidence, which would be hastened by a satisfactory response to the co;i version loan. Much will depend upon the attitude of the Commonwealth and State Parliaments in dealing with the emergency measures so necessary in the lifting of the depression. Freedom from party politics is an essential qualification, and, if the spirit which prevailed at the Premiers’ Conference be maintained, the burden of future legislation should be considerably lightened.”

Aiugust 11, 1931. Potatoes, 3s Cd per cwt. Carrots, 4s per cental bag. Swedes, 2s per cental bag. Parsnips, 4s Cd per cental bag. F ma: MERCHANDISE MARKET Cop Saturday Morning. Cop * On account of the primage duty on EIe< Mildura currants, sultanas, etc.—the E1& primage being based on the consumptive Wk value in Australia—the prices for these Lea commodities have been advanced by id Lea per lb. Californian dried fruits have Spe also advanced in price. Spe Icing and caster sugar has been adTin vanced id per lb. Some manufacturers have advanced the price of jellies by Is per gross. The National Tobacco Company has advised distributors of the new prices for Riverhead, Cavendish, and No. 10 and No 3 tobaccos. The increase represm Silt J Bents Is 9d per lb on the 2oz tins and Is 2d per lb on the loose tobacco. Edgeworth and Richmond tobaccos are now quoted at 15s 3d and 12s 9d per lb re respectively. Zigzag cigarette papers are quoted at 10s per- box. N< The prices of English stout and ale> Bt quarts, pints, and nips, have been revised on account of the increased duty. An increase has taken' place in the Gc landed cost of Australian' grown rice. Ot The wholesale market is practically Of bare of sago and tapioca. Small supSi plies are being received from Australia, Go but it will be about September 12 before full supplies arrive by the direct ! steamer Narbada from Singapore. Californian prunes and Thompson’s seedless raisins are showing a higher cost P to land. R The prices for new season’s walnut meat p are row named. They are higher than o the quotations last year. Merchants are o still short of supplies of pieces. St Pepsodent tooth paste has been reduced in price. K and Oak pears, in the smaller sizes. G chow a reduction in price. D The Australian Dried Fruita Control 0 Board advises that supplies of sultanas N are practically exhausted, but that G limited supplies of currants are still available. The Wingatui and the Waimarino areexpected this week with supplies of sugar. is The Tainui, due on Thursday, is bringing Egyptian lentils. Morton’s goods, Adams’s furniture polish, English saltal 4 petre, etc. COMMERCIAL LONDON STOCK EXCHANGE. o B B LONDON. August G.. x B The following are the latest quotations for Got1 eminent securities compared with the prices ruiine 6 last week:— Last week. This ween £ s. d. £ s d Imperial Consols. 254 p.c. .. 5S 5 0 57 12 C War Loan. 5 p.c.. 1929-47 .. 102 2 6 101 17 6 Conversion Loan. 354 p.c. .. 78 15 0 80 10 0 Victory. 4 p.c. 94 10 0 95 0 0 a C’wealth 6 p.c.» 1931-41 •• 87 10 0 80 15 0 c C'wealtli 514 P.c.. 1922-27 .. 75 5 0 74 0 0 N.Z 6 p.c.. 1930-51 .... 101 15 0 102 0 0 N.Z 4 p.c.. 1920 93 5 0 90 15 0 N.Z 314 p.c.. 1940 .... 80 10 0 84 17 G N.Z. 3 p.c.. 1945 77 0 0 75 15 0 N.S.W 614 P.c.. 1930-40 .. 81 10 0 83 0 0 N.S.W 6 p.c.. 1930-40 .. .. 81 10 0 78 5 0 N.S.W 5% p.c.. 1922-32 .. 78 10 0 70 0 0 NSW 4 p.c.. 1933 .... 72 10 0 70 0 0 N.S.W ’354 p.c.. 1930-50 .. 63 10 0 65 0 0 N.S.W 3 p.c.. 1035 .... 50 10 0 53 0 0 \ Vic 614 P.c.. 1930-40 .. .. 65 15 0 64 10 0 1 r Vic. 6 p.c.. 1932-42 .. .. 70 10 0 70 0 0 Vic. 4% p.c.. 1940-60 .. .. 78 10 0 74 0 0 1 Vic. 314 P.c.. 1929-49 .... 54 10 0 51 0 0 Vic 3 p.c.. 1929-40 .... 48 0 0 47 0 0 i O'land 6 p.c.. 1930-40 .. 82 5 0 81 10 0 i O'land 5 p.c.. 1940-60 .. 70 0 0 68 10 0 c Q'land 3 p.c.. 1922-47 .. 52 0 0 47 0 0 c S.A. 614 p.c.. 1930-40 .... 86 5 0 84 0 0 S.A. 354 P-C.. 1039 .... 63 0 0 61 0 0 S.A. 3 p.c.. 1918 or after .. 42 0 0 44 0 0 W.A. 4 P.c.. 1930 40 .. .. 81 0 0 81 10 W.A 354 p.c.. 1920-35 .. 71 0 0 71 0 0 W.A. 354 P.c.. 1915-35 .. 61 0 0 65 10 Tas. 6’4 P.C.. 1930-40 .... 88 0 0 90 0 Tas. 354 P.C.. 1920-40 .... 61 0 0 58 0 ( Tas. 3 p.c.. 1920-40 .... GO 0 0 55 0 (

FOREIGN EXCHANGES. RUGBY. August 6. Tar. tug. 4 Aug. 6. Taris, fr to £1 .. ..124.21 123.9 123.9 Brussels, be! gas to £1 35 34.84 34.82% Oslo, kr to £1 .. 18.150 18.16% 18.16% Stockholm, kr to £1 .. 18.150 18.15% 18.15% Copenhagen, kr to £1 18.150 18.16% 18.16% Berlin marks to £1 .. 20.43 20% 20% Montreal, dol to £1 .. 4.86 2-3 4.87% 4.86 11-16 New York, dol to £1 4.86 2-3 4.85 1316 4.85% Yokohama pence to Fen 24.58 24% 24% Hongkong, pence to iol 25.15 11% 11% Bombay, pence to rupee 18 17% 17% Batavia. Borins to £1 12.107 12.05% 12.06 Milan. lire to £1 .. .. 92.45 92.90 92.80 Amsterdam, guild to £1 12.107 12.04% 12.04 Prague kr to £1 .. .. 24.02 164 164 Geneva, kr to £1 .. .. 25.22% 24.91 24.85% Vienna, schilling® to £1 24.55% 34.57 34.55 Helsingfors, marks to £1193.334 183% 193 Madrid, pesetas to £1 25.22% 54.25 56% Athens, drachma to £1 25.22% 375 375 Lisbon, escudos to £1 4.50% 110 110% Bucharest, lei to £1 ..973 817 817 Rio de Janeiro, pence to milrels .. .. .. 18 3 5-16 3% Buenos Aires, pence to pesos •• .. 47.82 33 31% Shanghai, pence to tael 23% 14% 14%

Copper, spot Ton. Fall £0 0 7% £32 13 0 Copper, forward .. 33 11 10% No Change Electrolytic, spot • • .. 35 0 0 No Change Electrolytic, forward .. 36 10 0 Fall 0 10 0 Wire bars 36 10 0 Fall 0 10 0 Lead, spot .. .. .. 12 2 G Fall 0 7 « Lead forward .. .. 12 G 3 Fall 0 1 3 Spelter, spot .. .. .. 11 0 0 Fall 0 12 6 Spelter, forward .. 11 13 □ Fall 0 a 0 Tin. spot 108 11 3 Kiss 0 3 9 Tin. forward .. .. .. 111 1 3 Fall 1 11 3 Ox. Silver, fine 13 l-16d No Change Silver, standard .. .. 14 1-lGd No Change

Note issue in circulation Banking department .. .. £365,251.566 43,265,049 £408,516,615 Government debt Other Government securities Other securities Silver coin Gold coin and bullion £11,015,100 257,315,021 2.577,424 4,092,455 133,516,615 £408,516,615 BANKING DEPARTMENT. Proprietors’ capital Rest Public deposits Other deposits (bankers) Other accounts .. .... .. Seven-day and other bills .. £14,553,000 3,584,180 11,438,012 63,436,883 - 33,175,357 1,415 £126,188,847 Government securities .. .. Discounts and advances .. .. Other securities . . . . . . £49,310,906 9,018,855 23,282,897 43,265,049 1,311,140 Notes in reserveGold and silver coin .. .. £126,188,847

March. £ 1914 5 918.034 1931 . .. 18.87S.2S5 Percentages under different headings compare as follow: — 1914 1931 p.c. p.c. Customs .. 60 43j Land . ..13 6 . .. 94 21 Death . .. 104 All -others . .. 7 201

1930-31. £ 1913-14. Incrse. £ p.c. Customs .. 8.181,076 3,554.785 132 Laud tax 1,145.617 767.451 49 Income tax 4,003.606 554.271 627 Death duties 1.809.735 613.751 196 Other .. 3.738.251 428.776 769 18.878,285 5,918.034 220

Buyins Selling Per f 100 in Per £100 in London. London. £ s. d. £ s. d. — Tele, transfers. 110 0 0 108 10 0 On demand. 109 10 0 108 8 63 days. —■ 108 2 6 30 days. 109 5 0 107 15 0 GO days. 109 0 0 107 7 <5 90 days. 108 15 0 107 0 0 120 days. —