Commerce, Mining, & Finance

Evening Star, Issue 22447, 18 September 1936, Page 7

Commerce, Mining, & Finance

THE RESERVE BANK THE WEEKLY SUMMARY [Pb Unitid Press Association.] WELLINGTON, September 17. The ‘ Gazette ’ issued to-night contains the following statement of the liabilities and assets of the Reserve Bank of New Zealand as at the close of business on September 14. The figures at the close of last week are given for the purposes of comparison, shillings and pence being omitted:—

AUSTRALIAN STOCK EXCHANGES Press Association—By Telegraph—Copyright [_ SYDNEY, September 17. Investment prices showed a hardening tendency on the Stock Exchange to-day, the exception being the banking group, the values of which shaded. The turnover was heavy. '

RABBITSKIH SALE The Dunedin Stock Agents and Wool Brokers’ Association reports as follows:—Catalogues were again smaller at yesterday’s sale, and the quality of the winter grades offered was definitely poorer. The demand for export to America showed signs of slackening, and all grades of winters were 3d to 6d lower than last sale. The following is the range of prices:— Summer broken,' 28id to 28|d; second winter broken, 40d to 42d, first winter broken, 50d to Slid; runners, 27d to 28id; summers—bucks 29Jd to 30id, does 30Jd to 31id; small, 17id to 18Jd; light racks, 33d to 35d; first spotted winters—bucks 108 d to 112 d, does 70d to 73d; second winter bucks, 12od to 126 d; second winter does, 78d to Slid; first winter bucks, 13od to 138 d; first winter does, 87d to 89Jd; prime bucks, 138 d to 139 d; prime does, 91id to 92id; outgoing—bucks 89d to 98id, does 60d to 64d; springs—bucks 60d to 64id, does 40d to 41d; milky, 32d to 40d; fawn, 30d to 40d; winter fawn, to 70d; summer black, 22d to 23d; first winter black, 81d to 84d; second winter blacks, 66d to 68d; hareskins, 32d to 43d; horsehair, to 18id. PRICE OF GOLD Press Association—By Telegraph—Copyright LONDON, September 17. (Received September 18, at noon.) Fine gold is quoted at £6 17s 4d an ounce. AMERICAN WHEAT IMPORTS Press Association—By Telegraph—Copyright ■ _ NEW YORK, September 16. It is reported that the Agricultural and Commerce Department’s estimates indicate that the nation must import about 42,000,000 bushels of wheat, which is four times more than in any years previous to 1934,

THE SEARCH FOR GOLD MOUNT DAVID COMPANY The secretary of the Mount David Sluicing Company Ltd. (Mr I l '. R. Thompson) advises both debentureholders and shareholders of the company that the receivers have resumed possession of the claim. Mr W. G. Baird has been appointed manager, and it is anticipated that sluicing operations under the new management will begin again almost immediately. GILLESPIE'S BEACH REPORT The annual report of the Gillespie’s Beach Gold Dredging Company Ltd., which will be submitted to the shareholders at the annual meeting to be held on October 9, states, inter alia; At the end of April the chairman, after a visit to the claim, reported the dredge to be in a bad state and a heavy overhaul necessary. This overhaul was conducted by Mr George Pettigrew, who, at this time, superseded Mr Donald Sutherland as dredge manager. The work was very comprehensive, including new toil and bottom tumbler, reconditioning and strengthening the shaker and new plates in same, while the bulk of bearings and distribution boxes, races, and other table accessories, sparge pipes, etc., were renewed. Mr Pettigrew deserves considerable credit for this work, which the directors recognise. The above-mentioned work was costly, and added to by the all-round increase in prices for all iron work and dredge supplies. The dredge recommenced operations on July 6, and has been running steadily since. The gold returns during the year under review amounted to 1,699.30 z, of the value of £13,592 4s 7d. Export duty of £1,060 18s 3d was paid to the Government. Since June 30 the gold returns have largely increased, and augur well for the future success of the claim. As the new award for dredgemen has not yet been made, it is impossible to gauge what effect, in extra costs, the recent Government legislation will have on the company. Transport to the claim has been, and still is, a difficult and expensive problem, and considerably affects not only the running costs, but the expense and worry during overhaul work. In fact, transport is dependent entirely on weather conditions, which during the last few months have been very bad. However, shareholders will be pleased to learn that the Government has consented to make a road to the claim. The directors have promised a contribution of £650, while the, Westland County Council is also contributing £250. This expenditure is more than _ justified, and will be saved directly in a short time by reduced and normal transport charges, and also indirectly by increased facilities to directors, snareholders, and to the general welfare of the-crew. Since the end of the financial vear the directors have paid to the ‘Public Works Department the afore-mentioned contribution of £650. and it is expected that the road will be started before the end of the present month. It is with very deep regret that your directors , record the death during the year of Mr Vernon Smith, who was a director of the company since its formation. His place has been filled by Mr W. D. Lambert. We also deplore the death of Mr John Williamson, a valuable empoyee "of the company since its inception. Mr J. Fowell, the former chairman of directors, is resigning from the boa™, as he is now resident in Auckland, and the directors propose to nominate Mr J. M. Stewart to fill the vacancy. As there are very few shareholders who hold the, necessary qualification to act as directors, it has been considered advisable to reduce this from 5,000 shares (£250) to 3,000 shares (£150) by special resolution, which will he submitted to the annual meeting. KAURI GUM EXPORT SHARP DECREASE SHOWN AVERAGE PRICE LOWER. Following an increase during July, there was a sharp decline in the amount of kauri gum exported from Auckland last month. A total of 257 tons was shipped overseas, compared with 347 tons in July. The average price also fell, being about £25 14sr a ton, against £27 15s m July and £32 5s in June. . , . The following table gives details of the amounts of _ gum shipped, the country to which it’was consigned and the value:— Country Tons Value (£) United Kingdom ... 226 5,757 Australia ... ... 15 359 Japan ... 16 Totals 257 6,603 In July 264 tons were shipped to the United Kingdom and 16 tons to Australia. No exports were made to Japan, although five tons was sent in June and July. Other countries which generally import kauri gum are France, Germany, Canada, and the United States. “ The shipment of a greater quantity of poorer gum has had the effect of lowering the average price,” said a dealer yesterday. “ Values normally would have been higher as the kauri gum market is now more satisfactory. The gum is selling readily on arrival, but in many lines, such as black gums, the supply cannot meet the demand. Stocks of good chips also are smaller than could be disposed of. “ All varieties with the exception of_ bush gums, are selling at higher prices, mainly because of the short supplies. Dealers have already turned down several orders. The giim is in the country, but producers are holding off for beter values.” THE METAL MARKET fregs Association— By Telegraph—Copyright LONDON, September 16. The following are the official metal quotations:— Copper.—Spot, £3B 19s 4] cl per ton : forward, £39 3s l*d. Electrolytic.—Spot, £43 ss; forward. £43 15s. Wire bars, £43 15s, Lead.—Forward, £lB 11s 3d; spot. £lB 10s. ’ 1 Spelter.—Spot, £l4 8s 9d; forward, £l4 13s 9d. Tin.—Spot, £194 10s; forward, £l9l 7s 6d. Silver.—Standard, 19£d; fine, 21 l-16d per oz.

COMPANY NEWS MILNE AND CHOYGE SLIGHTLY HIGHER DIVIDEND The accounts of Milne and Choyee Limited for the year ended July 31 show a net profit of £343, against £10,256 earned in the previous year and £10,851 in 1934. The report states that the reduction m profits is duo to non-recurring adjustments and a dividend of 4 per cent., against 05 per cent., on ordinary shares and debenture stock is recommended. With £34,800 brought forward £35,143 is available. Dividends on the 6 per cent, and 7 per cent, preference shares, together with the ordinary and debenture stock payment, require £10,590, leaving £24,553 to be carried forward. , . The directors report that the volume of business shows an increase and is the largest since 1931. Full allowances have been made for bad and doubtful debts and depreciation, and a substantial reduction has been made in the company’s liabilities. The retiring directors, Sir George Elliot and Mr E. H. Robinson, are available for re-election. Total assets, are £425,190, a reduction of £71,513. Fixed assets are moderately lower, but stocks are valued at considerably less. The drop is partly offset by an increase in debtors. Gash on hand and at bank is lower by £8,859, but there is a new item, investments of £2,423. The company has been able to reduce its mortgage debt by £5,771 to £51,561. Creditors and depositors are £47 245 lower at £31,108. The reduction of £9,390 in specific reserves is due almost entirely to a lower income tax appropriation. Insurance, stock depreciation and bad debts reserves are practically unchanged. "’ "" \ BARTHOLOMEW TIMBER INCREASE IN NET PROFIT The Bartholomew Land and Timber Company Limited reports a net.profit for the year -ended July 31 of t 0,04/, against £2,776 earned in the previous year and £2,249 in 1934. The company is paying a dividend of 5 per cent, and a bonus of 1 per cent, for the year, compared with 5 per cent, paid in tlie previous year. ~ The directors State that the company has completely recovered from the dislocation of trade incidental to the nye, and the year has shown a substantial increase in' sales. The new mill is running most satisfactorily and has proved an economical unit. The carrying out of extensive repairs and renewals to the tramways and bridges, which was reduced to a minimum (luring the slump period, was undertaken throughout the year, and these assets are now in a much-improved, state. Total assets are £lB3 lower at £73,275. Bank overdraft of £1,497 has been converted into a credit bank balance. AUSTRALIAN GUARANTEE CORPORATION The Australian Guarantee Corporation records a net profit of £44,241 for the year ended June 30, and dividends of £10,187 from investments, a total of £54,428. Of this amount, £3.831 has been reserved for income tax. The previous year the net profit was stated at £21,734. There was no statement as to dividends on investments in that year, when £5,000 was transferred to tax reserve. With £1,497 brought forward, £52,094 is available. Dividends are 7i per cent. (3 per cent, interim and 4i per cent, final) on the paid-up capital, requiring £24,822, 1 per cent, on the uncalled capital accounting for £778, and 6 per cent, on preference capital absorbing £1,167. After writing hack £4,472 from exchange reserve account, £9,347 from bad debts recovered account, and £4,184 from insurance account an amount of £36,000 is written off proprietary rights and £4,671 off furniture and motor cars, leaving £2,659 to be carried forward. Increase in the aggregate turnover for the year was slightly more than 47 per cent., which is reflected in the substantial increase in liquid assets and gross profit. WAIREWA DAIRY COMPANY The annual meeting of the Wairewa Co-operative Dairy Company Ltd. was held in Little River recently. Mr T. Mould presided over a fair attendance. In presenting the report, Mr Mould stated that the output of 170 tons of cheese for the season was a record. The manager (Mr I. Shirley) was congratulated on his high average grade of 93.09 for the season, and also on having 87 per cent, of hia export cheese graded finest. It was decided to pay a dividend of 4 per cent, on the paid-up capital. A shilling per lb butter-fat had been paid to date, and the final distribution will be made later. T. N. Gibbs and Co. were reappointed auditors. Messrs T. Mould, N. Pidgeon, and J. J. Flynn were re-elected directors. HOYTS THEATRES LTD. Profit of Hoyts Theatres Ltd. for the year ended June 30 last was £61,089, according to a preliminary statement issued by the managing director. The profit, which is subject to audit, now being carried out, compares with £50,826 for the year ended June 30, 1935, and £52.802 for 1933-34. Two half-yearly dividends on the 6 per cent, and 5 per cent. “ A ” and “ B ” preference shares have been paid, accounting for £46,500. A sum in excess of £46,000 was expended during 1936-36 in redecorating several theatres, while others were completely rebuilt.

GAM DAIRY COMPANY DIVIDEND. 3 PER CENT. An increased output of butter and higher prices were secured by the (Jam Dairy produce Company Ltd. for the year ended July 31, 1936. The directors’ report states: — “It is pleasing to record that the price of both butter and cheese has shown a considerable improvement over the previous season, and has enabled an average payment over all grades slightly in excess of 12£d per lb of butter-fiat, including bonus to be made to suppliers. The output of butter increased by 20 per cent, over the previous season, but the output of cheese showed a 'decrease of 17 per cent. “ The butter profit and loss account shows a credit balance of £2,509 Is Id, and the cheese profit and loss account a credit balance of £926 17s Id, and your directors recommend that these balances bo dealt with as follow < — To pay a dividend of 3 per cent, on paid-up share capital. To make a final payment of 2d per lb on all butterfat supplied for both butter and cheese making. To carry balance forward. Depreciation amounting to, £265 has been written off buildings and plant.” FOREIGN EXCHANGES ON NEW ZEALAND CURRENCY BASIS The Bank of New South Wales, Dunedin, quoted the following rates (to-day) for purchase and sales of foreign exchanges (all rates subject to alteration without notice): —

DOLLAR RATES. The Associated Banks (other than the Bank of New South Wales) quoted the following dollar rates to-day on a New Zealand currency basis. They are subject to alteration without notice:— U.S.A. Canada. 1 (Per £1 N.Z.) (Per £1 N.Z.)

DOLLAR AND FRANC Press Association —By Telegraph—Copyright LONDON, September 17. (Received September 18, at noon.) The dollar is quoted at 5.06 5-8, and the franc at 76 15-16.

THE SHARE MARKET BUNEDIH STOCK EXCHAME Quiet conditions again prevailed on the local share market tins morning, and price levels remained practically unaltered. Commercial Banks had reported business at the linn price of 18s 4d, the market closing with further buyers at 18s and sellers at IBs 6d. E.S. and A. Banks were available at £6 Is, but investors failed to show any interest in them. Insurance shares continued to be neglected, though Nationals moved up another Id to buyers at 18s sd, without attracting a seller. Eefrigeratings remained in a weakened condition, the paid issue being available at 19s sd, without response, while 9s was the limit of buyers for the contributings. In the miscellaneous group British Tobaccos had strong inquiry at 42s 3d, with sellers firm at 435. Buyers failed to quote for Broken Hill Proprietary, though both issues had firm sellers. Dunlop Rubbers showed further improvement, both buyers and sellers increasing their limits by 2d. G. J. Coles were fractionally easier, following the announcement of an interim dividend of per cent. National Electrics were a shade firmer, and New Zealand Newspapers were for sale at the reduced price of 40s 6d. In the Australian mining section Electrolytic Zincs experienced a rather sharp rise, and Mount Lyells were easier, with only Id separating the quotations. In the local gold mining Argos had reported business at Is 9jd, and Gillespie’s were a little easier at Is 6d. SALES EEPOETED. Commercial Bank, 18s 4d. Argo Gold Dredging, Is 9jd. SALE ON ’CHANGE. Gillespie’s Beach, Is 6d. Quotations as under: —

DIVIDENDS DUE Kaiapoi Woollen —Ord., 5 per cent.'; pref., 5 per cent. ... Sept. 19 North Broken Hill—Dividend and bonus, 5s per share Sept. 20 N.Z.. Drug Co. —Interim, 3i per cent Sept. 21 Renown Collieries Ord., lOd, final pref. at 7 per cent. ... Sept. 21 Argo Gold Dredge—ld a share ... Sept. 21 Milne and Choyce (Auckland) — ord. and deb., 4 per cent. ... Sept. 23 Auckland Farmers’ Freezing per cent, per annum Sept. 25 Nemona Dredge—ld a share ... Sept. 26 Hume Pipe, Australia, Ltd.—s per cent, per annum Sept. 28 British Tobacco —Quarterly, 2 per cent Sept. 28 Myer Emporium, Melbourne— Final, 5J per cent., making 8£ per cent, per annum Oct. 1 Dunlop Perdriau—Final, ord., and pref., 5 per cent Oct. 1 Lincoln Mills —Final, pref., 5 per cent., and ord, 8 1-3 per cent. Oct. 2 Bank of Australasia—lnterim, 3s 6d per share Oct. 2 Howard Smith—Ord., 11 per cent.; pref., 1£ per cent. ... Oct. 6 Imperial Chemical Industries Ltd. —lnterim, 2£ per cent., on ordinary shares ... ... ... ... Nov. 2

LIABILITIES. Last Week. This Week. £ 1. Genera? Peseive Fund 1, SOU, 000 11,061,011 1,500,000 11,012,360 2. Bank notes 5,870,470 5,646,307 (bj B.tnks 6,073,391 6,227,976 (c) Other 255,991 132,551 4. Time deposits . . - . — — 5. Liabilities in currencies othei than Nc* Zealand currency — . — C, Other liabilities ••• 91,769 91,111 Total H . ... ASSETS. 7. Reserye— ,a) Gold 2,801,733 2,801,733 (h Sterling exchange , 18,817,195 18,819.071 (c) Gold exchange 8, Subsidiary coin 181,813 180,023 9. Discounts — (a) Con mcrcial and agricultutai Dills — — (b) and local body bills — — 10. Advance.*--lai To State or State undertakings 71,815 710,900 (b To othe p^olic . authorises — — (c) Other ... ... — — 11. Investments ... .«• .. ,. 2,038,321 *,035,850 13. Bank buildings — — 13. Other assets ... ... 271,726 66,126 Tolal Proportion of reserve (No. 7 less No. 5) to notes a.id other lia- . bililies 93.070% 93.933%

£ s. d. Bank of New South Wales 33 2 6 Commercial Bank of Sydney 19 19 0 Commercial Bank of Australia 0 18 6 Bank of New Zealand 1 19 0 United Insurance 11 13 0 South British Insurance ... 4 10 0 Burns, Philp 3 12 9 British Tobacco (New Zealand delivery) 2 3 6 Tooheys 1 13 li G. J. Coles 4 2 3 Drug Houses 1 12 0 Australian Glass 4 15 9 Henry Jones ... .;. ... 2 3 0 Fairymead Sugar ... ... 1 16 0 David Jones 2 5 9 J. Feilding ... ... ■ 4 0 0 Meggitts 1 6 9 Mauri (Brothers 3 8 6 Mark Foy 1 13 1* Gordon and Gotch (pref.) 1 12 7 Victoria Nyanza 0 13 0 Mount « . 012 6. Mount Lyell ... 1 9 101 Broken Hill Proprietary ... 3 17 3 Broken Hill Pty. (new) ... 2 17 6 South Broken Hill 6 7 6 North Broken Hill 10 0 0 Mandated Alluvials 1 6 6 MELBOURNE, September 17. Industrials were strong, particularly Electrolytic Zinc and Drug House. Minings were quiet. £ s. d. National Bank (£5 paid) 7 4 0 National Bank (£10 paid) 14 9 0 Howard Smith 0 19 4 British Tobacco 2 3 7i Carlton 'Brewery 3 0 0 G. J. Coles ... 4 2 6 Australian Glass 4 15 9 Electrolytic Zinc 2 3 9 Electrolytic Zinc (pref.) ... 2 4 10* Mount Lyell 1 9 9 Broken Hill Proprietary ... 3 17 0 North Broken Hill ' 9 19 0 Zinc Corporation 4 0 9 Emperor 0 15 7 Loloma 1 4 3 General Motors 1 4 0 Gordon and Gotch 2 11 0 Irowat ... ... ... ... ... 0 2 0 ‘ Herald ’ and ‘ Times ’ ... 3 8 0 Myers : 1 15 6

Buying Selling. London— £100 stg.. N.Z . T.T. £124 £124 10/ O.D. ; £123 10/ £124 8/9 Australia— £A to £100 N.Z , T.T. £101 £100 10/ Fiji— £F to £100 N.Z. . T.T. £90 7/6 £89 New York— Dollar to £1 N.j£. ... T.T. 4.09i 4.06§ O.D. 4.104 4.06* Montreal — Dollar to £1 N.Z. , ... T.T. 4.08J 4.05* O.D. 4.10 4.05J Austria— Schillings to £1 N.Z ... T.T. 21.08 O.D. — 21.10 Belgium— Belgas to £i N.Z t ... T.T. — 23.954 O.D. 23.965 Czechoslovakia — Crowns to £1 N.Z ... T.T. — 97.39 O.D. — 97.44 Denmark— Kroner to £1 N.Z ... T.T. 18.203 17.893 , O.D. 18.263 17.903 Prance— Francs to £1 N.Z .... T.T. — 61.52 O.D. — 61.56 Germany— Reichmarks to £1 N.Z ... T.T. — 10.043 O.D. — 10.048 Holland— Florins to £1 N.Z ... T.T. — 5.946 O.D. — 5.950 Italy— Lire to £1 • N.Z ... T.T. — 51.50 O.D. — 51.55 Java — Florins to £1 N.Z. ... ... ... T.T. — 5.910 O.D. — 5.914 Norway— Kroner to £1 N.Z ... T.T. 16.181 15.891 O.D. 16.241 15.901 Sweden— Kroner to £1 N.Z ... T.T. 15.785 15.490 O.D. 15.845 15.500 Switzerland— Francs to £1 N.Z ... T.T. 12.391 O.D. — 12.396 Noumea — Francs to £1 N.Z ... T.T. 60.15 O.D. — 60.21 Papeete— Francs to £1 N.Z ... T.T. 60.30 O.D. — , 60.36 Hongkong— N.Z. pence to 1 dollar ... , ... T.T. 17 29-32 18 29-32 O.D. 17 13-16 18 7-8 India and Ceylon N.Z. pence to 1 rupee ... . .. T.T. 22 9-64 22 57-64 O.D. 22 3-64 22 7-8 Japan— N.Z. pence to 1 yen T.T. — 17 5-8 O.D. — 17 39-64 Shanghai— N.Z. pence to 1 dollar ... . ... T.T. 17 23-64 18 23-64 O.D. 17 11-64 18 11-32 Singapore— N.Z. pence to 1 dollar ... , .. T.T. 34 27-64 35 31-64 O.D. 34 15-64 35 15-32

SELLING— T.T. (dol) ... ... 4.0SJ 4.05i O.D. (dol) ... ... 4.06£ 4.06| BUYING— O.D. (dol) ... ... 4.10| 4.10|

Buyers. Sellers. £ s. d. £ S. d. BANKING— Australasia 12 0 0 New South Wales ... 32 15 0 New Zealand 1 19 6 Commercial 0 18 0 0 18 6 E.S. and A 6 i 0 National of New Zealand 3 0 6 3 2 6 INSURANCE— National 0 18 3 Standard — 3 2 0 SHIPPING— P. and 0. Deferred Stock 1 10 0 U.S.S. Co. (pref.) 1 6 0 — MEAT PRESERVING— N.Z. Refrigerating (paid) — 0 19 5 N.Z. Refrigerating (cont.) 0 9 0 — Southland Frozen - (paid) 3 12 6 — South Otago Freezing 7 15 0 8 0 0 LOAN AND AGENCYN.Z. Loan and Mercantile (ord.) 32 0 0 — N.Z. Guarantee Corporation 0 5 6 — Perpetual Trustees ... 3 4 0 COAL— Kaitangata 1 1 0 — Westport — 1 3 3 WOOLLEN COMPANIES— Bruce (ord.) — 0 14 6 Kaiapoi (cont.) — 0 6 6 MISCELLANEOUS— Anthony Hordern ... _ 0 19 2 British Tobacco 2 2 3 2 3 0 Broken Hill Proprietary — 3 17 0 Broken Hill Proprietary (cont.) ... — 2 17 0 Brown, Ewing (ord.) 0 16 9 — Brown, Ewing (pref.) 1 2 3 — Crystal Ice Co. 2 5 0 — Dunlop Perdriau Rubber 0 17 10 0 18 4 G. J. Coles ... ... 4 0 0 4 2 0 Hume Pipe — 1 0 0 Milburn Lime and Cement ... ... ... — 2 3 0 National Electric ... 0 13 0 — N.Z. Drug Co 3 15 0 — N.Z. Farmers’ Fertiliser 1 1 0 — N.Z. Newspapers — 2 0 6 N.Z. Paper Mills ... 1 6 0 — ‘ Otago Daily Times ’ — 2 8 0 Regent Theatre 1 1 6 BREWERIES— New Zealand 2 12 0 2 13 0 Tooth’s 2 16 0 2 16 9 Carlton 2 19 0 — AUSTRALIAN MINING— Electrolytic Zinc (pref., £1) 2 4 3 — Electrolytic Zinc (ord., £1) 2 2 6 2 3 9 Mount Lyell (£1) 1 9 4 1 9 5 Mount Morgan (2s 6d) 0 12 0 GOLD MINING— Argo Dredging (Is) 0 1 9 0 i ii Central Shotover (Is) — 0 0 5 Gillespie’s (Is) 0 1 5 0 1 6 King Solomon (Is) ... 0 0 9 0 1 0 Molyneux River (2s) 0 1 8 — Okarito (5s) — 0 5 6 Paddy’s Point (5s) ... 0 2 0 0 3 0 Waimumu Sluicing (Is) — 0 0 10* Waipapa Beach (Is) — 0 0 11 Waitanu (5s) — 0 2 3 N.Z. GOVERNMENT LOANS— (Bonds quoted are £100 Bonds.) 3* p.c. Stock, Nov., 1938-52 103 15 0 —' 3* p.c. Stock, March, 195943 101 5 0 — 3jr p.c. Stock, Sept., 1939-43 101 5 0 — 3* p.c. Stock, May, 1939-52 103 5 0 — 3* p.c. Stock, March, 1941-43 101 5 0 — 3* p.c. Stock, Sept., 1941-43 101 5 0 — 3* p.c. Stock, May, 1941-52 103 5 0 — 3* p.c. Stock, Nov., 1941-52 103 5 0 — 4 p.c. Stock, 1937-40 — 102 0 0 4 p.c. Stock, 1946-49 — 105 17 6 4 p.c. Bonds, 1952-55 105 5 0 — 4 p.c. Stock, 1952-55 105 5 0 —