Commerce, Mining, & Finance

Evening Star, Issue 22452, 24 September 1936, Page 9

Commerce, Mining, & Finance

COMPANY NEWS BALLINS BREWERIES LTD. STATUTORY REPORT PRESENTED The statutory meeting of the shareholders of Ballins Breweries (N.Z.) Ltd., was held on Monday, when Mr J. Mawson Stewart, chairman of directors, presided over an attendance of more than 200. The statutory report, which was adopted, stated:— “ The total number of shares allotted by the company is 200,510 shares of £1 each, and of these shares 20,000 have been allotted as fully paid up, otherwise than in cash, and 180,510 shares have been allotted subject to the payment of the full nominal amount thereof in cash. • “ The shares allotted as fully paid up have been allotted to Ballin Bros. Ltd., in accordance with the terms of a memorandum of agreement made between Ballin Bros. Ltd., as vendors, of the first part and Percy Norman Quartermain as trustee of the second part, and the company as purchaser of the third part. . “ The total amount of cash received by the company to August 31 ; 1936, in ‘ respect of the 180,510 shares issued for a cash consideration is £85,155 7s 6d, and 20,000 shares have been allotted as aforesaid. The preliminary expenses paid to date are as follows: —Brokerage, £9,915 18s; printing, advertising, stamp duty, etc., £1,612 4s 7d; and it is estimated there will be an additional £l,lOO required to cover printing and stationery, legal expenses, etc., but excluding brokerage.” . , , ~ Other payments mad© include tne following Victoria Brewery Ltd., £14,203; Ballin Bros. Ltd., £24,158; land, buildings, and plant, £4,124; hotel freeholds and advance on mortgages, £44,949; purchase of goods, duty, sales tax, etc., £13,878; wages, salaries, and travelling expenses £2,579; general expenses, £469; petty cash, £2O; a total of £115,910. Uncalled share capital amounts to £137,076, less calls paid in advance, £41,721. The bank balance stands at £25,741. , . The appointment of the following provisional directors to act as directors was confirmed: —Messrs T. Aspell, H. L Ballin, O. L. Ballin, E. Boulton, A. W. Douglass, P. N. Quartermain, C. J. Ronaldson, R. Shand, and J. M. Stewart. Mr J. B. Neale, F.P.A.N.Z., was appointed auditor NELSON AND WEST COAST HOTELS LTD. CHAIN OF MODERN HOTELS The prospectus of the Nelson and West Coast Hotels Limited Company has now been filed at Nelson, v - ,:The-object >jpf. ,the company is the ’ establishment of a chain of first-class modern hotels in Nelson and the West Coast, and to this end the company proposes to purchase the Commercial Hotel, Nelson, and Keller’s Hotel, Hokitika, and to acquire a controlling interest in Hotel Duller, Westport. Hotel Buller, which was erected and opened only in March last, has already established a reputation as a first-class hotel, and its sucess has been • such that the provision of additional accommodation is already under consideration. The Commercial and Keller’s Hotels are well-known leading houses requiring substantially _ increased accommodation to cope with the business offering. It is proposed to add to, renovate, and reconstruct these hotels on modern lines. The proposals for the Commercial entail the demolition of the wooden portion of the building on the corner of Trafalgar and Hardy streets and its replacement by a three-storied reinforced concrete block. A new bedroom block will he added and dining room, lounge, and other accommodation will be increased. Hot and cold water ■ facilities • will be provided in every bedroom. The completed budding will be an imposing three-storied structure with frontages of 54ft and 140 ft to Trafalgar and. Hardy streets respectively. Keller’s Hotel, Hokitika, will be reconstructed on similar firstclass lines. Ample evidence is available that Nelson and the West Coast are substantial losers of internal and overseas tourist business through the lack of sufficient suitable accommodation. The three towns covered by the proposals of and West _ Coast Hotels Limited are the vital links in perhaps the finest tourist route in the Dominion, and the chain of hotels proposed under one control should be of the greatest value and convenience both to the company and to the travelling public. Satisfactory arrangements for leasing the Commercial Hotel have alreadv been inade by the company; Hotel Buller is already satisfactorily leased; and the directors believe that Keller’s Hotel can be leased at an equally satisfactory rental. _ The provisional directors of the company are: Messrs H. R. Duncan, J. Newman, and Dr S. A. Gibbs, Nelson; Mr H. D. Hamilton, Westport; and Mr H. C, Newman, Hokitika. The capital of the company is £43,000, divided into 43,000 shares of £1 each_, of which 33,000 are offered for public subscription. PARA RUBBER The annual report of the directors of the Para Rubber Company Ltd. for the year ended April 30 shows a net profit in the profit and loss account of £2,676, after setting aside £1,439 for depreciation and £BOO for tax. With the balance (£1,694) brought forward from last year, this makes £4,370 available for distribution. The directors propose to pay a 5 per cent, dividend absorbing £1,367, place £I,OOO to reserve, and carry forward the balance of £2.003. The .profits of the subsidiary company, Cotton Brothers Ltd., have not been included in the Para Rubber accounts. The balance sheet as at April 30, 1936, shows:— , Liabilities—Capital, _ £27,352; bank, £14,710; sundry creditors’, bills payable, etc., and suspense accounts, etc., £13,849; directors’ fees, £150; reserve, £12,365 (including £SOO staff provident fund); appropriation account, being brought forward profits of £1,694 from previous year, with net profit this year of £2,676, making £4,370; grand total, £72,798. Assets—Property, £4,823; _ plant, machinery, etc., £6,038; goodwill, £1; shares in other companies, £l3sj[ d©^

bentures, £25; stocks, £35,765; sundry debtors (less doubtful), £25,622; loans to staff, petty , cash, and suspense account, £477; grand total, £72,798. The annual meeting is set down for October 5. INTER-WANGANUI DAIRY The Inter-Wanganui Dairy Company’s annual report shows that for last season there was a record output of more than 300 tons. The butter exported was 100 per cent, finest grade, and secured the highest average grading points in the Dominion. AMALGAMATED WIRELESS SIS PER CENT. PINAL DIVIDEND. Amalgamated Wireless Ltd. has advised the Stock Exchange Association that a final dividend of 6 per cent, has been declared, making 7 per cent, for the year, AUSTRALIAN STOCK EXCHANGES Press Association—By Telegraph—Copyright SYDNEY, September 23. A strong tone, particularly among industrials, was reflected in higher prices for investments on ’Change to-day.

PRODUCTION AND DISTRIBUTION NEW ZEALAND'S NEED OF POPULATION [Per United Press Association,] WELLINGTON, September 23, Speaking at a luncheon tendered, today to Mr R. B. Bennett, the Prime Minister (Mr Savage)_ said that Canada had many problems similar to those of New Zealand. He added that he was looking to the time when representatives of the British Commonwealth of Nations would be assembled around one table, at which they would remain as long as there were problems to solve. Mr Bennett, replying, said he had been impressed with the progress New Zealand had made. There was first of all the problem of over-production, and, in recent times, the problem of distribution. One of the difficulties < in the British Empire was that satisfactory trade agreements were desired to be made between countries producing substantially the same things. Canada exported butter and New Zealand had taken Canada’s 'cheese market. The difficulties of international trade could not be solved by adjusting commodity balances. Mr Bennett said he did not think autocracy could be substituted for democracy in a British dominion. There had to be sufficient education so that the magnitude of the issues to be faced could be understood in _an ago of unrest and doubt. There was this characteristic of the British dominions, that they sought a common end or ends, but by different methods. Mr Bennett thought that New Zealand could not maintain the progress it had made with the present limited population. PRICE OF GOLD Press Association—By Telegraph—Copyright LONDON, September 23. (Received September 24, at noon.) Pine gold is quoted at £6 17s 2Jd an ounce. DOLLAR AND FRANC Press Association—By Telegraph—Copyright LONDON, September 23. (Received September 24, at noon.) The dollar is quoted at 5.07, and. the franc at 77. NEW GUINEA GOLD SHARES Press Association—By Telegraph—Copyright LONDON, September 23. (Received September 24, at noon.) New Guinea Gold shares are quoted at 3s 4Jd,

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): — Buying. Selling.

THE SHARE MARKET

DUNEDIN STOCK EXCHANGE A further sale in E.S. and A. Banks was reported this morning at the firm price of £5 16s, the market closing with quotations unchanged from yesterday, Bank ot New Zealands were again on offer at 395, a buyer coming in at the low figure ot 38s 3d. The market for these shares is being affected to some degree by golfing pressure from Australia. National of New Zealands attracted the first buyer for some weeks, at 595, but sellers failed to case on their long-standing limit of 61s 6d. National Insurances remained firm, and a buyer of South British shares failed to receive a reply. In the meat section, which has been dull for some time, Refrigeratings revealed a forward move, with slightly better buyers for both issues _ . A little more interest was manifested in financial and pastoral issues, Loan and Mercantile ordinaries being wanted at the improved price of £35, with no seller under £3B, while Wright, Stephenson ordinaries had inquiry at 16s and sellers 3s 6d away. In the miscellaneous group Australian Glass were firm at 92s 6d, while Broken Hill Proprietarys were easier with buyers at 75s and sellers only 6d away. Broken Hill rights were quoted from 2s to 2s 3d. Dunlop Rubbers looked firmer with buyers at 18s 3d and no seller. National Electrics moved up 3d to buyers at 13s 3d with no shares on offer, and Woolworths (ord.) had a better buyer by 3s, with no sign of yesterday’s seller at £5 Is. Brewery issues continued to command considerable attention without any change in the quotations, and amongst unlisted stocks Shillings Ltd. improved to buyers at 17s 3d with no seller under 18s 3d. ■ In Australian mining Electrolytic Zincs were unchanged, Mount Lyells eased 3d to sellers at 29s 6d with buyers at 29s 4d, Mount Morgans were firm, and Upper Watuts were quoted from 2s lOd to 3s 3d with a sale in the north yesterday at 3s. Local gold mining issues continued _to experience a dull market, inquiry being restricted to a few issues. The market for Government loans remained firm, with strong buying support for practically all issues. SALES REPORTED.

DIVIDENDS DUE 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 Claude Neon (Australia) —15 per cent Sept. 28 Myer Emporium, Melbourne— Final, 5j per cent., making BJ> per cent, per annum Oct. 1 Dunlop Perdriau—Final, ord., and pref., 5 per cent _ ... Oct 1 United Building Society (Christchurch) —Interim, 2£ 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., 2£ per cent, per annum; pref., 1£ per cent Oct. 6 Amalgamated Zinc (De Bavay’s) —Half-yearly, 5 per cent. ... Oct. 9 G. <T. Coles—lnterim, quarterly, 2i per cent Oct. 15 N.Z. Guarantee Corporation— Final, 2d a share, 9 13-18 per cent, per annum Oct. 30 Imperial Chemical Industries Ltd. —lnterim, 2£ per cent., on ordinary shares Nov, 2 COLOMBO TEA SALE Mr L. M. Wright has received the following cabled report on the Colombo tea auction of September 22: Common kinds remained about steady at lact week’s rates, while quotations for medium and good quality teas eased, and at the close of the auction were id to id lower. At next week’s sale 1,25.0,0001 b will he auctioned. ADDINGTON STOCK MARKET [Pan United Press Association.] CHRISTCHURCH, September 23. There was a setback in values of most of the important classes of stock at to-day’s Addington, market, the fat cattle being the section most affected. Store Sheep.—There was a heavier entry of ewes, and lambs were a shilling cheaper, wether hoggets being about the same, and adult wethers a shade firmer. A pen of ewe hoggets sold at 425. Spring . Lambs.—There were 100 spring lambs penned, and most of them sold at from 26s to 30s; extra good, to 325. Fat Sheep.—ln this section 4,000 were penned. Ewes were 2s a head cheaper and wethers Is cheaper, with several passings near the finish. Best wethers made from 34s to 40s; special, to 445; good, 29s to 335. Best ewes made from 28s to 345; extra good, to 37s 10d: medium, 24s 6d to 27s 6d. Fat Cattle.—A total of 415 fat cattle was penned, as against 565 for last week. There was an easing of from 20s to 25s a head, making for big cattle about 50s in a fortnight. Best steers mad© from £l4 to £lB 10s; good, £ll to £l3 10s; best heifers, £9 to £l2 17s 6d; good, £7 10s to £8 15s. Best cows made from £7 15s to £ll 17s 6d; good, £6 to £7 10s; poor quality, £4 10s to £5 15s. Fat Pigs.—There was a good sale for porkers, with baconers slightly easier. Baconers made from 35s 6d to 49s 6d, an average price per lb of 6d to 6|d. Baconers made from £3 7s 6d to £4 17s 6d, an average price per lb of 6d to 6Jd.

10HD0H MARKETS HIGH COMMISSIONER’S REPORT The Department of Agriculture has received the following cablegram, dated September 19, from the High Commissioner for New Zealand, London;— Tallow.—Auctions will be held on September 23. Market continues quiet; values about unchanged. Hemp.—Manila: Market quiet. _ Inclined easier; values have declined. September-November shipment £26 ss. Stocks in London, September 1, 11,917 bales, against 11,944 same time last year. Sisal.—Market quiet hut steady. Sellers, September-November shipment, £27; January-March shipment, £27 2a 6d. New Zealand: Demand slow; very small business done in common first hand at £lB. Stocks in London September, 69 tons, against 21 tons same time last year. Eggs.—Market steady; prices slightly higher. English, national pack, 14s 6d to 19s 6d; Danish, 131 bto 161 b a long 100, 11s 3d to 13s 3d; English, ordinary pack, 15s 6d to 16s. SYDNEY WOOL SALES Press Association—By Telegraph—Copyright SYDNEY. September 23. At the wool sales 11,576 bales were offered and 9,762 sold, while 1,429 were disposed of privately. There was _ a stronger demand for all better descriptions of fleece and skirtings, while prices for average and faulty sorts showed some recovery. Greasy merino made 211 d. THE METAL MARKET Press Association —By Telegraph—Copyright LONDON, September 22. The following are the official quotations : Copper.—Spot, £3B 19s 4jd per ton; forward, £39 4s 4Jd. Electrolytic.—Spot, £43 10s per ton; fonvaid, £43 15s. Wire bars, £43 15s per ton. Lead.—Forward, £lB 3s 9d per Ion; spot, £lB 2s 6d. Spelter.—Spot, £l4 Is 3d per ton; forward, £l4 ss. Tin.—Spot, £195 7s 6d per ton; forward, £193 7s 6d. Silver.—Standard, 19Jd per oz; fine, 21 1-I6d.

£ B. d. Bank of New South. Wales 33 7 6 Queensland National Bank 5 2 6 Mercantile Mutual Insurance 1 12 6 Associated News ... ..., » 1 3 3 Automatic Totes » 1 0 3 Huddart, Parker ... ... - 1 lb 0 Tooths ... 2 16 9 British Tobacco ... ... ■. • 2 4 0 Tooheys .... — ••• Amalgamated Wireless (cont a > _ 9 New Zealand delivery) . 2 2 0 Sargents 1 8 9 Mauri Brothers ... ... . 3 6 0 Millaquin Sugar 2 2 6 Electrolytic Zinc . 2 4 3 David Jones ... • 2 4 6 Standard Cement ... • 0 15 9 Cash Orders ... ... ... . 1 3 9 Victoria Nyanza 0 13 0 Warburton Franki ... . 1 1 3 Mount Morgan 0 13 2 Mount Lyell > 1 9 1UJ Zinc Corporation 4 2 U Placer Development ... . 4 15 0 Emperor . 0 15 0 Loloma 1 2 1U* Lady Sbenton ... ... . 0 2 6 Mandated Alluvials 1 7 9 MELBOURNE, September 23. The market was generally steady, but gold mining shares were on the weak side. £ s. d. National Bank (£5 paid) . 7 2 0 British Tobacco 2 v 3 9 Carlton Brewery ... ... . 3 0 9 Coles ... 4 3 3 Australian Iron and Steel (pref.) 1 6 6 Goldsbrough, Mort ... . 1 14 3 Electrolytic Zinc 2 4 3 Electrolytic Zinc (pref.) . 2 5 9 Mount Morgan '..." ... . - U 13 I Mount Lyell 1 9 9 Broken Hill Proprietary . 3 16 6 North Broken Hill ... . 9 15 0 Emperor ... 0 14 9 Loloma 1 2 9 Upper Watut 0 3 1 Myers 1 16 0 Yarra Falls •. 2 0 6 Irowat 0 2 Oi General Motors ... ... 1 4 0 Gordon and Gotch ... 2 12 0 United Provisions ... 0 11 1

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 E100 10/< Fiji— £F to £100 T.T. £90 7/6 £89 N.Z New York— ... T.T. 4.10 4.06* N.Z O.D. 4.11* 4.06* Montreal — ... T.T. 4.09* 4.05* N.Z , O.D. 4.10* 4.06* Austria — Schillings to £1 . *N.Z T.T. — 21.08 O.D. — 21.10 Belgium— Belgas to £1 N.Z. ... ... ... T.T. — 23.969 O.D. — 23.980 Czechoslovakia — Crowns to £1 N.Z ... T.T. — 97.47 O.D. - 97.52 Denmark — ... T.T. 18.203 17.893 N.Z O.D. 18.283 17.903 France — 61.58 N.Z ... T.T. — O.D. - 61.62 Germany— £1 Eeichmarks to 10.071 N.Z ... T.T. - O.D. — 10.076 Holland — Florins to £1 5.970 N.Z ... T.T. — O.D. — 5.974 Italy— Lira to £1 51.52 N.Z ... T.T. — O.D. — 51.57 Java— ... T.T. — 5.934 N.Z O.D. — 5.938 Norway — ... T.T. 16.181 15.891 N.Z O.D. 16.241 15.901 Sweden — T.T. 15.785 15.490 N.Z O.D. 15.845 15.500 Switzerland— Francs to £1 ' 12.405 N.Z. ... T.T. — O.D. — 12.410 Noumea— Francs to £1 60.21 N.Z1 ... T.T. — O.D. — 60.27 Papeete— Francs to £1 60.36 N.Z ... T.T. — O.D. — 60.42 Hongkong— N.Z. pence to 1 19 1-16 dollar .. T.T. 18 1-16 O.D. 17 29-32 19 1-32 India and Ceylon— N.Z. pence to 1 22 57-64 rupee ... .. T.T. 22 9-64 O.D. 22 3-64 22 7-8 Japan— N.Z. pence to 1 17 17-32 yen T.T. — O.D. — 17 33-64 Shanghai— N.Z. pence to 1 18* dollar .. T.T. 17* O.D. 17 1-16 18 15-64 Singapore— N.Z. pence to 1 35 31-64 dollar .. T.T. 34 27-64 O.D. 34 15-64 35 15-32 DOLLAR RATES. The Associated Banks (other than the Bank of New South Wales) quoted the following dollar rates to-day oh a New Zealand currency basis. They are subject to alteration without notice: — TI.S.A. Canada. (Per £1 N.Z.) (Per £1 N.Z.) SELLING— T.T. (dol) ... ... 4.06* 4.05J O.D. (dol) ... ... 4.06| 4.06* BUYING— ... 4.10 4 T.T. (dol) ... 09* A0* O.D. (dol). m •* 4-H* ' 4

E.S. and A. Bank, £5 16s (late yestcraay;. N.Z. Breweries. £2 12s 6d (late ycsterday}. Quotations as under Buyers. Sellers. £ 6. d. £ S. d. BANKING— New South Wales ... — 32 15 0 New Zealand 1 18 3 1 19 0 Commercial — 0 18 5 E.S. and A 5 15 0 6 0 0 National of New Zealand 2 19 0 3 i 6 INSURANCE — National 0 18 6 0 18 9 South British 4 8 0 — Standard — 3 2 0 SHIPPING— Howard Smith — 0 19 6 P. and 0. Deferred Stock 1 10 0 — U.S.S. Co. (pref.) ... 1 6 0 — MEAT PRESERVING— N.Z. Refrigerating 0 19 (paid) 2 — N.Z. Refrigerating 0 9 0 6 (cont.) 3 9 South Otago Freezing 7 15 0 8 0 0 LOAN AND AGENCY- , Goldsbrough, Mort .. 1 14 0 -National Mortgage ... — 2 11 0 N.Z. Loan and Mercantile (ord.) 35 0 0 38 0 0 Perpetual Trustees ... — 3 4 0 Wright, Stephenson 0 16 6 ’ (ord.) ... 0 0 19 COAL— Kaitangata 1 1 0 — Westport — 1 3 3 WOOLLEN COMPANIESBruce (ord.) — 0 14 6 Kaiapoi (cont.) — 0 6 6 MISCELLANEOUS— Anthony Hordern ... — 0 19 0 Australian Glass 4 12 0 4 12 6 Broken Hill Proprietary" Broken Hill Pro3 15 0 3 15 6 prietary (cont.) ... 2 16 6 — Broken Hill Proprietary (rights) ... 0 2 0 0 2 3 Brown, Ewing (ord.) 0 16 9 — Brown, Ewing (pref.) 1 2 3 — Crystal Ice Co. 2 5 6 — Dominion Fertiliser ... — 1 4 9 Dominion Rubber ... — 1 9 0 Dunlop Perdriau 0 18 Rubber 3 — G. J. Coles ... — 4 2 6 Milburn Lime and Cement ... — 2 3 0 National Electric ... 0 13 3 — N.Z. Drug Co 3 14 0 — N.Z. Farmers’ Fertiliser 1 1 0 •— N.Z. Newspapers N.Z. Paper Mills. ... 1 19 1 6 6 6 2 1 0 ‘ Otago Daily Times ’ — 2 8 0 Regent Theatre — 1 X 3 Wilson’s (N.Z.) 1 16 3 Cement — Wool-yorths (ord.) ... 4 19 0 BREWERIES— New Zealand ... ... 2 12 0 2 13 3 Dominion 1 11 0 —i 0 Dunedin 1 9 0 1 10 Tooths 2 16 0 — Carlton 2 19 0 UNLISTED STOCKS— MTntosh, Caley, Phoenix — U 1U 9 Otago Farmers’ Co-op Were’s Trust (rights] 0 1 0 0 0 4 1 0 2 Quartz Mountain — 0 6 0 Shillings Ltd. (17s 0 17 6d paid) 3 U 10 3 AUSTRALIAN MINING— Electrolytic Zinc (pref., £1) 2 4 6 2 5 9 Electrolytic Zinc (ord., £1) — 2 4 3 Mount Lycll (£1) 1 9 4 1 9 6 Mount Morgan (2s 6d 0 12 10 I) Id 1 Upper Watut (5s) 0 2 10 u 5 3 GOLD MINING— Argo Dredging (Is) .. 0 1 7 0 1 9 Big River (la) — 0 2 1 Central Shotover 0 0 (Is) — 5 r Clutha River (2s) ... 0 1 9 — 6 Gillespie’s (Is) 0 1 5 0 1 Kildare (2s) King Solomon (Is) ... 0 0 2 1 6 0 Lawson’s Flat (Is) ... — 0 0 0 4 Martha (5s) 0 18 — Molyneux River (2s) 0 1 8 —• Mossy Creek (Is) 0 X 3 0 — 0 Mount David (5s) ... — 1 Okarito (5s) — 0 5 6 Paddy’s Point (5s) ... — 0 2 6 Wainaumu Sluicing (Is) — 0 0 10i Waipapa Beach (Is) Waitahu (5s) Z 0 0 104 0 2 3 N.Z. GOVERNMENT LOANS— (Bonds quoted are £100 Bonds.) 34 p.c. Stock, Nov., . 1938-52 103 15 0 ♦—* 34 p.c. Stock, March, 1939-43 101 15 0 — 3f p.c. Stock, Sept., 1939-43 101 15 0 — 34 p.c. Stock, May, 1941-52 103 5 0 — 34 p.c. Stock., Nov., 1941-52 103 5 0 — 4 p.c. Bonds, 1937-40 101 0 0 ■— 4 p.c. Stock, 1937-40 101 0 0 .— 4 p.c. Bonds, 1943-46 103 15 0 — 4 p.c. Stock, 1943-46 103 15 0 — 4 p.c. Stock, 1946-49 105 5 0 105 15 0 4 p.c. Bonds, 1952-55 105 5 0 •— 4 p.c. Slock, 1952-55 105 5 9