FINANCE & MARKETS

Sun (Auckland), Volume III, Issue 890, 6 February 1930, Page 10

FINANCE & MARKETS

A Brighter Tone

MARKET ON ’CHANGE By ‘"Noon Call.’ INFLUENCED largely by the improving tone of flic wool market, the downward trend of prices for sound stocks on 'Change has been definitely checked, and increasing trading with firming prices has been registered over the i>ast 24 hours. The market lias a brighter tone all round.

Fluctuat

Price movements on the Auckland market over the past 24 hours, shown by a comparison of sales with the price at the time of the previous recorded sale, include:--Bank of New South Wales, rise of 11s 6d. Union Bank of Australia, rise of 2s 6d. New Zealand Breweries, rise of 4s 6d. Commercial Bank of Australia, fall of 3d. British Tobacco, rise of 2s 3d. Dalgety and Company, rise of 7s 6d. Business on the Auckland Market Transactions on the Auckland market over the past -4 hours included the following: Yesterday afternoon. Devonport Steam, 23s 6d: New Zealand Breweries, S3s 6d; New Zealand Inscribed Stock, 3 937, 5 1-8 per cent., £96. 10s. At this morning’s early call.—Commercial Bank of Australia, 23s 6d; National Bank of Australasia, £ls ss; hank of New South "Wales, £39; Union Hank of Australia, £ll 4s and £ll 3s fid: New Zealand Insurance, 41s 6d; South British Insurance, 57s 6d; Devonport Steam. 23s Gd. At midday: Commercial Bank of Australia, 23s Gd: ditto (rights), 2s 6d: Union Bank of Australia, £IL 4s; Dalgety and Company, £l2 2s Gd; British Tobacco. 42s 9d; Dominion Jlctures, 21s; Wilsons Cement, 37s Gd. Market at Midday Active trading in sound investment stocks has been recorded on 'Change during: the morning. Banks have received special attention, and the tone over the past 24 hours indicates a tendency on the part of the panic-sellers to rush to get in si gain. There has been a considerable increase in the number of buyers and several rises have taken place in the market. Insurances and loan and agency »erip i 3 also meeting with more attention. Dalgetys and Goldsbrough, j)Torts are firmer. New Zealand Industrials show a tendency to suffer in the rush for bargains in bank and insurance shares: the trend in some quarters being to

sell local shares and replace with banks.

The gilt-edge section is quieter following the revival in other sections; sellers predominate. * * * Blenheim Oil Company The Blenheim Oil Company reports:— Bore drilled 1,665 feet; formation, clay stone, with hard bands of rock varying in thickness of from six nches to 32 inches at intervals.—P.A. Christchurch Gas Progress Record sales of gas were made by tho Christchurch Gas Company during 1929, according to the chairman, Mr. F. E. Graham, at the annual meeting of shareholders held yesterday. Sales of by-products were satisfactory and continued effort is being made to find fresh avenues of revenue. Mains were extended approximately four miles during the year. * * * Staples Breweries Profits Net profits of J. Staples and Company, Ltd. (brewers, etc.), for the year ended December 33, 1929, of £55,030, compared with £45,849 for the previous year, work out at approximately 15.7 per cent, of the paid-up capital of £350,000. The usual 10 per cent, dividend went shareholders; a cash bonus at the rare of 2£ per cent, absorbed £8,750; £5,000 has been placed to general reserve, bringing that account. up to £70,000; the sum of £12,728 has been carried forward, compared with £12,629 brought up from last year. * * * Dividends Payable Due. Commercial Bank of Australia—interim, ord., 15 p.c. p.a.; pref., 4 p.c., p.a Feb. 7 N.Z. Insurance —Interim, 11 d a share .. Feb. 12 Queensland Nat. Bank—quarterly, 24 p.c Feb. 13 Victoria Nyanza Sugar—final for last financial 5 ear, 5 p.c., and Interim for current year, 24 p.c Feb. 25 Broken Hill South—quarterly, 2s a share Feb. 26 Wellington Gas—final, 4 p.c. .. Feb. Electrolytic Zi.:c—interim, ord. and pref.. 12 p.c. p.a. .. ... Mar. 6 Call— Moanatalari, 2s 2d paid—2d a share .. Feb. 6 Occidental—ld a share Feb. 7

TO-DAY’S QUOTATIONS

FOREIGN EXCHANGES

QUOTATIONS ON LONDON British Official Wireless RUGBY, Tuesday. The following rates on foreign Exchanges are current today, compared ■with the cabled quotations on January 80 iind par:— Feb. 4. Jan. 30. Par. Montreal. dol. . 4.91 3-8 4.91.$ 4.866 New York, dol. . 4.56 5-16 4.56 17-32 4.56 G Paris, fr 123.97 123.95 124.21 Brussels, belga . 34.905 34.935 35.00 Geneva, fr. . . . 25.195 25.21 25.22 Amsterdam, fl. . 12.1 t 5-S 12.11 5-S 12.10 Jwome, lire . . . 92.98 92.9 S 92.46 Berlin, r.m. . . 20.365 20.365 20.43 Stockholm, kr. . 15.125 18.125 15.159 Oslo, kr. ... 18.21 18.21 18.159 Copenhagen, kr. 18.19 18.19 18.159 Vienna, sch. . . 34.545 34.57 3LSSS Prague, kr. . . 164.5 164 5-S 24.02 Helsingfors, mk. 193.5 Madrid, pes. . . Lisbon, escue. . 108.25 108.25 Athens, dr. .. 375 375 375.00 Buckarest, lei. . 818 818 25.224 Jl. de Jan., mil. 5 19-32 5 21-32 B. Ayres, dol. . 44 1-16 44 9-16 47.57 d Calcutta, rupee. 17 7-8 17 7-S lSd fdianglww, tael . 23J

JTong-Kong, dl. . 181 Yokohama, yen. 24 7-32 24 7-32 24.58 d Batavia, fl. . .

BERLIN BANK RATE

Jtecd. 11 a.m. BERLIN, Wednesday. The bank rate has been reduced to t> per cent

PAPAKURA STOCK SALE

COLOMBO TEA

From Our Own Correspondent PUKEKOIIE, Wednesday. There was a yarding of about 450 cattle at the Loan and Mercantile sale, I’apakura, on Tuesday. Practically everything changed hands and sold at late rates. Beef was at fully Westfield values. Four-year-old steers brought up to £l4 15s, this price being paid for a fine beast from E. Ellet. Karaka: three-year-olds made from £ll to £l2 10s; well-finished heifers made to £lO 15s; good heavy cows, to £9 17s 6d; boner coves, from £4 to £6 10s; dairy cows, close to profit, brought up to £l3: backward cows, £7 to £8 10s; heifers, close to profit, up to £l2 10s: 1 S-months-old heifers, in calf, to £7 10s; weaner Jersey heifer calves, £4 10s; Jersey cross heifer calves. £2 15s to £4 2s 6d. A good line of Shorthorn steer calves from R. J. Bell. Ardmore, brought top price of £5 15s; veryheavy bulls brought up to £ll 2s 6d for potting; medium, £8 to £9 10s; smaller sorts, £4 15s to £7.

COLOMBO, Tuesday. At this week’s tea sale in Colombo 1.810,0001 b were offered. Common teas were easier, but all grades were dearer. Next week 2,200,0001 b will be catalogued.

PRICES STEADY

WHEAT POOL SCHEME

N.Z. STOCK MARKET KEEN DEMAND FOR STORES Reviewed by R.W.C. Little drastic change has taken place in fat and store stock markets throughout the Dominion during the past week. Overseas prices for frozen meat hold very firm at late rates, and most works report steady killings, in which lambs still predominate. Over two-thirds of a comparatively heavy yarding of fat cattle yesterday at Westfield was made up of cows and heifers. The general quality was slightly above that at recent sales, but although there was no quotable change in prices, there was a decided slackness in the demand toward the close, and there was a noticeable percentage of passings. Exporters were operating steadily, taking up to a row of mostly medium-weight cattle at a price based on 37s Gd a hundred. Calves were decidedly easier, and despite tho fact that exporters were buying the plainer sorts of meaty calves, the market failed to hold to last week’s le* "s. Prices, particularly toward the close, were down slightly on last week’s. A comparatively heavy yarding of sheep was made up of a mixed assortment. Good young ewes were hard to locate, and the ewe entry generally did not meet with a keen demand. Well-finished wethers sold under keen competition, prices holding firm at lato rates. Exporters were noticed operating buying well-finished medium weight wethers on a basis of up to old a lb on the hooks. One of the heaviest yard in gs of lambs this season (approximately 1,150 head) sold at late rates, prices being based largely on the export parity of up to 7£d a lb for first grade under 361 b. Pigs continue to meet with a steady demand, buyers for bacon factories situated in many parts* of the North Island operating freely. Prices hold very firm on a basis of up to 7id a lb dressed weight. Stores were shortyarded, and met with a keen demand at slightly firmer prices. Firm Market for Stores The store market is holding firmer than many graziers had expected in the face of the lower wool prices. The ewe-selling season throughout the North Island is now in full swing.. Several sales have been held throughout the province during the past week,, one of the most important, and certainly the biggest, being Alfred Buckland and Son’s annual Tuakau fair. Over 19,000 sheep came forward, to meet with a steady demand. Prices forecast by the writer last week proved not far short of the mark. Good twotooth ewes have been making up to 30s, and in isolated cases this price has been exceeded for specially attractive lines. There is a very healthy demand for good breeding ewes. The Hawke’s Bay Market A heavy entry of approximated 22,000 sheep came forward to the Stortford Lodge (Hastings) sale yesterday. There was a large attendance of buyers. Approximately 600 head of cattle were yarded. The market for beef held firm at late rates. Fat sheep improved by 2s a head. Store sheep met a very firm market, fat and forward wethers show - ing an advance of Is a head on late rates. Five-year-old ewes made up to 21s; rape lambs made up to 18s 7d„ All store sheep met with a particularly keen demand. Johnsonviile Market At the Johnsonviile sale yesterday an average entry of all classes of stock was yarded. The bullocks comprised mostly medium to light-weight cattle, and a good sale resulted at prices on a par with last week’s rates. Wethers met with good competition at last week’s rates, but ewes were slightly easier. The quality of the lambs, with the exception of a few pens, was not up to the usual standard. A good sale resulted, however, with no alteration in prices. Vealers were in keen demand. Heavy bullocks, £l6 10s to £l6; medium bullocks, £ls 15s to £l4 17s Gd; light bullocks, £l2 7s 6d to £ll 10s; heavy cows, £ll 10s to £lO 15s; cows, £9 to £8 10s; light cows, £7 12s 6d to £6 7s Gd; vealers, £4 10s to 30s; heavy wethers, 29s to 275: wethers, 26s to 24s 6d; heavy ewes, 19s to 18s; ewes, 17s to l(?s; heavy lambs, 26s Id to 235; lambs, 21s to 19s. Addington Sale At the Addington market yesterday values for fat sheep showed a decline on last week’s sale. Prices for beet! and fat lambs remained firm, while store lambs sold at advanced rates. A big yarding of store sheep sold firmly at late rates. Good rape lambs made up to 21s 6d. Good 4, 6 and S-tooth Romney ewes made up to 28s 6d; sound-mouth ewes, to 20s. An entry of 2,830 fat lambs sold freely at from 8d to S3d a lb. The heaviest entry of fat sheep since December saw extra prime wethers make to 34s lOd; prime, 30s to 325; extra prime ewes made to 28s 4d. Best medium-weight beef made from 44s to 47s a hundred. Good vealers made from £4 5s to £5 ss. The market for fat pigs was a little easier; baconers averaged from 7d to 8d a lb; porkers, Bsd to 9sd a lb. Westfield Prices Prices at Westfield yesterday ranged as follow: Cattle. —Heavy prime steers, from £l4 15s to £l6 17s 6d; medium, £l3 5s to £l4 10s; small and light, from £10; heavy prime cows, £9 15s to £l2 ss; medium, £7 17s Gd to £9 ss; small and light, £6 to £7 10s; unfinished, from £4. Calves.—Extra heavy runners, to £S ss; ordinary runners, to £6: heavy vealers, £3 15s to £ 5 ss; medium, £2 10s to £3 12s: small and freshdropped, from 7sSheep.—Extra heavy prime ewes made to 28s 9d; medium, 24s 6d to 26s 6d; heavy prime ewes, to 21s: medium, 18s to 19s 6d. Extra prime lambs sold up to 26s 9d; ordinary heavy prime, 23s to 24s 9d. Pigs.—Choppers sold at £2 10s to £4; heavy and medium baconers, £4 40s to £4 17s; light baconers and heavy porkers, £3 16s to £4 8s; medium porkers and light porkers, £3 to £3 12s; small and unfinished porkers, £2 5s to £2 18s. Large stores made £2 to £2 Ss; slips, £1 10s to £1 16s; weaners, 12s to £1 2s.

GOVERNMENT SUPPORT WINNIPEG, Tuesday. The Governments of Manitoba, Saskatchewan and Alberta are prepared to give financial support to the wheat pools of Western Canada, according to the Premier of Manitoba, Mr. Bracken. He informed the Legislature tbit his Government was prepared to guarantee the action taken by the Manitoba pool in making an initial payment on last year’s crop on the basis of one dollar a bushel. The banks which handle the finances of the pool recently notified the officers of the latter that they were approaching the 15 per cent, margin, which the banks require -on all advances to the pool.

DISTRICT STOCK SALES

FRUIT AND PRODUCE

WELLINGTON MARKET REPORT FROM BROKERS Laery and Company, Ltd., Wellington, have pleasure in reporting improved demand and higher rates ruling for all choice lines of fruit. Consignments are strongly recommended. Present values are as follow: Apples: Choice Red Astrakhan, 3 os, 12s: Gravensteins, Ss, 10s: Red Quarrenden, Ss, 10s: others, os, 7s bushel case. Pears: W.8.C., choice, 7s, Ss; others, os, 6s bushel rase. Peaches: Choice dessert, 7s, Ss Gel; others, os 6d half case. Nectarines: Choice dessert, Bs, 9s; others, 6s 6d, 7s 6d half case; Greengages: Choice dessert, 7s Gd, Ss Gd; others, 0s 7s half case. Plums: Choice Satsuma: 6s Gd, 7s 6d; Billington, Os, 7s: Sultan, 6s, 7s; Burbank, os, 6s; Blue Diamond, 5s Gd, 6s Gd half case. Cucumbers: Choice, ISs; 20s banana case; 10s, 15s bushel case. Tomatoes: Choice red: 3s, 4s; coloured, 4s, 5s half case. Lemons: Choice cured, 20s, 255; others, 1-ls, 17s bushel case. Grapes: Hothouse, choice. Is 3d, Is 5d lb. Black Leaf 40: In 101 b. tins, 555; 21b tins, 14s Gd; 11b. bottles, 5s 3d each; loz. bottles, 14s 6d dozen.

AUCTIONEERS' REPORTS Auctioneers report, on stock sales held throughout the district during the past week as follow: Alfred Buckland and Sons, Ltd. — During the week we held cattle sales at Pukekohe, Westfield, Kumeu, and Waiotira, also a pig sale at Waiuku. Full entries at all yards found ready buyers. Best dairy cows at profit made £l3 to £ls 10s; good cows, £lO 10s to £l2 15s; other dairy cows, £7 10s to £10; aged and inferior cows, £4 10s to £7 ss; best springing heifers, £lO to £l2 10s; other springing heifers, £5 10s to £9 15s; empty young cows and heifers, £4 10s to £6 10s; old and boner cows, £2 10s to £6 15s; fat steers, £l2 5s to £ls 10s; heavy; prime young cows and heifers, £ 8 to £lO 15s; lighter fat cows and heifers, £5 15s to £7 17s Gd; forward conditioned four-year-old steers, £lO 10s to £ll 3 ss; three to four-year-old steers, £9 5s to £lO 7s Gd; two to three-year-old steers, £7 15s to £9 6d; yearling to IS-months steers, £5 10s to £7 10s; best 18-months-old in-calf dairy heifers, £7 10s to £9; others, £5 5s to £7 ss; cows with calves, £8 to £ll 15s; weaner heifers, £2 to £4 3s; weaner steers, £2 10s to £4; heavy bulls, £S to £l2 7s Gd; sound young herd bulls, £5 5s to £lO 10s; other bulls, £2 10s to £6. More, than an average yarding of pigs at Waiuku met with a very keen sale, tho recent advance in values being sustained. The New Zealand Loan and Mercantile Agency Co., Limited. —Sales were held during the past week at Westfield, Clevedon (shpep fair) Pae.roa, Ngatea, Papakura. Waiheke (sheep), Waiuku (pigs), and Whitford (clearing sale). There is a steadv demand for all classes of cattle, with values firm at late rates. Pigs of all classes were also selling readily with values very firm. All sheep sold have realised prices decidedly better than was expected by vendors. At Whitford there was a good demand for the registered pedigree Jersey cattle, a most satisfactory sale resulting. We quote* Beat dairy cows and heifers, £ll to i.ih 10s; other dairy cows, £ 6 to £lO 10s; aged cows and inferior heifers £3 10s to £5 15s; bulls, £5 to £ll* according to weight; store and boner cows, £ 4 to £7 10s; weaner heifers, £2 us to £4 15s for best; weaner steers, £L 10s to £5; heifers, suitable loi dairy purposes, £5 10s to £8; yearJ° 18-months steers, £5 10s to £7; to 2i-year steers, £7 5s to £8 to 3 h -year steers, £8 10s to £ 9 Jos, grown steers, in forward condi£°1 1 *+ to rS 1 1 SSI - two_ tooth ewes, f? 1 “ s to £1 8s; four and six-tooth ewes, «~1 4s to £1 7s; four to fiveyear ewes, 18s to £1 3s; full-mouth e ) Ve s’ 15s to 17s 9(3 ’ other ewes, 8s upward; -store lambs, shorn, 6s to 16s* woolly lambs, 9s to 18s; stud rams, 3 guineas to 61- guineas; Romney rams 3 guineas to 6 guineas.

LONDON WOOL SALES

KEEN BIDDING NOTED Lntted P.A.—By Telegraph—Copyright LONDON, Tuesday. At today s wool sales in London, 10,406 bales were offered, including 2,725 from New Zealand. The total sold was about 9,550 bales. There was a lafge selection of Merinos, principally topmaker’s sorts, which met with strong Yorkshire competition. | Prices were firmer all round for most i descriptions, and now are 2$ to 5 per | cent, above the opening rates. Best New Zealand greasy crossbred ' made 141 d, and fine slipe crossbred | lambs 16d. Keener bidding in London caused a firming of Merinos and fine crossbred tops on the Bradford market. Sixtyfours are quoted at 29d, GO’S at 56’s at 221 d, 50’s at ISJd, and 40’s at 15d. MELBOURNE CONFERENCE MELBOURNE. Wednesday. The most important wool conference in the history of Australia was concluded this evening. It was attended by the largest and the smallest growI ers, representatives of the selling brokers, and other sections of the trade. It was decided to extend the wool sales to the middle of August instead of terminating them on June 30. as in tho past, also to spread the sales as nearly as possible equally over the intervening period. Another decision was that the brokers should take such action with their clients as will ensure that wool will not be sold under last week’s levels of values. The conference resolved to invite South Africa and New Zealand to adopt a similar policy in regard to the marketing of their clips, and to approach London brokers with the same object. COMPETITION AT SYDNEY SYDNEY, Wednesday. At the Sydney wool sales today 10,001 bales Avere offered, of which 9,592 were sold. In addition, 1,022 bales were disposed of privately. Very strong competition ruled from tho Continent, Yorkshire and the United States. All the best features of the previous day’s sales were reproduced. Greasy Merino sold to 23Yd. LONDON TALLOW MARKET The Bank of New Zealand lias received the following advice from its London office, under February 5; Tallow—There is a fair demand. Current quotations are: Good mutton, 39s to 40s a cwt; good beef, 37s Gd; mixed, 37s to 37s 6d; gut, 32s to 34s 3d.

Closing quotations at today's midday Buyers. Sellers. £ S. d. £ s. d. BANKS— Aust. of Commerce . 1 5 0 1 6 0 Adelaide — S 1ft o Australasia 11 ft 0 11 12 6 Com. of Australia .. l 1 4 0 Ditto (rights) 0 0 Ditto (pref.) .. . G lo 0 National of N.Z. . 6 6 0 Nat. of Australasia 15 6 !N>w South Wales . :ift 0 (• eft 10 0 New Zealand .. .. 15 G 1G 6 Queensland Nat. « — Union of Australia li 4 0 11 5 0 INSURANCE— National 0 15 ft New Zealand .. 1 6 1 Queensland 14 ft South British .. .. 17 0 1ft ft LOAN AND AGENCY— Dalgety and Co. .. li 15 0 12 5 0 Born. Bank & Investment 1 ft G Ditto (B shares) . 0 1ft G Farmers Co-op. 4 1 0 Ditto A (pref » 0 17 0 Ditto B (pref.) 0 16 ft Ooldsbrougli, Mort 1 1L ft 1 13 0 Nat. Mortg. & Agency 1ft 0 Ditto (rights) 0 0 ft Newton King (pref.) 0 11 0 N.Z. & Hiver I‘late 1 1ft 0 X. Auck. Farmers’ Co-op. (ord.) .. .. 0 2 0 Ditto (B pref.) .. — 0 11 0 COAL — Grey Valley .. •. 1 5 6 1 7 fi Hikurangi 0 l ft « Ditto ( pref.) . . . . 0 4 « Ditto (A pref.) .. 0 G J'ukemiro 1:» ft Kenown (t i>; G Ditto (pref.) .. .. 0 3 6 Ditto (new issue) 0 3 2 H’aupirl .. .4 .. .. 1 8 ft *W alpa — 0 14 0 "Westport. 1 1ft ft "Westport Stockton. — ft 3 0 GAS— Auckland .. .. l 3 6 1 3 11 Ditto (con.) .. .. 0 18 ft SHIPPING— Devonport Ferry — 1 3 0 Howard Smith .. .. 0 1ft G Northern Steam 0 14 Ditto (con.) .. .. — 0 7 0 P. & O. (dcf. stk.) — 2 15 0 TIMBER— Bartholomew l 0 6 1 3 6 ]L.ey land-O’Brien i 7 0 National 0 8 0 0 6 3,‘arker-Lamb .. .. — 0 17 6 BREWERIES— C. fj. Inres I 1 ft Ditto (pref.) .. .. 1 1 0 N.Z. Breweries .. .. 4 6 4 0 J. Staples — 2 11 1

call were:—Buyers. Sellers. £ s. cl. £ s. d. MISCELLANEOUSAustralian Glass .. 2 Sooth, Macdonald (pref.) — 0 4 0 British Tobacco Burns, Phflp .. .. 1 15 0 Bycroft, Dtd 1 J 1 « 1 16 0 Colonial Sugar 42 0 0 42 15 Dental and Medical 0 to 0 Dominion Pictures . 1 0 0 Ditto (pref.) . . . . 1 0 0 Dunlop-Perdriau 1 1 Electrolytic Zinc (ord.) 1 11 10 1 11 (> Ditto (pref.) .. .. 1 11 0 1 12 0 Farmers' Trading . . 0 s 5 0 8 Ditto, B (pref.» .. 0 12 0 Fullers* Pictures 0 18 0 Gear Meat 2 1 0 Hayward’s Pictures 0 18 0 Henry Jones Co-op. 1 8 6 Kempthorne Prosser 11 0 3 14 0 Milne and Cboyce (deb. stock) . . . . 1 7 6 Morris, Hedstrom (pref.) 0 18 0 N.Z. Farmers’ Fert. 1 9 N.Z. Paper Mills . 1 1 0 N.Z. Refrigerating . 0 10 0 0 12 0 Northern Boot .. .. 0 8 6 Sanford, Ltd. . 0 16 0 Ditto (pref.) .. .. 1 0 0 S. R. Maxwell 0 4 f. 9 0 Taranaki Oilfields .. 0 9 0 4 6 Union Oil 1 0 Whlttome. Stevensons 5 n Wilsons Cement 1 17 0 J 18 6 MINING— Alburnia 0 0 2 o n q Moanataiari (paid) . 0 1 9 0 2 6 Ditto (con.) (2s 4d paid) 0 1 0 0 1 10 Ditto (con.), Is 9d paid) 0 1 0 1 S Lucky Shot (4s pd.) Ohinemuri (ord ) . 0 s 0 1) 0 13 o 0 13 6 Waihi Grand Juno. 0 1 0 1 4 Mount Dyell 1 15 0 1 3 5 Kuala Kampar Tin . 0 7 0 8 Kampong 1 2 0 — DEBENTURES— A"ck. Har. Board. -<i per cent 102 0 0 — Bor. Devonport, 6 102 0 0 Bor. Mount Eden, 6 102 0 0 Bor. of Hamilton, t> 102 0 0 Williamson’s Films — 103 0 0 Gisborne Sheepfarmers — 94 0 0 GOVERNMENT BONDS War Doan, 1939, 4i — 99 12 6 INSCRIBED STOCKWar Doan, 1938, 4.’. — 99 10 0 Ditto, 1939, 4i .. 100 0 0 Ditto, 1927-41, 5i 97 10 0 Ditto, 1933. f>i .. 98 10 0 Ditto. 1933, 5i 98 0 0 99 0 0