The Guardian from London, Greater London, England • 11

THE MATOHESTEft GtfA 7 1919. PAPER MILL PROFITS LONDON SHARE PRICES. of the Debentures now ottered Is being underwritten. of Hie proceeds of this Issue Is tp bo applied foe 'ai ToiiUido the United Kingdom or to rclaoo which has been so applied. comrmttco of tho Stock MANCHESTER STOCK EXCHANGE.

for dealing In these debentures after acceptance Tbo special permitision of the Stock Exchange for dealing in these preference shares aftaf allotment has been applied for. No part of the of this, issue is to be applied for capital puroaes outside tho 'XJmted Kingdom, or to replace money which has been bo applied. iifiu hn aDDlIed for. OIL SHARES VERY STRONG. i cf APPLICATIONS for PUBCWASK will CLOSH 1J btioro.

Saturday tho 10th May. 1919. ANGLO-PERSIAN OIL SCHEME. The Sunbeam Motor Car Co Ltdj BRADFORD DYERS' RISE. London, Tuesday.

trt m. 1 A XX tVlliVU ajUJWA. I J. ucwa J. The SUBSCRIPTION LIST OPES 3 TO-DAY (Wednesday), the 7th day of 3Iay, 1919, and will -iucd under tho Coniiianles Acts, lus.3 to isjoo.) CAPITAL 700,000, oiar Mill Comnanv.

I31ackbi.ni, utnwl rto. h'mps. aci Tim wi mir.f.n DIVIDED INTO on or before the 12th day of May, 1919. oubied its capital last November, but it is was aTso tho extent of the busiuess transacted. among stock and share markets, the note payine tho usual 10 per cent per annum, free Markets havo been stimulated bv tbo hopo being one of buovancv and strength.

Consols ta, as dividend, and only halving the engendered by the latest reports that before continued to be' affected, bv the rumoured Issued. 3OOO0 500,000 copy the prospectus has been hied with the Eegistrar of Joint Stock Companies. Authorised. offil 50,000 0 0 of 1 ouch 600,000 700.000 nri'KB 1-n SALE OF c550000 111 -n as 1U Per een a yeiir aS aTia long peace will have been fonnallv signed, and projection of a now lean, but elsewhere the 18 Per cen now. It is also putting 10,000 hy the much more gncouraging neW5 from tendency of prices was upward.

Homo rail- xeserve, as agamst nothing a year ago, iussia) whilsfc the improvement. in particular ways, Grand Trunks, and Argentine railways 21 44Sgi rn'a as securities as a result of tho Budget proposals were quoted higher. Industrials were strong SniWtS- ma(le farther process The public appear to notably textile group, am! -iinnou 5.500 iva per Cent tincome tax free up to 6s. h'-Z'VF'il Martsugo Ilegistered Debtnturca ol filOO each Pi ci a lo: authorised, issue of 300.000 like payable 1st March and let September. HENRY BOSTON SONS, LIMITED.

(Incorporated under the Companies Acts, 1908 and 1913.) 11lu aiivbuvr uiosueiuua uuu- Ha nnoci. uusmus. 111 "fS ip vr( over rfvsrttiprt fn w.H bi secured by a aea or trust, maao Vnn mi "UV1I1L' liuinrt H.TIO 1 11 i' uu vl' -1 Tie xxie aiviaend and hnnns ast. iNovember biiity of this feature becoming more pro- firmness of leading oil while rubber nounccd the nrnfpuinnnl rlpalprs were elad to shares were in much increased demand. as trustee, k'iisihuiuib a urst amounted to 20 per cent actual, and 30,000 "'L'i-d and machinery at Wolverhi Mpton, and a PUt to the reserve.

RS against 65,160 activity lay in stock. Textile descriptions maintained their a CAPITAL and buoyancy. Bradford Dvers were in stronir uuran irom it to cover the share bonus 500,000, securities showed little or no change, but home railways were distinctly hetter, a naorlprntp mnSnrTr. cf ruvinji in a 5.000,000 Oil Refinery Scheme. request, and rose a further Is.

6d. to 44s. 6d. English Sewing Cottons, at 80s. 6d.

were lis rl A DIVIDED INTO 400,000 7 per Cent Cumulative Preference Shares of 1 each 400,000 The Anglo-Persian Oil Company (in which! A -i si J- auu il 1 1 1 x. i-uaiB oisu licit mJet hrth? quite neglected having raised wanted, and moved uu i to 7 11-1673. Slub- trie jrOVemnifint. hno a interat ronnrtort uiiuca SUOStantiallv. ArmntlTlR riuiwa 4uv.v ULLLri BL1UUU1L.

LUC ICUUIU Ul.ll.U-, VI UHS 100,000 Ordinary Shares of 1 each 000 debentures are by the terms tho trust -i'avible on or kwfore tho 1st Septembe', 193S. by -i' iivi ngi at par, or by piuchaso una that prico intererfi cemmenoing in 1924, and sufficient to t'iw present Ismm by the lt Sepwrnber, 1939. r-ir'rvert to tha Company to pay off the whole or i'i-i of" the debentures that may bo outstanding at any 102. 10s. debenture' on any interest payment bv theCtruft dewl that If any further part total sum is lrereafter Issued, the drawmas "reha-H shall be so Increased as to complete tho v.hclo nincunt by the sams date.

Mnrrvl, it- x- i 11 a "eal to the recent thougn uie soon, and cainetl 3ri at. 7s. 6d. 7. 9rl.

and 100,000 500,000 ciBcuug a i-euiiciy reason nut forward for t.r. q-nronosf a 1 Bleachers ordinary improved a similar amount 1, irenen, 25s 3d25s. 6d. for a similar reason. Fine the Swansea district, which will considerably i c.

oJ! fuel is not news. Kussiai 7 1 (1111 ln'IJ- "I 1 increase its nmrinr-fmn rr uovfrrnment oonos were i bninnais mnmnra a Incc i-iinir tn r1nt oi Kes marked ur. Oil shares were raphs, Mr. Walter Long will lay i.r ii.w.iaLiiJ. i vv i ror ivi i i i 7 vuinu 1- 11 Ut3 ULJL I UW1 Jf TIUlllWU up to 16s.

6d. EnErlish Velvet Dvers and Court ISSUliD Ai FULLY PAID. 157,500 7 per Cent Cumulative Preference Shares ot 1 each. 100,000 Ordinary Shares ot 1 each rampant market, but during the day rubber shares reacted mmi fi-nm the best. lA ISpS the foundation-stone of the building, which aulds each held firm at 37s.

6d. and 8 7-16 re y.ar it 6ui a rais oAcwen. seven miles trom bwansea. 157,500 100,000 257,500 spectively, while Yorkshire. Indieo Dvers or I 'I'Urv -T 'I 1 r.

tnough the afternoon saw a fresh buying movement. Insurance descriptions were particu larly firm, ami roTSmiic tin-t-lior nHvaneed. is cnieuy notaoie tor the wav in dinary declined to round 7s. "Rvlands and 4.n I'm to n-oelro a full 5 per cent pur r-V iiniros, sabjecl only to tho deduction (if beyond 6s. the pound) of which it will economise expenditure Esons showed a smart cam of A to 321 33, The Consols were a ouiet market round 65, the 5 company's own fleet will brinrr cargoes of per cent War Loan marked freely round 94-, and Oil to Swansea.

anr Tiro it. Vinmnorl while Mandleberg and at round were 6c3. easier. Chemical shares, which have reacted slightly of late on rumours of labour difficulties, were -iiy rale that may be in force at tho time. t-rst alo provides lhat the Company idu.l not "i-y flc-atinc chargo ranking in priority i Vila Uto charge given in lavour of the uiu c2 per cent, trom 871- to 88g.

Rise in Home Railways direct into a pipe trough which it will flow to the refinerv. seven miles awav. The Dexter ad round. Salt Union ordinary mi lhnportance of tho scheme may bo judged from proved another 6d to 27s. 3d.

27s. and the North-Western led the upward movement in home railways, the last price of 933 showing an PTelerencc were 3d. liihr at 22s. 6d. THE NATIONAL PROVINCIAL AND TINXON BANK OP ENGLAND, LIMITED.

for tho purchaso of tho Vrtit liiicomi: tax J'reo up 10 bs. in Casiuer-Kelluer Alkali advanced 6d, to 3431, ISSUE OF 150,000 Seven per Cent Cumulative Preference Shares of 1 each at par PAYABLE AS FOLLOWS On Application 3s. fid. On Allotment 7s. 6d.

On 15th June, 1919 10s. Od. and United Alkali ltardmien to round iOs "lo iit.t, as stated bv our correspondent, that tho site of the works is 1,000 acres, that there will be a wall of nino miles round them, and that the estimated cost of the under United Indigo issues were again irregular; the 1 advance of li comparing with the years lowest price of 8Sg. Lancashire and Yorkshire, Hull and Barnsley, ncl South-Eastern deferred each gained and several others were A or so li) I. A orumary lost vesterday gam 01 out uie preference, at Sis.

bid. showed an improvement plication. Acivptauvu. ti.e 16th Juno, 1919. lill nigncr, including the.

Great Central junior of 6d. Brmaier, Moud were in fair request at taking is The Swansea. Harbour I rust, expects to benefit by it to the extent or 60,000 a year in dues and dock charges. Dut Culoride Electrical Storage had a snarp fall of 7-16, to 2 2A. Dealings were marked in r'n tha rate of 4 per cent 1.

t. itii ut'ceuianco. iUiu-m will be made on the 1st k-. H.iV. iinil i.J Le calculated vii tho InstaimeuUi 1.

Os. Od. Levinstein ordinary at 135 and Magadi Soda at 21s'. 9d. Iron, coal, and engineering descriptions were not quite so good to-day, a few adverse movements being" manifest.

Bolekow, Vaughan sMpped back to 27s. 3d. -27. and Barrow be iMUCd In excl-iiigo lcr letters lur ail lndUiiucuia on anu aiier is furnUhcd by Mr. W.

M. fiirictcr the company: Steel continued on the downward grade, falling 1 Works, Wulverhauipton, May 1, 1SJ13. and Union or England, ijimltixi. to Sp. Tayment in full may be madu on.

Allotment rnder discount at the rate of 5 per cent per annum. The Preference Sharta are entitled to a Aral cumulative Preferential dividend at. the rate or 7 per cent per annum tiororu any dividends are paid upon the ordinary shares, but bo uo lurticr participation in profits. They arc entitled to priority in rcspeet of capital and arrears of preferential dividend on distribution of assets and a further right, after tlio repayment of the wliule ci the paid-up oapltul, to participate in the turpiu.i a.shtta pari passu with tho ordinary scares to tho extent of 2a. iu respect of each preference share.

The dividend upon the Ordinary Shares will lie restricted to lo per cent ia any one year until the reserve funde of the Company amount to 100,000, and 11 is proposed to alter the articles of association to Give effect to such restriction. The firet dividend cn tho Pref-renc Sh.nea now "being: Issued ivill be raid on the 3l6t December, 1919, on the nominal amount of each share issued at the rale or 7 per cent ier annum from the 31st May, 1919. stocKs. Underground Electric 10 snares were dull. Grand Trunk scarcely moved, and Mexican railways were lower owing, some brokers assumed, to sales to exchange into oil shares.

In the Argentine grout) "both Buenos Ayres Great Southern and Buenos Ayres Western advanced 1, and oihers to a "smaller extent. Great Western of Brazil ordinary further rose to 51, but Araueo shares fell to 13. Tobacco Shares Firm. Tobacco shares were again iirni. British-American further rising to United Tobacco to 5i, and Imperial to 76s.

6d. Auiung textiles Coats roso appreciably to 7j', Courtaulds were better, and Bradford Dyers weTe distinctly good. A feature was a jump to nearly 21s. in Maypole deferred. There were advances ttlso in Sudan Plantations, Pckin Syndicate, British North Borneo (which rose to' 18s.

and Associated Cement ordinary, which closed 7, while Would-ham Cement preference rose another Birmingham Railway Carriage were higher Anglo Chilian Nitrate and Railway. This Company has had to pav 24,323 more on account of "excess profits 'duty for 191G, and tho balance brought forward in 1918 was thus reduced from 283,277 to 253,91. Xo addition is being made to the depreciation and general resorvo because, as the directors say. uF the liberal provision that has lieen made during th0 last few vearts. After providing for charges, the profit is 31,301, and tho amouut available for distribution 290,810.

The directors propose a further distribution of 5s. per bhare, free of tax, making 15 per cent tin tbo whole of the share capital for the vear, as agaiusL 2o per cent for 1917 and 30 per cent for 1916. The Company's experience is further reflected in the reduction of tho balance forward to to 90s. sellers. Parkcate Tmn, at 85s.

6d. lost part of veslerdav's adviiue, while Istaveley Coal (all paid) we're, again Is. better at 39s. Palmer's Shipbuilding issues were in demand, the ordiuary being 9d. higher 17s.

9d. lis: 3d. and the pifereiicc 3d. at the same quotation. Armstrong.

Whitworth dropjied tu 33s. 6d. Afhile Beyer, Peacock stiffened to 33-t. 9d. bi-l.

Vulcan Motor fdl back sharply, dropping 9s. to 23t 3J, while "Rover Compuuv rose a further to 76s. 6d. 77m. and Triumph Cycle to 55s.

56s. Viekers ordinary held firm at and Vulcan foundry at 6d. Crosslev Brothers were Company, was r- yi.s: 1)05. and occupies a Icaiiing ixidllion it and aero unBitics. A3 i.f vm SnnbKuui Moior-tar and iv.i.-r.

Aero Ent'ino tbo Company has L. t.uccai. i.i, i'iv a courroiJed estnbllshment under tho .1 "iVjr Ai t. 1915, and siiiw tho war baa boon i contriicts. llio experience tin! ir in iM.Tt.-tng hib CKnolructicn has been tii Mi thi roui ll.at ai prryent tho Com- itit.i r.n;irait!i Utm rht Krititli Admiralty i.iaut.ul.iiro ff certain rlgrli! airship' cnginvs and l.i U'li uniicrialy siK-cessiful and "pn'Ms I'Maini'd havis been satiafaciory bven ai'cumulall cut of profits, and, 1.1 ft.iiiier of rcsc-nea, during the well held a't 21s; "but National Gas Engine, at iiHs.

and Lancashire Dvnamo, at la were rather offered. jti: ir 4.i:jO,UUU nas ucun iiansierrail out unit ticii c-apilalifttd by ttw Issue of luitnar i r.ltn.iry lcr that amount. i l.o own? Irwuold properly otveraaiupion In the siiipping section Isic of Man Steam eased to 3 3 1-16. Ship Canal preference a further to 90s. 90s.

and Manchester Liners preference were rather offered at 15f. AnxHisr miscellaneous industrials Mavnolo de again, Uencral Electric ordinary rose -4, anil Roneo ordinary and preference and Vauxhall Motors 1-16 each. Marconis firm, and Pyrotan Leather active. Mugadi Soda debentures were still higher at 15 premium, but Wall Paper deferred were rather easier. The newly introduced Glass Industries shares changed hands up to 3 7-16.

Among breweries AUsopps were in keen de DIRECTORS CHARLES FREDERICK BOSTON, Merchant, Leeds Street, Liverpool (Chairman and Managing Director). HENRY 6EORGE BOSTON, Merchant, Holmstead, Mossley Hill, Liverpool (Managing Director). JOHN BOSTON, Merchant, Evelith Manor, Shifnal, Salop. HERBERT BOSTON, Merchant, The Homestead, Blundellsanda, Lanes. JOHN CRAIG PATERSON, Tanner, British Leather Company, Birkenhead, Cheshire.

SOLICITOUS: Messrs. McKEXXA 51. Baslngaall Street, Xjoofon, E.Ok BA5TKEES: Ijosdojt joint crry and iriDLAND bask, ltd. AUDITOB: I.OTJIS SlOBOZiAS, Chartered Accountant, 19, Castle Street, Liverpool. BKOEEKS: R.

V- HOLLAND Gresham House, Old Brwd Street London, E.Cv'9. 1EJTBY W1XSOH 26, lixchans Street Liverpool. SiKBETABY AJID KEGIST15HED OlTICE: ALEXANDER YOUNG, 2, Leeds Street, LIvcrpoeL ferred continued on the ascendant, r'isine 165,819. Privy Council and the Black List. The Privy Council, jf course, is never Irivolous, but it has succeeded nevertheless in amusing some of those who receive its notices.

The latest communication consists of about 40 lines of printed matter, by way of a preamble, to the effect that the Statutorv List (commonly known as the Black List of foreign traders') has been "varied as set forth in the schedule hereto." Then you turn the pago over and you read tho 10 ius. oa. and Automatic Telephone, at 36s. 3fi. showed a further imnrovement I0 arrts and knouii as tho Moorflelil ti tt.li nr.

uuisbmir, body, and ttst U0i3, mtixm and equip.iicd with tho latest plant tc. to grmvili and development of the m.iiR.-... Li.iiaaii't anil Improvements to the in, m1 the raachintry In every depart- ii: I Works j.avu been necessary to copo Hi u. trade. 'fhee exteusUins and tlur.iii sjven iiMrs, uitUier tho nddi-; ii, in will huvo Involved I.

i i- iii: i-: iiivarus if 00,000 The objects of if ili'licntun-s are to provkio funds for a 1. 1 Dm eip nd tuiti i-n tho czlcuskn alia imprcve-i ivi rtf.nul In asit in Unanclug Uio Increased i' to leittv ndviiii-ts made bv tho Com- of 6d. British Autoniatie advanced Is. to rouud and Wall Paper to 22s. 9d.

23s. with business at tho latter figure; the deferred were somewhat less active round 17s. 6d. Associated Cement issues were in request, the ordinary up to 7. and the preference tip to 9.

Buigons ordinary were dedt in at 22s. 6d. Among hanking shares Unions advanced fiiiiirtly to 10 9-16, and Districts were firm at 9J. Taylor's Eaglo Brewery at 5 bid, and Wilson's preference, at continued in request. TRAKSACTIOJfS.

Innk. rj. and ih.st-Tvir dewlopmeuts. The exist-vs if 4c. held represent an aggrc- i JJl.OOO.OOO, and ordero to an amount arf row -n t'-o Oumpiiny'a books, and i hi Hi-- int.iii rejiren-ii'.

urders for iujt-war trade-- 'v. Cara i.ud ounboam-Coatalen Aero aaJ fs of the Company stood at in ih'i at ILc 31t August, 1918, iiy 11. fin, and Wiikie, chartered iu in-. ii im iiuipany, muuo up ua toi- s. a.

l.t!ij-;u:.! Itiin.lii-. rtan! and Mjrli.i; -rv. 'I'. F-iiurea, Kunil- ti- l'ltllllttS. ttrrf VrTlltpli 4,119 4 wratou oil li-c, by tti'; mand, the ordinary being difficult to buy even at the higher price of 63, while the preference roso to about 63.

and Guinness was 10 higher, witli business at 363. another rise i being shown in Meux's preference. In the shipping croup, l'rance, Fenwiek ordinary further rose to 12, and among insurance shares Commercial Union, London and Lancashire Fire, and Royal Insurance each gained 1, Rubber Issues Active. The rubber sliaro market was the Fcenc of considerable activity, fresh buyers constantly coming forward, and although some of the leaders reacted about middav, there was a fresh demand towards the cud and E-tnno large, lines of shares changed hands. On balance movements were again invariably favourable, with particular strength in shares of the investment type.

Pihnoor, North Hummock. Solangor liiver, and Trcmelbyc rose -J or more. United Sua I.anadron. Scrdaug Central, and P.P.K.' to 3-16, Djasiuga and Kasintoc Is. and Kepuug and Bahru Java Is.

each. Lingyi, after various fluctuations, closed a trifle better, but Anglo-Dutch a trine lower, and there were declines in Highlands, Java Amalgamated, Java Hubber and Produce, and L'aiigeu (Java), the last-named falling 8- Bikain were strong at 5s. 2Jd. on the dividend announced. The Boom in Oifs.

No indications arc apparent yet. of a reaction in oil snares, and day by day tho market becomes stronger than" ever, with business more active. The movement may be described as a boom, especiallyias the speculative public seems i-. it- MM i 3fiO 1 tt. at anJ Lauu 150.449 12 PROSPECTUS.

'l he business of 1ather Merchants and Tanners now carried on by Hcarv Boston and Sons, Limited, was estaMlatiel in .1855 bv the late Mr. Henrv Boston, who was olnl In 1890 by Ms sons fthree. of whom are at meeent oawotprfl of thla. Company. A private limited compariv was formed in 1900 lo aequ-ro the undertaking, and ii anuary, the present Company was incorporated to take over the business and provide the further capital then ijeesssary to meet the requirements of the cunoern; which, has been most progressive and successful.

'Die Head Office and main Warehousv or the (Company are in Leeds Street, Liverpool. The Company aae also branch warehouses at Iniicoster and Northampton. The Tannery owned by the Company la situate at Ruacotn, near Liverpool. Owlusr -to the constantly increasing business of tho Company the Directors have decided lo extend the Company? present tannery Buneo'n and to build a large modern tannery upon an excellent eite, comprising about 18 aeree, which has bean aqcraircd by the Company upon favourable terms near the present tannery. The p-etcnt issue is ltuiila to provide the cost of the proposed extension of the present tannery end the erection ot a new tannery, and for further work.n capital.

The assets of the Company aa shown by Us audited balance-sheet at the 31st December, 1918, consisted of Freehold tannery and land and other plant, fixtures, goodwill, stock in trade, book debts, bills receivable, and cash in before deducting excess profits duty, for the two years ending 31st December, 1918 (the amount of which has not yet been determined), hut after deducting all other liabilitiea 389,254 To which must be added cash, the estimated proceeds of the Shares now offered, about 140,000 508.254 Ilpsford Coal 4J4 Eng.Sewg. 799 x- 1 800 806 Ens; VelvetDyers 376 Do. pref ir6 Fine Cotton Splnu'rs 4, 9 44O Do.rrar. Do. prpf.

ord 170 Do. 1st mrt. 15x1. 7il2 t70 s.b.1 Forcstal feuid S.C.... 527l2 Hallnwnv51 emit.

pref. 514 Hoyle (Joshua) Sous 533 536 Uutnlicrprcf 141012 It.le of Man Steam Pkt. 600 606 Iincas. Dynamo and Motor 32 'O Lever Bros. 201012 Db pM.

ord 43 'O lobltos Oilfields 595 Mc Liners nref i5'5s MaudleheretJ.) 590 Manilleberg (J.) pref. 240 Maypole Dairy def. 2C0 203 206 20.9 xl from List: All names in Africa, America, Asia, and Europe How mucli simpler ifc would have been to havo said iu six words that the Black List has been dropped! But one must bo careful not to blame the Privy Council officials. If they bad dispensed with tho preamble the very foundations of society would have seemed to some people to be in dangor. American Import Expectations.

The American Chamber of Commerce in London states in its Bulletin that a report on the importation of motor-cars is expected very soon. It is believed that a ration of 50 per cent of tho 1913 imports during the next six months has been approved by one or more committees, and that it is now under consideration by a labour committee. The boot and shoe agreement arranged by the Chamber is in the hands of the Board of Trade, and an early decision has beeu promised. Typewriters, cash registers, and other labour-saving office appliances are to be reported on' in a few days. A-committee is considering what is to be done after July 1 in regard to machine tools, small tools.

Hardware is being reviewed, and an attempt is being made to arrange satisfactory i.1,529,522 lb lini Mi -en. tt.r-- emUii 31M Aayu-t, in us p-oviii fur iltiprs- I 14. i. i i.ir. j.iicl tmt li'itur fi iees, in ix1' aiiuui'i li! 'I i.

i 1SI13. 19io. anil il as i.tiuvi-, i.K-u i. id P712 Lane. Yuiks 3g Midland def orrl 571 Midliinrt riref ord.

fc Y. 'AY. rteb L. i Y. 4 pf.

1903... 688 MWIan.1 2lV nrpf 445is Monfroal 4J 8538 WnrT.iwii5V 937b 34 aSj(2 3Iilfi 25iz fllB 3Sixfl Do. 94 31ai64xd War Lur.n 4 transfer. able l(vHfirt 1017j2 riulln 34 1931 691 Oiiiadijin Pacific 3763,: Ront. Argentine 568 T.oojioldiii;i 367R Unitedllys.of Havana 828 UubberTrusfc AtlaR'Innirance J4Vjs Mc Ship Canal pf.

90,0 Anglo-American Teleg. prof S8l4d Brit. Bank of S. Amer. 1 91 9, 9 x.

lib Ijm. Jt York. 331 -912 Nat. I'mv. Bk.

(12) 3166 Union Bank of 10l2 sie WilliamsDeacon'sBk. 43'9 Boddirigtons' Brew. pf. 7 7l3li6 Groves Whit nail's b'. cum prof 6H Wilson's b'.

pref. 120 Armstrong, Whitwortb 590 38 6 Assoc. P'tland Cement 75ib 770 Ho. pier 9 Autuniiit. Teleph.

Man. 36,0 63 373 366 lit iv l.xrr- I'ri'tU, ri i- pir i nn.iiii i 1 1 i n.ijte average tu.tiual ainruiit 3,043 18 .4 niRxiciin iMigie uu by i. -iiii is-in- of 1 tviiuir' oa i- li'fore tho :i.m!r. lS'V.) bv il at in l'J14, t.o-k an" iiuiup lax at the i hi. Uf Vrot- 60li2 Aiirriens.

u.cKerton and Day pref 17712 to be desirous of getting into oil shares in face a at. iras engine Z96 Newcastle-on-Tyno 230 tt.it a-- 'itioual JMnO.OOO ll-bi-ntures were 'tn nut requited tin vo vrouM be incrtaicd to The value at which the properly, plant, and fixtures stand iu the boots of the Company remains, subject to additionay at pre-war figures, and la considered by the directors to be most conservative. The dividends distributed upon the ordinary shares of the private Company from its formation In 1900) to 1915. tha dato of the formation of the present Company, averaged. 15 per cent per annum.

The profits of the present Company since its formation as shown hy the audited after charging working expenses, expenses of management (including directors' tees); depredation, interest, and other outgoings, hut before charging income tax or ezcess profits duty, were, as follows of the huge advance lately established in nrices AigerCo. 62334 xd But the buying largely centres in the better imports or glassware, traue-marjeed soaps and i mmer DUipouiiamg Iti nf uiir of tiiii 7'hr pr "iiii of tfi t't'tnpasy estamisneii concerns. ant! uiathinrry sultcliln tli" t'omjiany la -n-ell I cutlinitit In the follow- proprietary articles, and many other articles 180 Shells reached the new high record of 9 3-1G. Mexican Eagles rose almost to 61. Bur jc-tireiiL yro orci.

Z49 Hubert-i M.F.utH.) 250 s.b Kylanda A Sons 33 Salt Union 273 THE MONEY MARKET. mahs. at 11A, were lusher than ever before, and Anclo-Egvptian hardened. 38,508 115,181 100,274 52,344 For the year ended 31st December, 1915 For the year ended 31st December, 1916 For tlxe year ended 31st December, 1917 For the year ended 31st December, 1918 M.i- 'KM. Miitil J'liiM- rijiu.

'tin-'t i Kmployees ht Factories. 2272 Various Russian shares improved, notably Ural Caspian and Spies, the latter having been oueii transport yis 936 93i8 active. Closing prices (the mean between the buying 30.665 132,469 131,408 152,431 817,421 1.7S0 2,650 3,250 3,450 4.000 llTi 1:117 273.95S 4 09. 8 IS! 447.41)0 oiaveiey uoai om. Trafford Park Est.

270 Underground Elec. Bys. ufLon. inc. S6ls S15.5S7 ana.

selling nrices EBITISH AND COLONIAL FUNDS. union uoia atorage Barrow Haematite 893 Bleachers 253 Bleachers pref. 1872 18 6 Hleacnera'Asoc-iieb. 82 Bolekow, 276 or 2-1412 Bovrildef. 149 Bradford 433 443 7l8 But Arftent.

Meat 267l2 Brit. Cotton 4 Wool Dvers 778 -7 6 Do. 1st mt. 66 Brit. Instil.

llelsby tvirt cf 350.000 First Mntf-nirn cum. nref. 1972 296 xd 1'Iose Stocks. Stocks. CIov or 110 23 400 United Alkali United Indigo United Steel Vickers Vulcan Wall Paper applied for capital purposes Hie I kingdom or to replare money whioh has 0 ap; 1 I nil i W.

M. 1L.1KF. Mauaclnpr IMNCtor. 1 1 bi ii.aiie en tho accompany ins form and .1. a fi.r money to tho 1 ln.ini-il ami l.u'.ru if England, Limited.

L-. 'j. any of Its branches. a. wpted fur les-s than the full number PLENTIFUL SUPPLY AT OLD KATES.

London, Ttjesdat. Day-to-day loans were plentiful at the old rates, and, as before, credit liable to be called in at any time was offered at quotations down to 2j per cent. Yho experience of mosL discount brokers was that this had" been an exceptionally quiet day, Dut -curiously one important house found mauv more bills offer'g. and did a fair business at 3A per cent in three months' pnper, this tinne also ruling for two and tour months' bills. Sixes are quoted a little above that, but are rarelv dealt in.

TheTe appeared to be no buying at all of short-time Treasury bills lyy the banks. Lonrt. County 34 -73 Moncho-rter3 65 Aim. O'woalthSiV iirO 931516 53 6 230 Cables Do. prof xd 'orisrts2J nrI.oa!i 5 War Loan 44.

ar Loan 3iZ irish r.ana2iX ndia34V 1 333 Brown (J.) ord. 8SI4 5F38 6873 Canada JV 94 K.S. Wiles Jt New Zealand 38 the nairi snntl-itinn a-iLMiu-tiava iXUDOer 7:8 Highlands Lowlands' Para Hubber 55 Linggi Plant. Bubber 309 i-i. ii'-.

aid-- tho amount payable on accen-' j.iati,--- returned. Where anv dt-roMt will bp returned lii urLi.mor. Biinuah Oil Criico Do. pr 'f Caiiitnell, Cnrso Fleet Iron 410 1132 166 153 5293" 2671012 719J2 25m FOfiEIGN BONDS. 3072 9 11 14 trench 47...

611U Greek 4V AUO. Perak Rubber Plants. Sialang Kubber Straits Settlenierits (Beruun) ur io uisiaimut when due will rnder i.r.-vnui.sy liable to forfeiture and tho an- lntrt at the rate of 8 per wt.l U- cu instalments In arrear. ir rr 100 debenture will be paid In appiicattons bearing the stamps fr-. nr oth-r rei-rsnbed acents.

Coats (J. A Courtaulds Cro3Sley Bros. 813S3 88712 21o 96 S3 "50 69 63 74 7III4 Quotations Market Discounts. ft 308,367 0 0 or an average of 76,591 per annum. She reduction in the profits of the business for the year ended 31st December, 1918, as com pared with the profits of the previous two years, was due to Government restrictions and to shortage of shipping.

These restrictions have now been almost entirely The amount required to pay the cumulative dividend of 7 per cent upon the preference share capital, Including -the present is 21,525. The provided by this lesuo should largely extend and develop the Company's operations and conelifrrabjy Increase the profits of the concern. The articles of association of the Company will be altered so as to limit the dividend en he ordinary shares to 10 per cent, in any one year until the Company reserve funds shall have amounted to a sum of 100,000. In the mouih of April, 1919. the' Company 'issued 7.500 preference shares of 81 each, credited aa fully, paid to, the holders of the preference shares of 1 each ol the Company which had been issued by way of capitalisation of the sum of 7.500, forming part of the reserve fund or toe Company, In consideration" of the consent of the holders of the preference shares to the alteration" of their then existing rights in respect of dividend.

The following contractu have been entered Into: 1. An agreement dated the 3rd May, 1919, made between Henry Boston and Sons, Limited, and The Brit1a. and Allied Investments Corporation, Limited, whereby the latter agree to underwrite the whole-of this issue for a commission of Is. ljd. per-share, payable by tho Company.

2. An -agreement dated the 3rd May, 1919, made between Tho British and Allied Investnifents Corporation, Limited, and Charles Frederick Boston and Henry Gi-orge Boston, two of the directors of the 'Company, thereby the latter agree to sub-underwrite 120,000 of the above preference sharea fox an underwriting commission cf So. per share, and an over-riding commisslgn cf 3d. per share payable by the 3- An agreement dated -the 2nd -May, 1919, between tho Company of the-one, part and Herbert Boston ipn behatf of the holders of the 150.000 preference chares of the Company which- had then been Issued) of the. other part providing for the Issue of the above-mentioned 7,500 fully-paid preference.

harea of 1 each of tie Company. Voting Bights. Tho articles of provide that the preference rhares do not confer the right to receive aotfcs of or to atteiid cr vote at any general meeting of the Company unless at the time or convening the meeting the' thereon Oowu to the end of any financial year of tbo Company completed not less than three months previously shall 'Hot havs been pail. Provided that if the business of the. meeting includes the consideration of any.

resolution the-redder, lion of the Company's capital otherwiee than by merely cancelling capital paid up or credited as paid up on the. ordinary shares of the Cornpany or for the winding-up of the Company or for sanctioning a sale of the Company's undertaking: or -inv resolution diroctlv-affecting the -rights-of the holders of the preference shares and- sot i similarly, affecting tl-e holders of the. ether shares (not being merely a resolution -increasing the capital of the Company by the creation of new shares ranking iu. priority to. or pari passu with the original preference shares) "preference -shWes'shalloonfeV W' the holders' thereof tire right to- receive -notice: of the meeting and to attend and vote on suoh also to any special terms as to Toting upon which any shares may be issued lor may for the time being be held, show of hands every member present in person shall have one vote, and on a poll every member -present tn.

persoV-ey-proxy shall have" one vote for every shate held by him. The minimum subscription is fixed by the art icled of association at seven shares, but the whole of the shares now' effaced have been 1 A brokerage oT 3d. rer share win be paid by the Company oa all preference "shares allotted In respect of applications by the- public bearing stamps of brokers or bankers. Copies- of the m'emorandum'and articles of assoclatloh' of the Company, and the abovo-rneationsd eentraotsv can bs the offices' of" BCesars. McKennaaud Got, 31, Basing hall K.C., on.

any day whijo the list 'TPf opsaL. between the hours of 11 aurt and 4 bjo. vjjk? Other Securities, i'ui be made to the Committee -i2 6b 55 62 87 98l IS 7612 28V 57 55 '-2 48 95'2 Jo i rfi'-r omciai quotation Xor.the iVhtvinMakooii 5 0 Langluagto 90 Argeniinoo. 1JO.U.A JJO. KCBC'13.

JJo. by. 1907 UelglanS 1.1-Kiilian 4. Lo.51913 ho.by.faaA. 19K C.A.

U.inese 4iJ gId Lo.5XIrnp.Loan Lo. by. 1912 Lo.61913 Eirypt. Unitied I'ipiich b', Italian Sy. Japan 4 sterling vo.

n'. Do. b'. 1907 Mexican Peru Corp. ord Do.

pref. Portuguese Z'A rlimsian 5 1906:.. Do. 44. 1909 Spanish 4 2142 213 Bank and Money Kates.

Per cent. Bank of Eng. loans. Brokers' deposit call. 3 Bankers' rlerxuit rata 3 Brokers' notice 3 Day-to-day 23i i4 7-day market ol Aauas Blancasfitrato 259 All Seas Marine and Lp.

135 Toxcent. ejO-rlay Bank blllr. 32 months' iSank bills 4 months' Bank bills 32 She 6 months' Bank bills 3he 358 6 months' trade bills 4 4 months' trade bills Si months' trr.de Mils 4 41s 55 86 E2 82 Lon Cty Westms'ter 1 new 79 Salvage (1 fcrjb. AiDy.it, itubbor Anglo-Dutch Kuhber 43 '9 Anglo-Egyp. Oil SI 559 5512 Annlo-Freneh Iixpir.

J99 f89 1 813,, l8 r-1: ti- Rivca to a ppt lea Uons received from if th CompanT. o. the above letter, a "print of the memorin- v'-'- l- as.soc-.auon of the Company, of the draft caring the debpntures. and tha 831(1 "Jebentures have been "i fr'n! tho Company at 96. 10a.

bearing the whole of the expenses nw? Inspected at th Moe lit- Messrs. Norton. Hose. Barrinfc- old trtad Street. E.C.

2, at any toe 1. urr ht the Ust opon. The tost deed ration of the trustees and authorises i.tracti or to enter' iZltTr Treasury hill rates ae Three months Zs. 4d. Six months 98.

4s. 8id. HOME RAILWAYS. Si p-e. per annum.

3jr p-c per annum. Anglo-Kumaniau Oil 130. Lond. St det A-iiistroiig. wniiwunii Srdnref 20H 14 the Company wittoat betag SS3Sfr or hotwfit ii Ashunti 2533.4 Bah 47,9 Barclay Bank A 73l6 Batang (Malaka) Hub.

411 12 Beau Seiour Rubber 26 14 -h- Aletropolitan Do. District; qrd Midland prefd. Do: deferred Xorth Brit.df.ord Do. pref. ord.

tfortb deX. 1 262 2612 23i2 4012 67 9434 16 402 64 3434 53 stl2 49 11 35,. 1534 9 .561 26 87U 49i2 64 5714 93S4 LalBviomau ord vo. delerrei urnessord si t. Cent.

prof, ord Uo. ixC Kastern liorlbern doJ. ureal We.tem iluii i)c Lancashire Xorl: JUrighton-df Lon. Chat. lc Dorsr lindcn fl 14 Bekoh Kubber 41 1 -2 Lon.

A Thames Uaven Ofl 7424 Lucas (J.) 386 Mngarti Sodaord. 219 Mashonaland Agen. l0-24 MexicanBagle Oil 6 11 it- Do. Prov. certs.

6119 Monti Nickel 6J. deb; 1 Moun Lye.ll Cotiper 2272 Sat; WRrBds.5j'l923 931 DC.5Z1923 Dd. bY 99S8 OW32 58 Do.5?1928Apl. 5 1928 Sept." 99S8 cv 130 Newnes (O-.) jtef? 142I4 tb Caucasiait 276 Oroville Dredging 260256 Oroya 13 Pearson Kuowles new (2 5Q Prestea.Bl6ck A 4j Randfonteitr Central 1371? Bioclesia; Brkdi HiU lAtU Rhodesia Conv. ztmn- IJiriningbam small Arms ord 3584 Brazil Traction ord.

5833 Tail Vale i2 34 tirit. Burmab Petrol, KBO Underground 6. Brown (J.) new (all pd Spot silver Teacted id-, to 4S 9-16d. per ounce, following an advance- in the New York exchange. Among Eastern exchanges Shanghai transfers were cabled id.

higher at Es. Ofd. For the fiO lacs of India Council remittances offered, the sales of which were resumed to-day after a break of some months, the total applications exceeded 1884' lacs, and were all in transfers, which went -at Is. 5 15-16d. and Is.

6d. The Foreign Exchaggtes. Paris. cheques were at first offered, the Tate rising to 28.95, but afterwards there was some big buying, depressing the quotation to 28.65, from which there -was a rise to 28.83: Brussels was higher again at 3QJ5. The Dutch rate moved sharply our favour, a late quotation being and the Swiss and Norwejglan rates rose Italy showed little further 9na hut New York was higher as-ain max Genre now offered Is being- underwritten yl Appucatiou bTSSSSd Vr.

and Union Bank of VjnZEunA ugate. London, E.C. 2, or anFof Iti the Head Office of the SmwaywS is London oaice, 54-62, Oxford IfiiSt, Mjy, 1919. Laij. Chairman).

3.V. riaht. Kfa. i'iw'inna fnr 1iht chould be mads, on the accomnasvlnir fcrm. or that enclosed with tha ummimmI bl' iJB TT-i -OUIU'2 BukltPaniong Hub.

129 CANADIAN. AMERICAN, 4a RAILWAYS. If withdieane for the ftmooht payable on application, to the Lcndoa Joint City jnd Midland Limited, cr-any of it 226 Chimnul Bubber 3 ifs" brancnaa. uu-owiuwiik i ummw uki, uuwuv, huhwukahs oe ivps wi 'Mn. Facitic ilOO HA.Gt.

Southern, 7012 14 toat applied for the balance will be credited tha ardoimt payabU on aliotmear. BA.and Pacific, 54i2 1 teilire'to jpay any Wnjeat vin'wnaer the aUbtoisht nabJe, to, canceUaUon and previous Instalments llifcts to' lab's B.A. Western Chinese 5X (1S13) Reorganisation- 8238 Cicoly RHibbeif 246 til Fai fcittrre, 14 18 U8nt. Artrent.ord Urd. Irunls ot can.

34 Do. 1st pref 6 Uo. 2nd pref. 45 Do. 3rd pref 24 14 Mexican Hail.stk.

21 Cordoba 7012 5612 40 362 -tvivnn'u9 and application may be obtained from the registered' offices of the from the Com-lyTsrftersf bWiesi-d tbe-BrJCsh and- Allied -Iavesbaettto-Oorporatioa, 4. slid deb. Cone. Langlaagte ZO3. LeoDoldina Do.

1st pref. oa Rhodesia Batoation 2IO -J Share certlncates will be issued In exchange for' the OomTBy silptojent letters and xeoefpte i Cons. Main .150 Cutis. Mines Selec 280 I Mcnasring pircctr. .1 Ihuwi.l.l 39 Do.

2nd -1 Paulo ord. able a soon as. possuue man twawii, u. United of Havana. I.

11111 1- v. i.i.j ii v'-'uV, ice. Cory (WmO ipo. new 400 -uuuucr jssi. 01 ATUin lX2, UluHSlff l0 i EUBBER, OIL, 4.683, and Bio" was again strong.

1-llB TW IViimi- Dorman.Loog, prefd. 239" Kdisan-3wan 2072 English, Scottish, and -Australian Bank 203i Sialang Sumatra onuui 269 SelangorR. 8102 Shrop. Worcestershire. Staff.

Elec, Power pref. i77x2 1776 Siak Sumatra Rub. 30lItf Wrlsfct. 79. Dariimrion BANK BATES.

1 j- fny- 414 9,0 130 226 5U Exchequer 6 (1920) ir.t TsriTrrs -lis 03 011 isa 5i6 FOJBK OP AFPLlCATIOtr WHICH MAY KB TJ8ED. HENRY BOSTON SONS, LIMITED. Oeerpiorstea tinder the Cbtnpair Acts, 1908. to WIS); reed. IUOWib -118 EngUMuI FraiCe Siemens 616a united Serdang Va lambrosa Anglo-Kgypt.

Karn iver Lobltos MsucKaeleeom; 1H4 Anfilo-Duton Xnglo-Java AnKio--VlalaY Uajoe Kidoel High. A liBWlds. Java United Job. Hob. Lands KepitigaUa.

London Asiatic Mc N. Pataling. Ex Nigeria 29 BxplosiveaZiadesord 234122312 Firth 2171 'S' French 4Z iMn 65 5 percent, April 9, igij 6 percent, Aug. 1914 5 percent, Dec 143, 191 6 per cent, July 6 per cent. Kov.

11, 19li 4t per cent, July 1915 6 percent, Aug. 20, 1914 5. per cent. April 10, 19fc 6i percent, Jan. 31.191U 433 76 14,3 234 234 360 206 4S3 319 100 454 323 .400 36, '0 9,3 Italy S2 may KumnnUri porta.

BE USED. Galling Besar'Sub." 26 1M 91.18 14B 593 218 Shell Trans no rt Austria-Huueary Sweden tain No. ueiaennuis iua4 03 03 -03 06 3pieaPetroienm uanersl Accident as- 073 CVS V9 18 THE SUNBEAM MOTOR CAR Offer for sa -7 snrance Uxai LSsjpiao. Gpnldgejpwf Cent. iCeylon) S9laufor pec cent, Max.

27, 131s i trmt, Ma. 2f, jsi- (Income a per rent Snbber. Mertgaire IteirlHeri.a OOMMEHCIAL AND-UJDtJSTMAL. Issne of 150,006 70 GniMa To the Directors of HjarBT boston aso iJMimp. Gnii-Having paid to your Baatare lie enm of bih deposit of 2 .64..

per stare on' Ucailcn for. -CunailatlTB Preferenos Shane fil yo Cnatparq-, wareojiisi to allot-to nWni -that number sfceaw 'peS the terms of the Company's prospectus VB jomb to paythehaliiino-'of xiii. -ftygggr1 m-'i'tMlm yoiicayoo, the-iail afijiai'rIwe hereW.eelare 'that tbi Havana.Oll IIOI2 ana vo. 64ZO Sim Insutance Taadjohg -IhomycMf (J, 3048 306 TisJanRniiiMiiJitt Ott -15 3 TransvaalBxpl. Land and MbieraUi 1 ni IrmirUuiletttfou 52 Trinidad- LeAsehbldj 590 59i- Rubber -40' Vi den MgbAjKf.

97Q Dp. pref-, ...186. van. Dujmen's Land -jjijl lg WaPan 176 vc Wiggins, 'feape- (5 6HI4 Wiiuama Deacoa'aBanlE l2 ABTateii iiread. -352 Henderson's Bstates 60 Hiiaaa Conoealoris 2,6 alov V.

Carbide Guest, Hudson's lisy. il umber TJV31P0QL MQCZ MARKET. reported vesterday '223-' -13i- meUwtoJfgXD-' Jetag a deposit of io um of the lappSaUon for Motor Car Coicpaa, 100 oftito sS? wortb JnoJBw)wn(lS-) Hoyle Joshua) newpf. 2 10 InaullndeEub 63 iuLerViat. Paints', Java 386 219 iivcrjaroc.cpi.

Lintons h6 i that cumber of tht- said a-h-SfiTr" llvr. offer to nur- rmreuau asoc Portland BabcockWilax Bolekow, Yang'n "P'i'irS. in -z, or any less number In to Antematlo Wwsa1' v-pt the same accent this date Mar t. C.AM. Bank Magadi Sodaord or iw vww.

ml wau suaim -wwup; nwirnsr Wlu me Johannesburg Inv. 270 Jobore Bubber Land 36 42 Kamuning Bobber 45'a 842 833 KnlzhtsGold 2ZU2 414 18 -73a 354 "276 41 6 26.8 353 678 269 73 liorax eons. ubi. 558 218 89 51 rotate. 9 3-16.

Dp. A Tref. 209. Do. tlo ti to pay thTS.r: enMLirt pref.

aeree to from me lis by ujdfoxd Dyers o.aef Marooni'aWmri viicmars. ana iwe nerphr rtri, in th rrf. 21Q. xro. -ko 03 073 ur 074.

inntle by or for the bonclf.t of ui, appllcatiou is Klfeer Co. 620 xd ww (rnald). 23741 20A04 Kdrubok Bubber 67 Lane. 4YorkBk.neT 33 116 SlB 0,6 03 03 Maypole D('ydf. fat.

zptoaivea' BraxUian 'i'ract. iHit.AAJrg.Meat UriuOUACSUe. OammaU. liftird. UatgoJVlMt ord.

Amendment. Act, or sales) 1. emO -Bo. mort. debt H7 iooers JBxdIos.

lot 1 wntTyredef 1 163- 3s llnaand.toncmbtsaitts SiKnatnre fvt whether or tiMrttea BESCBIPTION 'v ADDBE8S MAJNQBESTBR COAL, Tckbday. Boyai MaU orri -2irii 139 Coauoru. Oory UourtaUlda 1 ord. v. 3 18 Siemens Bbos; 634 33is but World Marine and wp.5!;( tr 3 1,5 bra c'Aicjimi It.

ltavis It Bow S.DurSt!lnrrt nas Tjeeu euouzu. iBuai.jarcaM ihml.II: frr Please write clearly. 1S2 06 0ww lanui, 78s yo one seems to have any "expeetattor. ol" freedom for thi coal trade to follow trie IrterWn Wjiri tri n. 116 310 6l8 52 3 Xtorman, Dunlop Hub.ord.

Forustal tAua iTraSer A ll8 0 39 uuno aree: ViOAn'. cam be established. Ilienrthtr -03 1 tT i rv-1 V-v A' -1- r. -i't' froni to 29s. the pitej and screened gfeamiSl AIUIU ii sCIKlWVTUeeUiinL Ul! 1 HM VslHssiv'li V.o Jmnrnrer? Tl Bx dividend, Ex share bonus, Kx rights.

1 An ao.knnwledtrment- wiD be forwarded in doe conrss either 1111 Mvtfc ml miirn rrr.