The Guardian from London, Greater London, England • 14

14 THE MANCHESTER" GUARDIAN, THURSDAY, FEBRUARY 28, 1935 COMPANY MEETINGS GENERAL PRODUCE THOMAS TILLING, LTD. Position and Prospects Under New Conditions. EXPANSION OF THE MOTOR were certain factors which should have hopeful influences on their prospects. Britain's internal trade had made a notable advance in recent times. Industrial output increased in 1934 by 12 per cent over 1933, and in the manufacturing industries alone xeached the highest figure ever recorded, being 11 per cent greater than in 1929.

Although MANCHESTER STOCK EXCHANGE Hugon's Shares Again Lower "Wednesday. Although the undertone was generally firmer, markets remained quiet with few important movements. After a dull start British Government securities met with renewed support, the War Loan, Local Loans, and the 3i per cent Conversion Loan being especially favoured, but a decline took place in home railway stocks, the traffic returns causing some disappointment. The industrial section was still rather subdued, although a rather better inquiry was apparent for iron and steel issues, and jn the miscellaneous group Associated Portland Cement were again sought after on dividend anticipations. A firm display was given by mining shares.

Textiles were dull, Fine Spinners easing to Bradford Dyers to 7s. and Bleachers' Association to 5s. 74d. Wool-combers rallied to 7s. alter being down to 6i, while Poiritts and Spencer iveie haider at Tound 77s.

6d. English Sewing Cotton held steadily et 42s. till, lijiends and Sons stiffened to end Hickson, Lloyd, and King were better at 4s. kl. A.

and S. Henry received some attention at 10s. English Velvet Dyers at 4s. and Jackson and SteeDle at Is. 3d.

MANCHESTER TRADE "Wbdsesdat, Febrtjaey 27. The market has been even more than usually quiet for a Wednesday. The few buyers who have been in attendance have had little in the way of business to arrange, and any cables from overseas have been of small importance. Cloth offers have seldom been on a lower basis at present. It has been freely stated by several manufacturers that their order-books are worse than for several years, but that they would rather close down than accept some of the offers that are being made.

In some instances to-day the bids for certain Burnley have not been high enough to cover the cost of the yarn, much less to cover any provision for wages. India continues to play a waiting game, hut it is believed that a period of gieatar activity is near at hand. Little fresh inquiry has been available. Calcutta has offered for dhootiek, light whites, sarries, and fancies, but only now and again has a small line been booked. Karachi has taken meagre lots of medium mulls and nainsooks, and a few dyed goods and fancies have been taken by Amritsar.

The aggregate turnover for India, however, has been of little importance. Moderate purchases of lawns and fancies have been made by Eapgoon, but only oddments have been booked by China or Singapore. Exporters to South America, the Continent, the Near East, and West Africa have had very few orders to place. Many bids have not been within 10 per cent of makers' minimum quotations. Trifling BRITISH RAYON OUTPUT Jump to New Record The statistics illustrating the economic condition of the United Kingdom contained in the current issue of the' Board of Trade Journal show that British production of rayon yarn and waste last month -was which compares with in the previous month and with in January last year.

The figure makes a new record, and, moreover, it shows an increase of 1, as compared with the previous record, which was established in October last year. The big jump in the output suggests that the leading producers are encouraged by the prospects as they see them, and that the uncertainty which hampered trade in rayon last year no longer persists. In the closing months of Jast year export' trade in rayon and in rayon and cotton mixture fabrics, which, absorbs, a considerable proportion of the country's output of rayon yarn, received an impetus from the way in which the drawback of Excise duty was being readjusted to compensate for last summer's reduction in the duty itself, but this stimulus is no longer present. It is therefore gratifying tofind indications of expectations that, in spite of the changed circumstances, the movement of goods containing rayon yarn both, at home and in export trade will continue on the larger scale- which has been noticeable during recent months. The advance of 4d.

per pou'nd in the price of certain fine-filament viscose yarns, which was recorded in these notes last week, also Winterbottom Book Cloth opened higher at 4Ss. bid, but, though the dividend and bonus were in accordance with market expectations, they slipped back later to is. uu. courtaulus were tirni et round 48s. 6d while Full Fashioned Hosiery A strengthened to lis.

on the report. imperial Liiemical ordinary improved iCl 3C2 Air attar 1-ininr. rlr.iL-r, ILrl uwkj, UUI. 11 IV UU. 1JJ -j while the deferred were steady at 9s.

fld. Staveley Coal and Iron were supported at 37s. following the interim dividend announcement. United Steel were better at 27s. having touched and Dorman, Long strengthened to 12s.

3d. Meters gained a few pence at 36s. while Hopkinsons wera maintained at 24s. lid. Mather and Piatt yielded slightly to 35s.

and Tweedales and smailey to 13s. Ship Canal ordinary were steady at au. and the Dreference fit round las. fid. Wall Paner deferred were lower at, but Associated Portland Cement advanced further to 42s.

3d. Hugon and vjiiiimuy nywjii iobi, prouna ai uis. xurner and Newall weie maintained at but Dunlop Eubber drooped to 4Ss. tM. Lloyds Packing Warehouses received some attention at 15a 31 and Ward and Gold-stone at 9s.

3d. County Bank receded to Hi and District Bank A to 70s. 3d. Martins Bank 1 fitllv rtaid were dealt in at 77s. Yorkshire Insurance fullv paid TPceived attention at 1R 17., rtrl.

and Commercial Union Assurance at 11 3s. lid. QUOTATIONS OP REPRESENTATIVE SECURITIES Clewing Price. Rise or fall. DLescbers' -03 5 6 6.0 GREAT WESTERN RAILWAY COMPANY.

Recovery in Net Receipts. ENCOURAGING PROSPECTS FOR 1935. The annual general meeting of the Great Western Railway Company was held yesterday at Paddingtoii Station, London, V. TLie Kiglit Hon. Sir Robert Home, GlJ.li., Js-V.

Ct''; taic: that on 3Ht August, 1335, the Great Western Kailway Company was meor: porated. This great organisation, ol which those assembled were the modem representatives, was tlierefore within six months of completing a public service extending over the most remarkable centurv of human progress known lo history. During that epoch the Company had experienced periods of vicissitude as well d. oi good fortune, ot acute anxiety 'as well as serene confidence, of exasperating failure as well as en-eouragmc success, but through all those times, good and ill, the reputation oi the railway had stood high in popular favour and they were to-day the heirs of a svstem which absoibed their interest and commanded their loyalty. The time had not yet come to give au adequate narrative of the chief episodes in their dramatic history.

That he was sure, would be done when they reached the appropriate point of time. At the moment they were concerned only to review their fortunes during the last twelve moiKhs and to estimate as Dest mey mignt me prospects, of the immediate future. NET REVENUE AND DIVIDEND. Tu-ninsr to the accounts, there had been a welcome recovery in practically all sources of revenue, and receipts were up by 856,726 as compared with the previous year. This increase reflected a general improvement in trade and spending nower.

but it was offset to the extent ot or 40 per cent by an increase in expenditure. This low ratio of ex-penditme to receipts was, however, very satisfactory and indicated that they were now reapinjr the benefit of the sums disbursed dunnf the past few years in improving ihaiT facilities for the handling of traffic. There had been, in fact, a marked advance in their general operating efficiency. In the result the net revenue was the" best since 1931 and showed au increase of 582,438 over 1933. They had, moreover, been able to bring in 323,948 as profit accruing from the realisation of investments.

Furthermore, the contingency fund, which at the beginning of the year i-tood at 1,822,057, had been supplemented by appropriations from reserves mainly in respect of income tAX which were no longer required, and although 550,000 had been transferred from this fund to meet the proposed dividend the net effect was that the fund had been restored virtually to the same level at which it stood at tiie commencement of the year. With brought forward the net revenue was brought tip to 6,325,626, which was sufficient to enable the dividend on the ordinary stock for the whole year to be made up to 3 per cent, after providing for interest and dividends on prior charge stocks, and left 43,226 to be carried forward. Full provision had again been made out of revenue for renewals and other liabilities, the undertaking had been fully and efficiently maintained, their reserve for all purposes remained at a high figure, and as the trade outlook continued satisfactory the board felt that the ordinary-stock holders could legitimately be given the benefit of the sum available as shown in the net revenue account. WAGES AND CONCILIATION MACHINERY. The dmDTOveraent in business rfurinc the year restllted, not unnaturally perhaps, in urgent representations being made by the trade unions representing the staff for the restoration of the deduction from salaries and wages which had been in operation since 1931.

The demands were conceded in pavt, and the Board were satisneu that the course taken was, on the long view, in the best interests of the companies. The negotiations which took place during the yeir with the trade unions for the establishment of new machinery for the settlement of differences between railway companies and their employees concerning hours of duty, rates of pay, and kindred questions had been conducted with the earnest desire on both Bides to secure a better and more expeditious mode oE procedure, and the new scheme which was devised had now been approved by all parties It was anticipated that this year would see the finish the extensive programme of new works undertaken by arrangement with the Government under the Development oan Guarantees and Grants) Act. 1929. In his view the carrying out of such works was one of the best ways by which unemployment could be relieved end had fully justified the encouragement given by the Government to the railway companies to undertake them. lait year he mentioned the negotiations which the railway companies were eon-ducting with Imperial Airways for the formation of an independent company to develop air routes in conjunction with existing air and rail services, and in March last a company of the kind contemplated was formed under the name of Railway Air Services, Ltd.

Various developments had been made in air routes duTiDg the year, and they were planning well ahead so as to ensure obtaining their full share of this form of transport. ASSESSMENT FOR RATING. A subject which was a considerable factor in their fortunes was the rating of railway undertakings. Under the Act of 1930 the valuation of each railway had to be made with regard to the whole undertaking on the basis of net receipts and subsequently apportioned among the rating areas concerned. At the moment the Great Teatern valuation roll was still in draft, the provisional net annual value being estimated at 2,800,000.

They were now waiting to know what course the assessment authority proposed to take in view of the judgment in the Southern Railway Company's appeal. The aggregate of the existing assessments of the Great Western Railway stood at 2,310,000, but on the basis laid down 'in the Southern Railway case the net annual value of the undertaking shouldxot differ greatly from that of the Southern Company, which the Court of the Railway and Canal Commissioners found to be 1.077,I3t.v After these first valuations, were hnaUysettled thev took effect from April 1, 1931, to Slarch 31, 1936, when the second valuation was intended to be completed, and there was therefore a period of four yeaTs in respect of which repayment of rates -would have to be made if the judgment of the Commissioners remained unchallenged or on appeal was sustained. The number of passengers carried in 1934, exclusive of season-ticket holders, showed an increase of over 2,250,000, and the introduction of third-class return tickets at Id. per mile was so doubt mainly responsible for this. A much more substantial augmentation in the number of bassensrers was.

however. necessary before tho Company obtained any material benefit. The freight traffic conveyed over he system inJS34 amounted to 64,500,000 tons, an increase of 3.000.000 ton3 over the previous vear. Although the improvement was gratify ing me Tonnage was suu aoout if juuujuw tons Deiow ine level or xxa. CURRENT YEAR'S PROSPECTS As to the prospects for the current year, the first returns of traffics in some weeks of January and February were somewhat disappointing although in the aztrreeate not so diEaDDOintine.

which warned' them that they must not expect a continuous rise in their receipts in every week oyer the correspon din venod ol last year, uutaltnouan they sad to be cautions in their estimates there LIVERPOOL. Wednesday, SUGAR Faw sorts steadier. Basis qualities 95 degree polarisation Fehruary-Mirch shipment sellers 1s od. ner cwt, cuL to UmMd Refined steadUy held lor late rates. Messrs.

Tata and lle. Quote: Cryitals, ones 20s- mdi, small onM 19s, twos IBs. -d brifitits 16s. 5d crinu-latd slacdird 17s. 9d H.T.3.

17s. 9d-, coarse and line IBs. superfine IBs. 7 easier Kinz 21s. pulTerised 18s.

yellows, thirds 16s- 6d fourth? 15s oil. primrose 14e. 3d. per cut, ex Lnndon. aitcrnoon tea 22.

o. 1 21s. pr ct. Messrs. Fairrie and Co T.td qurte- Crystal, ones 20s l'-d, fiTei 13s.

4-d eights IBs. od granulated lairr pa-ajoa 17s. iinikrm 17s. 9d. fine IBs taster 20., superfine caster 0.

7., 2I-. l'-d. ch.ps 19s. rii-d, nibs 21 10rd per ct. in 2ci.t.

bas. imall 2ls. IOM and cubes 21s. 4ljd. per in Icact.

cases ex local refixteq, l-s 1'- per cent, di-iount. The San'ey Sugar Co. standdrii granulated 17s. 9o. STanuIated 17s.

aul ext-a line granulated 18 Had. ex refiner Earlet3wn. les 1 per cent discount. au 1 Sons. quoraticos are- Sundard 17s.

9d -necial fine 17. coarse 17s. 9d. extra fine Ss. Hjd superfine 18s.

6d prescvinz IS 6d-. finest caster 20s. 41d-and finest lcintr 20s lOijd all per cwt. ex refine-5 Ltverpuul, less per cent discount. COCOA.

Mar3t qutetlT atrady Jor West African ilescnpUons Tor shipment. Hood Jermente-d Accra to the Comment VebruaTv-Apnl r.nd March-Maj 235. 9d. and buicrs 235. Apnl-JuDe sellers 24s.

and buer5 23s. 90 c.i.l. Lagos iil- Februarj-A nr and a rch-M a ellcrs 25. 3d. and buye ra 23s.

per 30 kilos 1 I. HICE steadv. No 2 Burma February -March ship-menl sellers 7s. 7lA to 7s. 9d- Pr cwt.

c.i I HICE BRAN ou.et Ttangoon Febriias-Mach- clll-E IT, fid Tier tOIl CI SDIP. SAUO FT-OLTR Sarawak -pot parcels qnotfed 9s 6d. ei torc. Forward shipment 8s. 7td.

pr ci.f. PEAS Japanese quiet Spot parcels quoted EL Ivi 14- 5. ex atore. Forward shipments 12 7s 6d. to 12 12j.

6 J. per ton i I. BEAJfS Hangooa quietly steady. Thite band-picked on spot quoted 10 5i. cx Forward shipments VebTuary-MariU 9 per ton 1 1.

COTTOSLED EAT firm. Local mads on spot 49 per cent quoted 7 17. 6d. and 42 per cent 6 17s. 6d.

per tn mill and store. OAKARVSEEO qutef Hirer Plate on spot quoted 12a 5d Tnrih. recteaned and Spanish, bold 245. to 2Bs. per cnt.

ex store. cni'rri'vsFrirTv nuit Tirhit sorts forward shin- irients. Talue 4 2s. d. to 7s.

6d. per tcia snip, awarding to position. T.IXSEBD unchang-d. Riter Plate February-March snipmect sellers 73 per ion. OILCAKES attract little attntion at late rates.

Linseed on tho spot English quoted 8 5s American 7 ICS Ritt Plates, 3 15s Cottunseen English 4- 4 10'. Compounds 6 to 7. Tnlm kerne! cake 6 10s. and meals 6 15s. ex mill and itore.

Linseed American Feb-ruarv-March shipment sellers 6 Rit Plate 7 10e BombrtT eipellers 6 5s. U. Egyptian undecorticated cottonseed February-March 3 15s. ex ihip. llanRonn eroundaut 50 Tr cent MaTctvApnL 6 os.

ner ton. c.i.l. DRYSALTERIES. Ac Sulphate of ammonia quiet; neutral qualities February delnery 7 2. 6d.

per ton, March to June 7 5s. per ton, ramimum of 6-ton lnts and over, titrate oi eoda moves slowly: ordinary qualitT February delivery 7 12s. 6d per ton. carrnga paid, in single minimum ol 6 ton lot 1 and LOCUST BEAN'S firm. Cyprn cn spot quoted 7 ex etnre in hugs, Forward shipment 6 per ton c.i.!.

drums. MOLASSES Fleadi'- teld qualities in bulk 3 and in uarrfli 4 10s. per tan ex store. LARD on the epot dearer. Choice Western 65s to 66a.

per cwt. ex store. PALM KCRNELS steady. Sellers of February-March and March April shipments 10 Is. 3d.

and bmcrs 10 per ton Itill terms, Aptd-May hipmem sold 10 is. 3d, per ton lull terms. OILS Linseed steady; raw on spot quoted 27 IDs. and boded 23 per ton ex mill in barrel Cottonseed sery steady, local common edible 32 and deodoriied 34 per ton neb naked tx mill, palm Vernel quieter; local crushed crude GM.Q. 20 10s.

to 22. extracted 22. and deodorised 27 per ton net galted er mill. Cantor timet ior Enclith deEcriptinns; Hull 1 Karnist 40 10s', firsts 33 10-5 and seconds 3'J 10s per Inn ev nmll in barrels. Grnunilnut firin; liKal-rtiade dcoilntKed 38 10.

per ton. net naked ex mill Cfn pnut stead; Ceilnn mill oil forward 22 and vhnc 22 5s per Ion ci.f. in drum. Copra unchanged. Lirerpnol crushed crude 21 per Ion net naked es mill.

So a bean dearer: local -marie dec longed 31 10s. per ton net naed ex mill. Palm etcadilv held. La bos forward Fhiprofnt Feller 22 to 22 5s eirr Fcbrua-T-Marrh to fihipmeot. teller; 21 17s.

6d. transit. 21 15s. ex quay, mediums for Fliinment 21 12? 6d hards 22 10.. and red SheTbrfV epot and 21 to 21 per ton.

retroleum and petrel steadily maintain lata levels. Turpentine quiet; American spot 50s. 6d per cwt. et ate re. TALLOW Ter firm for all deEcnptin.

Eouth Americm tiesfs lorward jshipmcnts sellers 28s. 6d tn 29s. d. per cwt. 1 f.

Australian grd colour mixed for shipment 213s. to 25. 6d. per cwt. c.i.

I. ROSIN ouictljr for American Brade on enct and elle-s 14. Sd WG 16. and WW 17. 6d.

pen. ut. ex. store in Vjarrels. LONDON, Wednesday.

SUGAR At pTeviotis rrite inly a moderale amount ot bumess vrm eUectcd in Britifb makes, hut sign were not iranting as to broadenins internet on the part ol diributors, tiartiriil3rlT in northern areas ol the United Kingdom The general tone is Tery Ateidy, us failing quantities ot preferential and bomc-ztovrn raws- leads to increased support being accorded foreign. With Cuba no obtaining equal to oTer 8s in the Untied Stales under, the recently instituted auDla schemei fhippcrs in Ihe island take a flrnoer stand tli matter upplrLtiff other I'ountiies. Terminal market dearer nn reserved vllen and increated buying orders. Quite a lair bmmciH Tas necotinted; May rold 4s. 5id.

to 4e Aucust 4. Vid, to 4s. Bd December 4s. 9id. tn An.

A lOSjd. ir, As. IHid. 'Pnteian 96 per cent raw-. March lo the United Kingdom held for 4s.

6d. per cwt. c.i.l. TEA. Some 22.414- pzclagei ol Indian -were 1 brought loraari in auction, and in the main met quite an active market.

Common and low medium ruled occasionally dearer and others firmer, excepting plnm liquorinc autumnal flavoured teas. Tihich tttb liltla -wanted Pekoe sold 10Vd. broten Eekca lOfid to 2s. 3Jd orange pekoe 10d. to lid.

token nrange lO1. to 2i. 5d and fanninss 10', id. to 2s. 3lid.

per lh. COFFEE was cenerallT quiet, mit borne trafle buyer continue to leek good liquoring parcel, particularly Atncnn. which maintain their potition. OOCOA ateady. but business (till kept down, both, with regard to arjot and ionra-d positions.

Accra Jtond lermented Febraary-ApTil 23i. March-May 24r, ApuKTune 24. 3d. per SO kilos i clause to London 24s. Sd.

per cnC. ex wharl. Others without change. Terminal flow; morning cnles. were only 80 tons; March sold.

23s. May at 2.3s. and September Z4i. Sd. per cwt.

SPICES Pepper etow: Lamponc black jpot in bond, afloat 5Tad March-May 4d. c.i April deliTerv 4id. per lb White Mnntck pot sales at i lOd. Clove and Kinder without change. Pimento: i Spot 2Jad.

ter lb. and February-Ms Tcb 20s. per cwt TAPIOCA without change. SAGO FLOUR. Empire Pebruary-Marcli eelleri 8 "lid.

per cwt. ci.f. DESICCATED COCOS-UT Spot 23s February-March. 21a. 9d.

per cwt. 1 1. BICE showed no new feature, and there is enly a small ofltafce Irom the tpot. Tendon on lormer term. Eastern markets generally Arm.

Italian tdl a bora London parity. BEANS. Prices were Tmchanfied, with a mode rata ucuastuo. jor Bpcs nuiiers. w.PM in alnw I -1 6d.

to lis. 9d Ilarch-Apra 12s. Sd. ptr cwt. e.if.' JUTE heM steadily, but business in.

general uroTed JtiKter First. Februiry-Maich Mid 16 12s. 6i Maich-Apnl sellers 17 2s. 6d AprU-May sold E17 Mar-Jim. quoted C17 Ss 96., lishtnincs Feb 15- heirt' 13 12s.

danee S15, Tossa C16 per ton c.i steady but quiet; March-May sellers JS13 5e per ton ci f. SISAT, firm and quiet; No. 1 African afloat February-April. March-Mar. and Anril-Jnno buyers 15 per tnn l.t SHELiCAC unaltered; deliveries from London w53JTy far tJlls mouth are B.0C52 factages OOPBA.

There sras only a comparatiTely small bui'-nesi doinir. and tbo market was rather unsettled at times. Straits sun-dried March and April basis porls 5.a.?"J 13 10'. Mav 13 lis. 3d, Juno quoted 13 12s.

64.. Iratch East Indies March to Bolter-darn sold 13 8s. Sd Dutch raised East Indies March Copenhagen sold IBs. South Sea plantation Rabaul March-April quoted 13. Smoked to Marseilles 12 12i.

6d. ci.l Philippines nominal, with cables reporting equal to 18 beine paid by local mills. KERN-EIA-February-STarch. to Hambau sold 10 2s. 6d.

per ton, cut MESTHOI-Spot dutr iid lis February-April ios. 3d. Japaneso peppermint oil spot February-April os. per lb. c.i f.

KCBBER Tho market was enerally ooll. Sheet 5S March ild April Juno 6 S-16d. to July-September 611, 6 and 6t4d Octoher-Deconher 6 11-ltTd. to 65sd, January-March otd. per lb.

Lanseed steady-, spot sellers 23i. (small qaintities is. "64. per cwt ertrat, March and April ls- May-Atnjiut 21s. September-Decnn-SV 221.

3d. Bapo quiet: crude spot refined s. 6d. Cotton maintained; crude Eayptian naked soot Z7s. 6d common edible deodorised barrets os.

8oya steady: English, crude naked spot "odorised harrela 34s. 6d. Coconut steady: Ceylon "i-l Iot 2s-- Harch and April 21s. 9d white Copra: Crude spot 24s. 6d, English deodorise Ka rr.l I I- a Enelish crnds.

naked spot barrels 4 -Turpentine steady; American spot 48s. 13s. 3d rr- it tamed, ArirentmB initial cables being steady. Biser uaV, sellers Sia March 9 tV. Apnl 9 7s.

May 9 8s. 9d- Calcutta to London February and March en- 7i. 6d new crop April 11 3s. 9d. Bcmbar to London Sih.

rsary an new crop Aiiril 11 ISs. Bapeseed in- wup sii in. uu. new crop ieb- niaiy and March 12 2a. 6d.

Cottonseed Inner: EBTptian black to Hull February 7 2s. March 7 la. April-May and June 7. whita sons Ss! per ton less respectirely. Groundnuts eaaier- ISs, April y-.

hi. uixne aaat). eora all positions to April S7 dull: Bombay Ftbroajy Ltd "I 10s calcutu 11 5s. per ton iAt aalei remain abejSce. FziTatelv nneei rnTnf firm tfc i i "Sf01 00 ti' teF1DJ prices continue to adsanes' m.

vnotains: Am-. mixed lair to pood 25s. to umins wo weea luo caskt. Onlral Bet 0.374- Chapel. Whaley DUt't Gas Oompten, Eons and Webb Ceyl 62 Ins.

Daily Mirror 1410 15-Easjle, Star and Brit Hon. 1st Prei 21-Eno Props." Pref. Z410Ii Erer-Beaoy 23D El Oro Mininr Bl-Eastwoods Pi el. 31444 Fecton (John) and Baaid Bradley Mills II-Feoton (John) and Sasid Bradley Mfils 5Z Deb. 70ii Fun Faahicaed Hosiery A 10 Gold Mine KalcoorUe 0gn Certs.

311016) Gold Mines et Ovfrt Certa. 3U1037) Penman Corp. 6Z 3ft. Deh 3Ri. Hd.

Thomas 64J Pret Bio de Janeiro (State oil SjX Corrr. stg. Bhodesias Selectioa Treat St ret ford 312r Mt Eds. Red. znitXixsii ins Stewart and Lloyd PreL Sbuthem BJy.

ct America Sancu Stput Kuh. 274 Tnbnrj DredaAnz TOIXiH T. WTiitea and Taylors urc 4Jt-Tjtd- Lankat Plantatioaa Ord. sni. Utd.

atee! Ccra. yyi Onion Steel ei Stb. Afriea 71- Dtd. Brit, Oil cd TrrnirTsol 73 WitwatssrrFand 14. Geo.

Kernes BZ Pret WhitehaU Flee. PL. 25-Woodlands Chemfsta cVSsA White- (J. SamneTl Grnd Cnion Canal- 3X Perp. Deb.

85 aunnan ssuddcx -lOa BUSINESS. The 38ih annual General meeting ot Thomas Tillins, Limited, was held yesterday in London. Mr. John F. Heaton (chairman and managing director), in the course of his speech, said: I resret that on this occasion, the first for some ten years past, wo have to report a substantial diminution in profits, which is due entirely to the transfer of the London Omnibus Undertaking.

The profits we were earning in that section of the business were in excess of 150.000 per annum, and against this we received fun Vivl llllstnr rnviMV bv wav of interest on London Transport stocks a total of 49.867. However, acamst tins reuitcuon of income of approximately it is tn ln to report that. through" au expansion in other directions. tlie proms ot ine uusutess a yhv.ic down "uv no more than 43.209. Those sections of the motor business still directly managed and cont rolled by vour Comnmiv produced last year higher returns, both "gross and net, than in any previous period.

Moreover, the various companies with which we rc associated continue to make satisfactory progress. To of th i-A vou some idea of the magnitude in operations it is sufficient to state that the number of passengers eai ried In the course of a year by the group ot associated companies is in excess, of 800.000,000. It is also worthy of note that for each fatal accident to one of our passengers we carry over Ti0.000.000 persons, a number exceeding tho total population of these islands. OPERATION OK TUB TRANSPORT BOARD. Having regard to the Company's substantial interest in the Transport Board, it is desirable that I should refer to certain aspects of the position.

Diir'ng tin. pnnrsn nf the urocpcilincs in Parlia ment Sir William McLintock appeared before the Joint Select Committee as an expert witness mid thoweil that after meeting all expenses and providing for interest at the maximum' rate on btiii-k uouid he a surplus of l.i!l.b J. Tim crisis of 1931 had an adveise effect on tr.dlic receipts, and tin rather upset the calculation tor a time. So far as our London Omnibus Undertaking was concerned, however, before this was transferred to the Board we had made up the whole ot the leeway in net receipts. Since then ti allies have toii-tinued to expand, anil as travelling facilities in many diiOLtions have been' curtailed it must" lie umihiu'iI that there has been a considerable leductiou in the expenditure of the Board.

The Act that, it shall be the duty of the Board to conduct their undertaking in such ni.inner and to fix elicit Tares and charges a to that the revenue shall he sufficient to defray all charges which are by the Act required to ho defrayed out of the leveinie of tho Board, including the standard rate on toek. To summarise, we are satisfied lhat under efficient administration there is no reason why the full fctnndard rati; on stock should not be paid and bt il 1 leave a. surplus for the receive and ior other pm pOiC. The Act pioviiles that holders of stock may, under certain circumstances, make an application to the High Court. Arising out of this, and also for the purpose of watching the interests of the stockholders geneially, proposals have heeii made that your Company should take the initiative in the formation of a London Transport Stockholders' Association.

We fce.l, however, that there is not yet any real necessity for such an associ ation and that the first (wo years at least should be. allowed to elapse before tho proposal he given serious consideration. I do not intend to make any prediction in regard tr the r-ite of future dividends on the ordinary shares, but for the last completed financial year the profits ate such as would permit of a 10 per cent dividend on the increased The report was unanimously adopted, and resolutions were passed increasing the capital and authorising the distribution of a share-for-share bonus to the ordinary share holders. PORT OF MANCHESTER ENTERED EASTHAM LOCKS (INWARDS). February 27.

3weebrr. (i). 49 toes, light, for Starilow gencral. jjjaj-nye Isireroool. Xezelttroom o.

Qfi7. British 11 Cb Amsterdam Cheyenne (i), 5.267, spirit, ior Stanlrnr Oil Doric; Arnba- Aforcrat pint, ior oiai 179. cJy. trr Boirater' Wharf, rir. Lei Sitewrizht, Bacon, and Co, Bowater's Wharl; Par.

Leedi City fi), 2,884, central, Vancouver. Jiiiie Thomas is, 113, light, for lltnere Fort Pontoon: 0 Port Pontoon: WirinM. Trior is). 971. seller Wilcon.

Rut. Ki-irl Un Rotterdam Stormont It), 421, general, J. J. Hack and Soni: BeHut, St. Brandon (), 463, light, for PartinKtcm; Birkenhead.

Kylefirth i). 177, for Partmxtnn: Lirerpotil. Siak (), 641, Ifrht, H. Watjon and Mostyn. Penitnno SB.

chippie (i, A. E. Boen: Pen ma en ma wx. Ad Iterance (i), 88, A E. Bcwen; Fenmaenmawr.

Daflla (). 968, general, J. T. Viflched and Antwerp. Lerenxau (), 717, general, Vogt and Maiu.re; Hamburg.

Carrowdore (), 226. stout, A. Guinnen, 6on, and 05.: Dublin Shelbrit (), 192. spirit. Shell-Vex and, B.F.; left Stanlow for Manchester.

Bittern in, 918, cargo; LtTtrpool. Elmfie'cl fs, 176, light, for Acton Grange; IdiTerpooI. Indium (), 75, light, tor Marah Lock; Liverpool. OUTWARDS. FROM MANCHESTER DOCKS.

Ansleiey (oast 427, general, Coait ZJnas; GJntgow. Kittiwtks 982. Jigbt, J. T. Fletcher and Liverpool.

Adiierance (), 88. light, A. X. Bo wen; Fenroaenmawr. pensrone a), 98, tight.

A- E. Bowen. Ktlenau (s) 767, general, Vogt and Magiiire; Hamburg Stormonb (i), 421, general, J. J. Mack and Sons; Belfast.

FROM WKSTON POINT. Spray Till 191, light, J. 8 Mod is; XJnrpooL Thorn (0, 120, light, Clarke and Grounds; latsrpooU FROM STAN LOW LAY-BYE. Cweebarra (ij, 49. gas oil, A.

E. Bowen; Douglas. FftOM 6TANLOW OIL DOCK, Tioga, (i). 345, spirit, Anglo-American Oil Belfast, FROM ELLESMERE PORT. Charlwood Wt 600.

lead art-, H. "Watson and Antwerp. Diunam Coast (a), 328, general. Coast Lines; Xeith. FROM BOWATER'S WHARF (E.

PORT). Abercraig- fi, 173, light, fiivewrifiht. Bacon, acd Liverpool. STANDARD BANK OF SOUTH AFRICA LIMITED. Bankers to the Imperial Goreromest is South Africa; and to the Governments of" Northern Rhodesia, Southern Rhodesia.

Nrataland, and Taneanyika. Capital Authorised and Subscribed Capital Paid-up 2,500,000 Reserve Fund 2.500,000 Capital Uncalled 7,500,000 12,500,000 Head OfRcas 10, CLEMENTS LANE, LOMBARD and 77, King WBtattj St, LONDON, EC. 4. LONDON WALL. Branch S3, Undm Wan, -WEST END aranslt-0, HarUnarUierlanci W.M HBV YORK Agamy Wall Strast.

KAMBURB A tansy; thauswUjura3r (truaa. OVEK 370 BRANCHES, SUB-BRANCHES, and AGENCIES. SOUTH. EAST, and CENTRAL, AFBICA. COMMERCIAL SERVi GE Tha Bank baa'over 370 Branches in Africa, 'and Agents and Correspondents throagbensf.

the World. Tha' 'closest touch with Trade and Indostria! conditions Ss maintain itb special attention to Commercial and. Credit' Intelticenee. This serrica is arailahW to' Exporters. Importers, and others wishlsc to' derelop trade with Sooth.

East, and Central Africa. Trie Standard atantt atstrtnlr Ran law is sens, post free on application. It cirea tha Iateat 'information on all South, Exit, and Centrar1 African-1 matters of Trade and Commercial Interest. BERTRJ.U I0STVDES. toaaVra Msuf sr.

exports showed a substantial increase most of the increased output was absorbed within this country. Could our internal market continue to expand, or had it Teached saturation-point? He was of opinion that there was still considerable room for expansion, and provided we remained calm and steadfast and did not give way to silly panics the position was so sound and there was so much, work to be done in this country that it should be some time before "the limit of our immediate development was reached. If that was so there should be increased traffics for the railways. The new Government housing scheme, with all it involved to a lnulti-plicitv of other industries, should itself hrinsr increasing trade and added demands on transport. The revival in the iron and steel trade and the extension of works in South Wales should increase tho Company's freights in that area, and although the Italian market might be disappointing it was permissible to hope for a brightening of tlip export trade in coal from that quarter through the Polish and Irish agreements, with a beneficial effect on the Company's dock receipts.

Their passenger receipts also would probably receive some augmentation from the movements created by the celebrations in connection with the King's Jubilee. Altogether, rightly or wrongly, he was inclined to confront 1935 with rising hope and increasing confidence. In any case that was the spirit in which they should go forward to their tasks. They would achieve nothing if thoy fumbled" in fear or harassed themselves with apprehensions. This was a great historic year alike for themselves and for the whole vast community of British citizens in every part of the" world.

Let them greet it with joy and courage. ine report was unanimously adopted. JEREMIAH ROTHERHAM AND CO. Satisfactory Turnover. The thirty-seventh annual general meeting of Jeremiah lIotherliQiii and was.

held yesterday in Loudon. Mr. Joseph Hockley (chairman and managing director) said that the year 1934 opened with some encouragement for brighter business and they went ahead in their figures. But, unfortunately, like others the wholesale draperv" trade, they suffered tt setback during the following months owing to the general conditions and the extremely mild autumn and winter seasons. They also had to meet competition which was keener than ever besides having to compete against the foolish price-cutting campaign, which in his opinion was suicidal.

Notwithstanding these difficulties they were doing a satisfactory tunun-er, but owing to the volume work entailed by the continued small purchases it was done at a very costly figure. The payment of carriage was a problem for the wholesale houses seriously to consider in the future. The extra cos't to the company was equivalent to about li per cent to 2 per cent on the ordinary share capital. They were embarking on a national advertising campaign for their branded goods. Judging bv the wav tha itlpa.

hnrl been received by their customers thev felt connaent ttiat a considerably mcieased business would result from it. Thev had purchased the frreholil rf il 1A T.nililni Music-Hail and the shop and premises atijoinnig at, a reasonable ligure. J5y acquiring those properties they had nut only secured a veiy valuable frontage site inn; jian now oirect access to all their prfmises. Xho London Music-Hall was being demolished, and it was the directors' intention to erect very shortly on that. Kite an up-to-date warehouse which would enaDie tnem to provide the necessary accommodation for reorganising and regrouping the departments and enable them also to give better displays.

The directors were working wholeheartedly in the interests of the Comnany, and they had every reason to expect and look forward to better results in the current year. The report was unanimously adopted. YOUNG MEN IN THE COTTON INDUSTRY To the Editor of the Manchester Guardian. Sir, Mr. Kostoris in his letter published in your issue of the 18th makes a suggestion that should receive the enthusiastic support of sll young men engaged in the cotton industry.

A' study group was formed in Burnley in October last and has been actively engaged in studying cotton trade problems during the winter months. The ptomoters of this group have been greatly encouraged by the interest displayed in Burnley, and it is their earnest wish that similar groups should be formed in all the important towns of Lancashire. The problems confronting the industry are so vast and so complex that the combined efforts of many minds will be necessary to produce a satisfactory solution. We wish Mr. Kostoris every success in his efforts to form a group arid we assure him of our interest in his project.

Yours, Ice, Harold Jshworth, Chairman, H. HAitaiso.s, i-iOj). Secretary. Burnley j-nd Dn-trict Cotton Industry Study Group. Burnley, February 25.

CANADIAN BACON AND HAM EXPORTS Higher Prices Ottawa, February 26. During the ten months ended January 31 Canada's exports of bacon and ham which aTe mainly sent to Great Britain increased in value by BO per cent, as compared with the corresponding period of the previous financial year. The exports for the ten-month period totalled valued at $15,654,000, as compared with valued at $8,793,500, for the corresponding period last year. Ham and bacon exports during January this year amounted to valued at $2,022,500, as compared with 12,594,176 valued at $1,431,500 during January, 1934. Renter.

LI VERPOOLTERMINAL SUGAR MARKET Wedoaday. Sugar fstnrts uc firmer rusirxet. with opramc imprarmneot generallT followed by Dither Tho cZote to rteftdy at to 2i up. OFFICIAL CALX, PHICKS. Btaii! London contract.

Cane S6" e.ij. 30 p.m.- Closing-. February. i.S 42 4 ,3 4, Man 4j5Iz 4ilz 4lSlj 4j8 Ml 453 4512 4:6 4,8 4,59 Anynrf 4-8 471j 41814 4 4j8 41734' IW 4, 4110 49a 4110 44 March 4101z 4'1H4 41034 4W4 4I03 CATTLE MARKET 3CABKEF DRAYTOX, Wedcidy'. TlTa bondrcdJ bead cl atodc wz on e2cr.

Cattle: Buttocks to- 19, neuera ezq or wa. jjer ewe, xat onus bis.i ii. ea tat con el5 lOi, uxalTers 18. dairy catUa 21. Shswpt Te-ei to 741..

evca aackine lambs 57s. Od. Tics: Bacons to 9 IOS- cutters 4. stores 46s. In-pif (3ts (at raws 10.

Two hntubed-and sixty abm ven cBered; realer to 5 aad. rearers 5 5i, lots or tine mulls, tanjios, ana ayea goo as have been picked up for Egypt at keen prices, and lsoiawa transactions in bleaching clotlis nave Deen arrangeci ior Morocco and Syria. Further contracts for fine poplins and specialities have been concluded for the United States and for Switzerland and other Continental countries, but offers for voiles, cambrics, and embroidery cloths have been too low to result in any business worth mentioning. Most of the Dominion outlets have been sparing buvers of drills, dress goods, twills, and poplins, and only a quiet but very varied business nas oeen unaer consideration for home consumption. Spinners in both the American and the Egyptian sections have complained of the Daucitv of nracticable demand.

Isolated concerns, engaged chiefly on specialities, nave booKed reasonawe weignts, um, speaking generally, it has been a poor day for producers. Quotations all round have shown fairly wide variations. Tho spot quotations of American and Brazilian cotton at Liverpool were reduced 1 point, making American 7.0Bd., and those of East Indian were raised 1 point. In Egyptian, fully good fair Sakellaridis was 1 point lower, at 8.P5d., and Dpper was 2 points higher, at 7.G7d. Silver was 1-lfid.

dearer at 25fl. per ounce. ARTIFICIAL SILK Manchester, Wednesday. Prospect3 in the rayon yarn and piece goods section are considered to be fairly bright, and producers aTe looking forward to doing a much larger business before long. It will take some time until the fairly substantial quantities already on order have been cleared off, but as soon as present contracts are within more manageable limits fresh buying should commence.

'Most firms are busily engaged in delivering against contract at the and many spinners arc sun insisting on several weeics tor delivery owing to the pressure for supplies. In view of the better support accorded to rayon productions during the past few years, producers are expecting to have another good summer, with demand remaining fairly satisfactory until towards the end of September or October. Several manufacturers are pushing forward as quickly as possible with tho production of light summer dress styles, which should be in active request before long. They have usually to start making these goods several months 'beforehand, as buyers require prompt delivery when they jisco meir oraers. ane nome raue is taking fair quantities of dress materials at present, while linings are attracting a fair amount of attention, and furnishing fabrics are also in request.

Little new business is coming forward from abroad, but deliveries are maintained on a fairlv eood scale. Australia. South Africa, and Canada are all asking for fair quantities against contract, while India retains her position as the leading consumer ot lancasnire rayon goods. There is still plenty of room for improvement in the case of the last-named market, however, as the total business placed is only a fraction of her normal requirements. Bteaay suppoTt continues to be lent several South American outlets, while the Continent is still making iair vanea provision.

The yarn position is maintained at its recent healthy level. Spinners of best quality viscose yarns are very well placed for orders, while the demand for acetate qualities is now fairly satisfactory, although further improvement would be very acceptable. LIVERPOOL PROVISIONS LIVERPOOL. Wednesday. Continental Bacon: This market i.

without improvement, buyers ccnLinuior onW amefclr inlHMtMl -mH euiness anonc sellers ot Danish, who are accepting 2a. to 5s. dlsooual the official quotation ol 82s to 90s. Swedish alto remains ea.y, and other cure, are in limited lapjlj. Dutch Quoted 74b.

to Polish 72a. to 78s Irish Free State sides smelly ltau lur.iuv inutu jj i a aus. TO Qs. lanaaian Wiltshire steadr. with lean at 70s.

and minis 68s. Cumberland unchanmi at 6fl. Afl. r.r1 cut bams also uacnaneed at 87s. to 91s.

clear bellies offer aithin limited compass at recent prices ox 66a to 69s. Hanis continue steadiljr held lor short cat at late prices of 84s. to hut Ions cut are Is. easier at 85s lo 87s. Argentine meats quiet, with prices revised Tnaicly to a lower level.

Hams: Short cut 765. to long cot 80s. to square shoulders 52s. to clear bellies 10-141h. 52s.

to oos j.4-ujb otis. to bus. Lsni on spot continues firmly he'd, and in avrapathy with ci.f. advices 6d. advance is ouoted.

with a moderate demand current. American refined 64s. Sd. to 66s. prime Western 65s.

to 66s. Cheese: New Zealand makes are quoted at 6d decline, with a quiet trade doing. First grade white and coloured 47s. to 51a: finest Canadian is steady for limited supply at 56s. to 60s.

Bntter: There ire very qoiet conditiona of market, and Kmpire qualities are reduced Is. per New Zealand finest 85s. to 87s first grade 82s. lo Australian' 82s. to 86s.

Continentals are unchanged: rtanish at 112s. to and Swedish at lOOs. to 104s. per cwt- Eggs firm and Free State dearer: extras selected 9s. 9d, mediums 9s.

duck lis. Northerns unchanged specials lis. standards 10s. selected 9j. 9d duck 12s.

6d-; English standards 10s. 6d. per 120. Quotation. Paeon tier Arner.

refmert, 2-ZSlb. boxes 643 G63 Irish Free Stats 00 SO Danish 820 SOV0 7V0 810 Dutch 74(0 8 10 PnlUh 7SC Canadian Wiltshire, leanest do. Leanww. 700 do. 6S0 Oanadmn Cumberland 26-40 lb.

avenge. foVO 68vQ Aner. Cumberland cut av. Sominal Clear bellies 14. 201b.

ESA 690 Sbonlders aq. cnt 12-161b. t. Nominal Shoulders P-nlq 6-fllb. average- Nominal Hams (per White 5S0 60 Finest Co oared Jnarttan WW Firet spmtie white Now 47,0 $lfl First gride arioaieri Sew ZeaiwiL.

47jQ 51-0 Butter (per 1121 bK DwahhChalcert 1120 11 Swedish ..100 1D4A Irish Creim'rfes Nootln-il Anactrallmn 86 JO SlewZeml-ua-t (driest) E3uO S7 0 do. fint grids 8Z0 EE3 A rger i no Saailrtml S-tberiaui Homina FreoSUte, fresh Era. ex. aelw 100 do. selected.

9f3 do. medlams Pttefci -5or. Irelajad. fresh Ueripecl7lb. 113 Stand.l5lb-W.

10, Selected 141b. 99 ItlrUh lfewL'd uona; cut iz-id lb. avers jre. Short cut 12-16 lb. Kitra Skinless 14-iab.

av ESjO SIJ0 Canadian Ixnut Snort 12-iaib. a'. Prima Western team (tierce) GtVO Imports of PraTtsloas (In cwts.1. Bscoru Sjut. Fork.

lard. Bntter. Cheese Yesterdmy. 25 375 1,731 274 rrbtsweekL 5lGE8 Sl.G29 E2S 1.751 This 57,545 50.983 148 36.690 63.559 27.025 533CT 3,635 44 99,455 73,923 35,3901 AmenJnieriU suggested that tnere were no fears of a setback in the demand, and there appear to ba possibilities of satisfactory activity for the Lancashire manufacturers who do not confine themselves to the use of cotton yams. Another cheering factor in the circumstances affecting the position of the rayon industry is reported by a trade correspondent, who throws some light on the effects of the tariff changes which were announced a frw days ago by Mr.

Havenga, the "Sinister of Finance for the Union of South. Africa. It is provided, he says, that the f.o.b. cost of rayon piece goods for Customs valuation purposes is to he subject to a rebate of 10 per cent. Foreign goods p-re already subject to an alternative specific that, in practice, the new regulations should provide a further preference for British goods.

Banks and the Surplus Spindles Scheme The scheme for co-operative action by spinners to reduce the surplus of productive capacity in their section of the cotton trade is a matter of considerable importance to the banks, which, as the principal creditors of many of can bring pressure to bear on their debtors and influence their attitude on matters of trade policy. It is generally believed that the banks which have a stake in the ootton-spinning section have already decided upon their own general attitude towards the redundancy scheme, and that it will be friendly. It remains to bo seen, however, jf the scheme is brought into operation, how much pressure the banks will bring to bear, and how many spindles they will be able to influence. Jrt view of the stage which has been reached in the preliminaries for introducing the scheme, seems reasonable to suppose that the banks are already forming tentative decisions as to how many spindles they will offer for scrapping or sealing. On the Manchester Royal Exchange yesterday, indeed, a report was circulating to the effect that one of the "Big Five" banks had decided that all the mills of which it has effective control should be offered to the board.

Various estimates were made as to what this decision will involve, but it is believed that about a score of mills, chiefly in Oldham, will be affected, and that the spindleaga concerned will be about 2,000,000. Winterbottom Book Cloth On the Manchester Stock Exchange yesterday the ordinary shares of the Winterbottom Book Cloth Company oascd somewhat to 47s. 9d. on the dividend announcement. This, however, was by no means unsatisfactory, the directors recommending a final, divi-(tsMiil of 2i ner cent nnd a bonus of 5 per cent, making 10 per cent for 1934, asainst per cent for 1933, 6 per cent tin- 1SW2, and TJ per cent for 1831; for however, 15 per cent was paid, far 1329 20 per cent.

Profits fell f.iirly steadily from 403.211 in the curliest cc the years' mentioned to 121.154 in 1932, when earnings had to provide 30,166 to writ.j off losses on exchange. The 1933 profit of 241,950 included a profit of 40.968 (which was transferred to reserve) on exchange held in suspense, but it nevertheless indicated a considerable improvement in trading results. Staveley Interim Dividend Increased An interim dividend of 3 per cent, tax free, for the year ending June 30 is announced on the capital of the Staveley Coal and Iron Company, of Chesterfield. This compares with 2j per cent, tax free, paid during the previous few years, and it suggests that the company is deriving the full benefit from the improved conditions in the heavy industries, and that the recovery from tie lower level to which profits fell in 1931-2 is continuing. For the last-mentioned year and for 1932-3 the dividend was 5 per cent, tax free, out of profits of 372,292 and 404,819 respectively.

In the last financial year there was a substantial improvement, to 468,973, in earnings, while the year's dividend, of 6i ner cent tax free, was the highest since that for G. Heath and Co. This well-known Macclesfield firm of silk throwsters, became a public company on April 12, 1934, and the directors now issue their report and accounts for the period from that date until the end of the year. After charging 14,447 for depreciation, there was a net profit of 41,964, including 12,165 earned before incorporation. This amount, together with l485 from the profits earned after incorporation, is to be used to write off the preliminary expenses of 13,650, so that 28,315 is available for distribution.

The dividends for the period on the 150,000 of 6 Tier cent nreferencn sharps absorb 6,423, and the dividend recommended on the 150,000 of ordinary capit.il is 7 per cent actual, equivalent to 9.68 per cent per annum; this absorbs 10,500. leaving 11,391 to be earned forward. The balance-sheet shows fixed assets totalling some 165,000, -while floating assets total over 180,000, against which there are current liabilities of 38,000. ssrnntont Dyers Drltish Cotton and Wool Overs. Calico Printers Coats (I.

Courtaulds lormrtii, Dunlop Kubber English Sewing Cottnn Fine Spinners' Association Henry A.AS.) Howard and Bullough Emperinl Chemical Dn. rinfornvi 06 -03 Imperial Tolmcco of Great. Britain! siancuester Ship Canal (11 XJn, I. Mandleberc and Co Mather and Piatt Maypole Dairy defened Piatt Brothers. R-rlnnd and Snns -03 03 -os -06 Salt Union Tweedales and Smailey Vlckera Wall Paper Manufacturers defd.J DEALINGS IN LISTED SECURITIES Consolidated Loan Fitiq Spinner ord.

S'Q GaLliher 6i prei 3aa 4 luiuniont Urltfah Picture Corp. ord 11112 Gaiimont-SrHInh Picture Carp. 5a lt Brrf. i7'R 4 on or alter 1st 1957 H534 Cum ersioli Ln. 31 led.

on or after lit April, 1961 Conversion Ln. Ql'. nrm-Mi nzi i A. 4S. Henry ord.

106xd Treasury Bonds 2 om lOrasi Hopkinsons 24112 Hugon oid 610 Imp. Cheni.Inr.ufc. ord 36Ha 3642 Imp. Chem. Indus.

dBfd 99 InterruitionM Aut. Telephone UHM-oo lOOi'JS ftar stocK. tran 2 Iii(lia3 touarattei 5th October, 194B) India 3JZ S73a Cardiff BY. red 1 05'i Leeds Corp. 3Z 56 is Australia 57 ie-i.

(394S-75) 1103a Kcw Zealand 6J ins. (19J6-51) 1058 Great Western cons ord 43xd L. A. M. aym frid.

113g M.4S. ord 171q 1 lis Southern prfrt 78d Southern 201s London Transport b'i stock 123 L. X. B. 3X deb.

793a K.h. 47. 1st pref C5M L.kS.E. 4 2nd prei 23i L. M.

4 S. 42 1 0416 L. M. S. f.

guar. 99 id SI.4S. 7. L. M.

4S. 4Zpref. (1923) 45Ixd Couutv Bank (20) USb SlC I4 District Bank A 79 '3 Martins Bank 77.0 Gartslde Brewery AiY. 1st mortdeb. 104 Hardy's Cnivtn 6 121a Ship Canal 79d Ship Canal SX perp.

Tf 13 6 135l4Xd Allied News 266 Assocla. Portland Cement ord 42.6 42713 429 Barry 469 SleaLhors' ord. 59 571J Bleachers' deb Boots Pure Drug. 49(U: Bradford Dyers ord 7lOlg Bradford Dyers prf 9,6 97il Brlt.Ol!iCake5iX 26712 Kclwll 4 Kemp 1 Vnt 25Ovd Lever Bros. 1 prf- 31.0 Lever Bros.

A Pf 31 6-4 LUiyrt'a Wwre- huuEU ore. 153 Maypole deld 30 Meters 363 Meters praf. SI6 Mnrris Motnrs prf, 30 412 acd Spillen nrd. 629 Splllers defd 529 Col and Iron ord. 379 Turner A Ne wall ord Xmeorisles Jt SmsUcy (19201 ord.

130 Union Cold Storage T. rf, 26 '3 United Steel i.80 271012 279 Ward Uolditiino oTd 93 W.ntcrbottom B'k Cloth orri Woolcnmbers 6U 6.70 ttwXworth rd Yorkshire Elec. 6V pref 322J4 Commercial Union Assurance 11532 Phoenix Assur. (10) 15ia Iloyal Ins. fl) 81a Yorkshire Aabanti 5af6 Cons Mines Select.

320 London Tin Corp. 7SX Pref Cacndiftn KmrHr (111 (ord Bearer). Mexican Kala oil ora 5712 Phoenix Od 9'S 97 12 Spies Petroleum 2f.fr pd one Unggi Plantations ord IB1012 mted berdant; (Sumatra) Kub. 35 Anel o-Ame riea Telegraph pre fd. 120 Cables and Wireless ord 6I2 Lurtaatns oru.

Ho. 46V3 4676xd Dorman. Umg Gl pref 170 Dunlop Rubber ord 489 bng. bewlnit Cot. ton on! 42'5 Eng.

Sewing Cotton deb. 102 Bug. Velvet Cord Dyers" otd 4, 6 OTHER- SECURITIES Argentine 2Ttb. Eastern bX Deb Nearer I 12 Alpha Cement 502ii Anglo Oriental PrcL 19J9 Ancentino 4' Cout. Last Bda.

3rd Is. Iss. at 95 25 pd.) 23i Advance Lansdriec 3T AdTance Laondries 2iw Ord. 3,7 A.W. Second Trust Deb.

A.W. Second Trait 12l3 Alncan and Enropean Anslo Australian 1005 1(L- AnJatb 6r Prei. 2T Anston Cold llHi Attclo Jara Hnbber 1 t-A Bowmaer 12 '5U Bibiani (19271 27- 27- Bntuh DrctZ Honaea 1B10H Burton (iLi 62 A FreL Biimiticlu.m Cimiri and WsEoa X9fS Britiab Borneo Petroleum 12 11 Bnbah Controlled Com- Chine SX Bears. Loan 11913 Sg Gold Bda. (1905) C5ty ol London Brew, and Infest.

Trust Deld- Ord. City and Pror. Btorea PL IXUTlm ttlr and Prav. SCorei 15- Geeror Tin 118U 1 GuU altunpanc finbber Hoilycbrome Bnck 74 Hictwn. Uojd and Ktrtg Pret, 20i9 Hiciraon, JJojd and King J.

Sear 7 A Prei 27-J. J. Colmaa 72-J. Bland Ord. 25f-Japan S.

Manchuria, 4t4 Stj. Bda 10QH, Klip Sicel SjIU Kucingini Gold 1510 Klerks dorp Cons. 69 Loangwa Cons. Gold 115 iu7f2 llSi Lena Gold 8 Sates 34 London and Rhod. Lincoln 3X rl919l London and.

Thame Hra. Oil 93-- 6 Lctdon rn dential Inrest. trust Lorell and Christmas 6 Pref. 254, McMehaei Radio preZd. Marin Gold 1210 Madeley CoHieriea PreL New 6Uttt Area 6B9 New Jaxexafoateia- (B'ler) 23 North Aehantl 49 Nonrse Mma 40j6 Sew Egyptian (Bearer) Pahi Planta Palestine dec una.

fret. flO'- pasdl (10f. CoiTilles SZ PL 21f7H Christy BrwV Fret "Minine Pales sib. 37xiy Eleo 378U PalestiD. KC- Srr A UVBVi Coronatioa Synd.

4- (Continued in next 7,9 btO 5,5 10f! 1110 663 6 483 4R9 12n 12 6 48,9 490 42(0 43,0 7tt BI 103 10,9 6 6 7(0 36,6 SS 133i'S 134,6 7:6 7,9 133 13 '9 o0 6j0 2D6 30 Hi 310 ZIS 79 29 3 399 126 93 9 6 56JS576.