The Guardian from London, Greater London, England • 13

TTTE MANCHESTER GUARDIAN. SATURTAT. SEPTEMBER 30. 1922. misiht be miirU JjSknd, Ptnanolaf.

and Slamonda. LONDON COadSSBCZAX AR9 XNDUBTKtaVlV. CConUnnod.) THE Afn, 4 Bnp. Inr.l STOCK PEICES. SHARE runs.

ll jacerarnttenew 31t 160 289 39 103 03 8'i 118 Oceana Com. 5.9 'lSja Ija Premier def 5i2 166 IO S-A. Gold Trust UIB ljj 1258 4 Trna. Con. Land 15,0 113 rms.Bst.4Dev.

89 11,3 -0B Union 200 29 Welgedacht Bs.1 5 76 1 1 DISTRICT BANK 1 MaacAetter ic Liverpool District Baakiaf, CcUi EtMUtk 111. Htti Ofctt Spring Gardens, Manchester, seaf Brmdut eUt to tin Strti-rnitr Foreign Exchanges Latest and finest ratei Private wire to London Belgian nmit Bait swsr I'Etras-i-rar, tUL, Tha Saoieti at BaUitnsn, 19, SPRING GARDENS, Nsstsl OfKMl BRUSSCta, i Brcmeht i London, Belgium, America Egypt, Chinn. France, Germany, Ronmania, and Correspondents in. alt the chief towns of the Continent PtrMtm CatAasfe huima SpfeUUtr. Tradera can corar themselTea against -risk ol TTrrhsnfT for fntnre daUrerfea.

ren. Brit-'CentAfrica, CenCMinglnr. jnJIines6elec. De Beers def Gen. Min.4FIn.

Goldmtnelnvat Henderson nf ft. B. Props new! Becb. Bxp. Chartd.

(B.S.) Galks, Gold 80 1210J 10 6 3B Rhod Brim. Hill 5,0 14 150 56 11,9 Sbamra Tanganyl ka Con -I52 Globe 4 Ph. (Ss.V union Wankle Colliery Will'ghby 1 Lxin. JC xtbod. Al, Lonely Beef RiMnl 39 Zambeala 101 Wttt tfrlcana, Abbpnt'k'n (10a.) Ashantl G'fields 2.3 76 10 6 14,0 5,0 9,9 GoldCoastAml.

170 141 I 2 1 5t 6'6 Kern Naragnta Bayaeld Bonn Tin Bisicbl Fanti Cons. (8s.) TaquahM.aBx. Aturtrallan. Amalg. Zinc.

Iranhoe (5 400 I Bryant and May IBriitaiiy'a ICallender'a Cable 52 2U 33lf 33lB 1U2 $8 22152 46 8,0 91? 13J2 11 "32 21ts 13a 311 1212 14 406 300 70 4iG 44,41 273 7510t 6V3 500 433 37jg 659 49 138 53,6 5,0 83 130 233 Chinese -8 -1 J. ana r. leasts 1 Do. f7. cum.

pref 1212 253 101a uo- prei Cook, Son, and Co. Courtaulds Crosse 4 Blatkwell Do. 8 pref Dalgety and Co. De Tiey. Di-benhams 107, prf.

209 111 3410 46 8,9 81a 176 1 65-6 9,0 1 1514 I 93. I i 25-9 1 25,74 i 1014 so 18 1047t 1 100 821? I 23,74 23 2S52 bb 9,0 10 252 1732 13,, 132 129 17-9 19) iLiicicinson jDunlnp Rubber 8,44 bmn iio ...102 Knclib Electric. 1 Do. 87. as 'Gas Liehti Coke 16 9 1 6934 661 179 167 9912 38ft 250 105 95 82 190 22-0 105 212 14 115 J2 14 12 212 25i a 162 63,0 226 229 17,6 203 20,3 113 H2 lus ll 45 93 -1 1 Do.

47 deh 19 19 Electric IS 0 21.6 iuo. prer oj Do. 77. deh 133 Gordon Hotels 2 106 6574 Cramopnonp Co I 29 0 Stores UI32 2JO Do. 747 pref I Ha fP Do.

BJ1.107 ord. I 3a 1J4 Do. B.A. dffd I Hj 45 1 Henley's Tclearaphl Z3lB lmiHal Cunt. Gas 157 6c 9 Imperial 66 6 1 Do.

5Z A 21 6 21 9 I Do. Canada! 21.9 'Ju-ir-n77, pref. 10 Le 7XpVef 193 19 74 Ho. V.7. fref 193 Do.

prefd. ordioj', 10 3 Linen Thread. 13s 27 0 Llpton i 116 Do. QV nr 13, 35B 33 9'3 24104 20O 133 8,9 62,6 4S.O 326 KVO 12711 49,0 19.0 17,3 1571 IS9 166 80 213 190 191 1 673 613 6104 120 171 720 24 '3 226 203 20744 20.6' 110 286 27 44 260 9314 92 '3 1174 1514 "'32 Lyons Do. A ord Mnirmill Ql- 41S 1 M6 i 7IH "1511I 7,6 90 "is 6,104 Mavpole207.

pi oni 49 Bise Prioea. or FalL li 57 -lj 52 54 94 E6 9S12 9712 S)938 995 14 I 997a ICOll 8312 8412 12 87 88 -12 721 725 -1, 101 34 1021a 1M12 10512 -12 100 101 1C23 103It '-It 1C412 10512 '-12 1033 10l 10412 10612 1-12 57 39 62 S4 6212 6312 I 75 77 1 107 109 ,78 80 I 84 88 i 10512 11612 104 1C5 lOOlj 10U2 -1 225 235 S512 6612 5412 5512 -12 4d 47 110 112 1 S612 9712 -It I MAIL NEWS. OUTWARD TIMES OP POSTIJfO. TO-DAY (fJAIURDAV), BSPXZaKBEat 30. To East Afrioa Kenya, Ugmnda, Zanxibar), MazuitiuaV Tanganyika, by French packet, from Marseilles: Liverpool Head Office, Newton Street, 11 45 Am.

12 15 p.m 13 30 past Lake View and Oroya. 10,6 -03. 33 12,6 1 -48 120 -0, 17 1518 4 1518 l'B "ll 4,9 To Belgian Cong? (except from Bordeaux: OCTOBER 2. Kanin-aX by French pkes 1 a.m. 1 15 am.

To Dutch East Indies, Egypt, Cyprus, Dutch packet, rum Marseilles: 1 a.m. 1 15 Am. 1 30 sun. and Palestine, 130 am. zmcuroken Hill Bkn.HilUBlk.I0) Bkn.

Hill Bkn. Hill North Bkn. Hill South Sons of GwalU. Sulphide Corp. Do.

pref Zinc Corp. (10s.) G. Horse Great Boulder 410. pret. Prop.

(2s.) Copper. Arizona (5s.) Cape ord. (2) Hampden Mt. Elliott (5) Mount Lyell Mount Morgan. lixl erosa Bio id) "IB 4 63 38 193 SHARE BfARKETS.

JTarketi were again flat Cox the reason which 6Vimnated them, throughout the, week, and the best that can be eaid of to-day's record is that the selling was not really heavy and that here and there prices made eome recovery from the worst. The weakness was accentuated by nearness of the settlement and by sales against options granted for the call of stock, for, owing to the fall in prices, euch. options will not be exercised, and the people who granted them no longer require the stock which they bought as a hedge." Gilt-edged securities were not proof against the prevalent depression, and were also adversely influenced by the higher Treasury' bill rate, though probably the Stock Exchange did not fully reaKee the cause, or partial cause, of this. All series of Treasury Bonds were marked clown rather sharply and store permanent stocks also gave way. French Bentes keep comparatively steady in the cir-comstsnees, but Brazilian bonds were adversely affected by the waakness of the exchange, and Mexican cart.ely responded to the news that the debt agreement had been ratified by the Senate, ilexican railway stocks, indeed showed a general decline of some moment.

Brazilian laolways and ether Brazilian securities sympathised with, the Government bonds, but an early decline Argentine railways was partly made good. Homo railways were noticeably weak in Bcrly houre, and they closed at a general decline of some importance, the character of the luatket, ouggesting that a bigger bull account existed than had been generally imagined. Among industrials Van. deu Btrgh lurtl)er recovered, and there was fresh support for Lyons shareti, while Courtaulds closed well above the worst, most other textiles were weak. One of the day's features in the more speculative sections was a slump in Phoenix Oil, apparently due to attempted sales against options in a market entirely bereit of buyers.

Other oil shares were weak again. Tiattovaal gold shares finished rather better for the day. Gilt-Edged Securities Fall. After business at 99 the 5 per cent War Lean closed nearly i down at 99i, and Consols, Funding Loan, Victory Bonds, 3J per cent Conversion Loan, and Local Loans were from i to i lowr. ireasur Bonds A and receded to 105i, and th other senes were weaker, especially the 4j per cent at 91.

The 5 per cent War Bonds October, 1927, and April and September, 1928, were marked duwn i. to 105. India slocks were weak, the 7 per at only 111, with busineso at Queensland 44 per cent, 1920-25, rose 1, to 94. Several Brazilian Government bonds, the 7 pei cent cuffee loan, which was dealt in at below 101. were 1 lower.

Salvador bonds OCTOBER 3. Bahamas. Bermuda. Untisli Houduraa and Turks To islands, CAnada (not magazines). Central Axnerku, Cuba, Mexico, Ohile, ami Japan, via New York; Fiji, via Vancouver: Samoa, via San Francisco; Waaa Indies 'Leeward and St Lucia), and United States, from Southampton; New via Vancouver Printed Paper.

11 46 Am 12 15p.m 12 SO rxxq. Letters and Postcards 8 15 p.m. 8 30 p.m. To Sierra Leon? and West Coast of Africa (except Gambis and Ivory CoafctX from Liverpool 9 30 p.in, 9 45 pm. 10 30 p.sn.

WEDNESDAY, OCTOBER 4. Commercial Papers and To Austrnha, Cejlon, from Toulon; China (Hong Kong uud South China), India. Aden. Irak, and Persia. 5ia 3a 23 6 25,6 17 20 69 72 5H 6)8 14 Hz 13 146 10212 10312 34 ib1 1 14 25,8 2'18 -18 3a 3a -4 2152 ffi32 12JJ2 HI52 27j2 31jj H8 14 3a 12 25.3 269 2lB 93 96 1173J 121j2 132 5ia 7ia His l'a 15l8 Ul 27 0 29'0 "IB 151 58 'a "is I5ia 3fl i2 11516 SgypW seycneiics, airaiis seiuementa, stain, 4c, lepras, and Palestine, from Marseilles: 119 1-03 2S12I-4 258 -4 MlaeaUanaot-ia Mining.

BrtselsTln Burma Corp. Camp Bird 39 69 49 89 26 90 116 54 58 83 Renong Russian Mining Corp Russo-Asiatic 3.i! 10,9 7,9 15a 4 4,6 Colomb Mining Bast Pool 4 Agar -03 Santa Gertrudls rt irro KsDetanxa Siamese Tin 03 ISlherlan Pmn. Mexico of El Oro -4 iS. Crof ty (6s.) ITomUiy Tronob -Oi44 Mysore (10s.) 941 Nundydrg. Ooregum Orovllle 17l la 4 U52 Waihl 131 -I53 IWalhl Q.

June. 1 Ex dividend, Bx bonua. Kx coupon. 1 Bx rights. RECENT ISSUES.

lisue Price. 210 Rise or tail. Quotation. Aerated Bread Co. 44 pref.

(paid up 6s.) 0,44 0 104 pm. 99 22,6 Consett Iron debs, (fully pd.) 1024 county 01 Lonuon zviectric Supply oid. (paid up 5s.l. County of Ignition Electric: SuiiDly 67 nf (Mild uu2 6l X6 3 0 pm.H 2 0pm. 414 8 '2 98 102 43 0 24,0 934 93 16 54 74 Crosses 4 Htatons' 67, mort, deb.

(50 paid) Empire Paper Mills 61 mort. debs, (paid up India 547 Loan 1 (till 96 100 96 oonannesDurg oa. sioca, (tuny paid) 100 Piatt Bros. ord. (fully 42 6 Platfc RriM.

nref. fullv tmIH) 43,0 1 oeua augar zurates iy. aeo. vtuuy paiaj Tata Iron and Steel 7 deb. (fully patd).

914 92 98 a -u p.m 3 p.m. 3 30 p.m. Id. lta fee 3 15 p.m. 2d.

late fee 4 18 pjn. 2d. late fee 4 pm. 6d. late fee 4 SO p.m.

Registered paper, 6d. Into tee 3 45 p.m. Correspondenco to be forvcjTded by this route moat be apecuiiy eo addressed-. High. Low.

ZiY. Consols. H7. Annnlttea War lVoan 34X War War I.xn 5J AVer Lean 4 (Income tax compoundedl Flmdlne Loan Victory Bonds 4V east 6812 961a 98 10214 1021 695a 495 473 8912 S31 91I 95J, 7512 8Us I 91U Conversion Ijmn Nit. War Bonds by.

I 7S 10313lBl02tc -rvrfs innu uo. Do.K 1927 Do. 57. April 1923 Do. Sy.

April 1928 Sept. 1923 Do 8 Sept. 1928 lirfh Land2i7 Do. 3X r.ocal Z'm Egyptian tV, Sudan 55Z TninsTsal Z7. 1963 Turkish 42 pilar.

Treasury Bc.nd 5Z Do. series eC Do. series 5J Bank of England India 3JV Do. 37. Do.

gjfc Do. ly Do. 5ft 1017a 97 105 102 lCATa imio l053s 102 11 JtV'ia 61 3t 66l2 667 76l 51U 55 1 SST6 7014 965s 67 713 99 110 7912 63 III 11071 99 jl03Si 9913m iB0 ISO 6912 561s I 591 481s 60ts 40UU 1 11312 11K 1100 895 Corporation and Public Boards. ltue or FalL Klie or Fall. Close.

Close. Met'rop. eon.3yXi Lond.Connty 3Z Do. biT. Corp.

of Lon 54 Do.6 Blrmlnftbam 3V Do. 67. S2 63 105 104 104 65 110 Glasgow 54X 107 78 107 112 63 104 81 Liverpool Do. 67, 1930-50 Middlesex 67... neiro.

water a Do. Port of Lond. Colonial. Antrall 54X 102 N.R.W. fHV UO.

13S1-41 104 I Do.441935-45, Calcutt fPt. 10611 new ny. 95 81 72 88 110 112 93 82 134 87 108 76 101 ills 71 75 84 Canada 44 1925' Do.3jy 1931V50: Do.4Z 1940-60 Cape34i; 1929-49, Do.45. 1916-Ss Ceylonri936-51 1UI 79 88 78 88I2 108 92 70 79 88 96 76 74 83 uo. ijv 1SW-.

Do. 37. 1945 Do. 1943-63 Do. 6Z 1936-51 I Nigeria 67.

Queensland 4V Do. 1940-50 Montreal 44X aiaioz iKiMs Do. 345 1934-44 Do. 67 1930-40j noutii Atrtca 4Z IS. Autralia 64Z Straits Sett.

5-ydney(Cy)645j 4V N.s.w.vigss... UO.U7, 1924... Do. 17. 1935 Do.

31Z 1930-501 Do. 47 1942-62 Do.6jVlS22-32l 102 Do. 34 l52M9 I Aiistraiia FOBEIOn BONSB. Cairy over prloen Closing Prices. Hiss High Low.

1922. Sepl9l Fall. 993s 94l2 Ar. 57. 1386-7 98 100 96 94 96 73 70 93 70 49 5S 86 48 68 58 68 82 49 91 90 86 85 87 94 81 76 76 62 80 71 61 93 801 72 29 J612 2912 14 12 6 33 107 10 93 86 69 62 48 69 45 81 103 25 7 72 8 13 107 82 66 82 5512 72 C-4 ilOl 943 1 9712 86 I 93 84 97 89l2 761s 613, 1 7314 6854 94 8412 75318 6158 58i 47I4 6712 57 87 733 5634 4712 76 64 67U 573 751, 6334 I 835s 72 633a 41 90 721a I 90t4 76 86 63 85 703t 9012 8H2 1 9514 86 I 86I2 6912 1 761a 661a 7BI8 6612 65 6312 79 6612 74I4 6H4 6334 6912 9812 82 803, 6812 7212 69 3253 4878 33 37 1, 25 728 72,6 100 29 29 26 19 10712 S-954 1071a 96I4 93 841, 90 7818 73 6OI2 7434 69 433s 681j 47 381f 32 79I2 68I2 106 93 3414 203 7612 6OI4 7834 6412 1112 5 18 9 no 9912 81 6912 8518 68 88 80 57 MS, 7534 6314 63U 5312 3Z M.U.

iff 92i2 Do. 92 Do. 6 B.A.Water 94 Do. t7. Hv.G.R.B I 71 B5 721.

6934 E512 Do. 4Z 1897 68 Do. 57, 1909 89 Belgium 37 1914 68 Brazil 17, 1889 47 Do. 5JM895 56 Do. 5 Fund I 84 Do.

45? Rail. G.B.' 16 Do. 65; 1903 1 66 Do. 1913 56 Do. 5 Fund.

1914. 66 B. Ayres 57. 1913-14, 80 B.Avres Prov. 347 47 Chilian 44V.

1886 89 Do. 447 Gold, 1906 88 Do. 57 1911 (2nd), 8 Dp. 57 Annuities' 83 Chinese V. 1895 86 Do.

57. 1896 1 92 Do. 447 1898 79 B9 493 591s F6 4812 1 -1 -1 -1 o9l 5912 81 561, 89 8412 BJl! 8712 9312 eii2 751. Do. 57 1912 1 74 Do.

67 1913 1 74 7634 oi Do! 57 HukiVan'ij" 60 Copenhagen 4X1908 76 72 63 92 80 71 iJ 28 E.pvpiiancjmnenf i Do. 347 rref 59 Ciecho-Slovak 91 Turkish 47 (EK.Tb.) 7S12 1 Do. 347 73 Trench 67 Do. 57 Do. 4V 25 3412 2712 1 10.0 30 20 105 105 90 84 67 59 43 66 40 77 -12 -2 15a German 37 Do.

47 (A. 4 O.J. 'a 1,0 -1 ijrees qv 20 1063, Japan 447 1st 1063, Do. 2nd series B012; Do. 47 3905 8412 Do.

57 1907 68 I Do. 6,7. 1910 5SI2 Mexican 57 1899 Do. 47 1904 66 I Do. 67 Tr.

Do. Nat. Hall. 417 78l2'Nonveplan 4 19ll 1U134; uo. bX 1921 2612 Portuguese 37 76 101 23 75 70 6 10 72I4I Do.

State 57 1912, iictMsian 4Z 1. i 11.. 11 Do. 57.1906 106 San Paulo 87 1921... Spanish 47 Swedish 347 1908...

8H5 Tokyo (Lon. iss.) 57 5512, Uruguay 34 71 Do. by. 1900 63 jVcnezueIa3XDdeb. 104 7S 82 80 5412 70 62 IN WARD MAILS.

The following" mails ore due MancheKor. acoordim; to Post Offitx; information, on the date given: KOWOAT, OOXOBSS 2. West Indies, by as. Crynssen. Dut-h East by e.

Juban do Witt Ken Uganda. 4c, by a s. Durham. CaaUA Merra Leone, Gold Coast, by Aba. South Alnoa, Madeira, by s.s.

Walmer CaatlA C- Oeorg, EeyMtalwaflU' Cylon slI''ut Settlements. 4c, 'try a. a. 1 Do. def.

23,6 18 Trams 72 Do. 57 1st 70 67 25101 159 1912 912 73 635 1 Miliar TI.Tiber..... 27.6 MnnH X'lt-l 80 3 34H 191 1710 13,0 IO5I2 974 Ion iNobel Indus, "is Parent Tvre dnf 16104 ins 266 169 603 210 229 126 9P0 696 47 6 Patons 4 Baldwins: r-rlmltlra Gnu 3i2 Flour Mills Roneo gal. 4 Glnck. 17,9 Salt 19,104 14104 iuu 18101 1111 oltridge 67.

Schweppes defd Siemens Bros 2bU 206 711 8 6 270 110 29,9 96 9812 356 90 2274 21.0 2914 170 239 1874 119 4074 21b 49 744 296 4,6 Smith. 4 Arg. Meat oun. Spillers Milling Ind Trust Houses f.C. Storage 77.

prf. United 1 nited Dairies I'llitel nil 323 1771 ll'b 236 28,6 12 14 a32 jVan den Berghs I 1 Wall Paper I 3'6 39 0 iMhlteley 13.U 1201 74 270 Banks. Rise or Fall. Rise or Fall. Stocks.

Close. Stocks. Close. Agl.Bk.of Egypt Anglo-S. 6i8 9 612 1 London County -a sou Do.

1 Lond. Jt. City. 4c, 24 Do. fully paid Nat.

of Nat. of Nat. of S.Africa! Nat. Discount Bj 17i8 212 8518 7a 204 4112 104 75s 9 IOI2 15 Bk. i.f L'pool.

I zianx or Barclays Do. British Orerseas Brit. Trade Corn. 4 73, 2'iel 512 3 1 ,2 171, 64 I 114 I 278 1912 I -118 Can. of Commer.

-4 Chart rd. of India Colonial Nat.Prnv. 34... Do. 4 1 Do.

5 Lloyds Lond. 4 S.Africa' lUnionDiscounti 14 Brewerle. Allsopp ord. Do.5Z Bavs or.i i2 1 5512 91fV 641t "518' 22 Uuinncss 430 Do. 67 pref 1174 ilnd, Coopo, 1912 2 'South l'lu (P.) I 74 iWatn'yCcwmbep 51 4 73, -llB Do.

57 City of London. lastiucrs cjo Electric Ught. City of London. Cities Service p. Countyof Lond.

Zllfl 784 138 258 1484 6 Mexican L. 4 P. Do. 57. 1st mt.

'Newcastle Elec Met. 67 pf. I Do. 82 pref Pachuca57. Shawinlgan 194 641 "id I.ondcnElectric 104 RSls MeloounicElec.

Metrop Electric 1244I Finance, Land, and Inreitment. Forestal Merc. Pekln Syndicate Peniv.Corp. ord. Do.

pref. Do. deb Ry. Invest, 1374 'IB ii 29 92 17 Do. 67 7s 7 4'a -ia 1654 18 llndson uo.

oz Indus. 4 1S U.8.A., Canada, Japan, Shanghai and North a. by s.a France. XUESOAT, OCTOBER 3, Canada, Jjpan, 4c, by bj. France.

U.S. A MOVEMENTS OF STEAMERS. (Lloyd's Telegrama) ALUAiliFc10- AtJI. lelt tho Clyde S3, Ja oouiaauipioii lor the Plate, lltT Madeira Insurance. HOKE BAILWAYB.

6OI2 ord 45l2l Do. pref.l 15 Do. defd 61 12 47 15 33 43 30 23 83, 3512 64 41 4012 99 28 99 91 63 31 79 89 60 9 5512 4012 4612 6412 43 6212 48 151, 36 45 31 24 94 3612 65 42 Cllj 100 31 100 94 65 32 72 91 61 9'2 5G13 4H2 4712 6512 44 -12 -12 -3a -1 -12 14 -12 I 1-1 -1 I -1 -1 1 -H2 -14 -1 -1 Ii Tuniess Glaa. i 30 Do. defd 231, Gt Central pref 83, Do.

defd 353, Gt. Eastern ord 64 Gt. Northern 4U2 Do. defd 41 Do. cons.

A 10O Great Western (Highland Kail 100 1 Lon. 4 90 Lon. 4 S. V. oi.l.

64 Do. profd. 30 Do. defd 7U2 LB. and S.

C. 911 Do. pref 61 I Do. defd L.C. 4 D.

arb. 55I2 Metropolitan uisi. ora.w 4612 Midland prefd. 65 I Do. defd 4312 North lintish prfd.

uuuit uuuei normal con ditions of working. A Treasury Bill Surprise. To-day's allotment of 55.000.000 of Treasury, bills was unexpectedly favourable to the market the average rate of 2. 10s. 0.9d-heing 9s.

per cent higher thin last week's rate. The bills tendered for are, of course, a January maturity, and, consequently, un- pujjcnur witn tne banks, but at the same time it would seem to require something more than this factor to account for so heavy a rise in the rate, in view of the accepted estimates of nest, month's monetary situation. The market inclined to the opinion that those in control of funds are being frightened by the Bolitical situation into drawing in their horns. For want of a better, this explanation may be accepted, though it might have been argued equally well, a priori, that nervousness would have induced holders of maturing National War bonds to put their money into Treasury bills in preference to obligations similar to those maturing. There was again no allotment of Treasury bonds, but the Treasury is again offering next Friday a maximum of 5,000,000 of this paper out of a combined maximum of 55,000,000 of bills and bonds.

The Treasury bills maturing will amount to about 45,000 000. Recent allotment results are shown below Amount e. 45.000.000 20.000.000 47.970,000 7,030.000 50.000.000 Applfed for. 114,371,000 73,555,000 1,875.000 80.650.000 B7.147.000 Se.445.000 79.255.400 67,630,000 76.795,000 69,225,000 82,215,000 84,230,000 71,260,000 "80,385,000 77,055,000 71,435,000 71,675,000 65,335,000 55,590,000 58,605.000 67,675,000 "SO.610,000 74,355,000 66,350,000 rata. d.

7 6.33 ..101 11 0.69 ..2 9 1.90 ..101 17 8.5e Dal April 13 Do. (Bonds). April 21 Do. (Bonds). April 23 Mav 5 2 7 B.81 50.000.000 45,000.000 45.000.000 8 2 2 2 3 6 7 5 0.52 8.83 2.41 2.06 7.82 8.49 84 9.94 5 45 0.44 2.55 7.40 09 Mav 12 Mav 19 May 2S Do.

June 2 Do. June 1 Do. Tune 18 Do. 'Bonds). June 23 Do.

(Bonds) June 30 Do 47,700.000 2.300.000 48,000.000 2.000.000 1,100.000 46,000.000 4.000.000 50,000.000 2.000.000 47.000.000 SB 13 2 7 .08 13 2 .98 2 S3 2 ...98 2 2 11.55 98 4 4.80 Tulv 7 45.000.000 1 18 4.65 Do. s.ooo.ooo 5 10.3 1 13 10.06 ..99 0 5.16 1 16 10.80 .100 4 11.40 1 13 6.41 100 14 10.40 2 2 10.76 100 6 5.42 2 2 0.09 .100 3 44 2 11 0.17 2 7 9.23 Wil. 2 11 S.33 Nil. 2 11 3.29 Nil. ..2 7 1.56 Nil.

2 0 11.97 Nil. 2 10 0.9 Nil. July 14 40,000.000 Do (BonrTs). Ju)v 21 Do. (Bond) Jul" 28 Do.

(Bonds). 5.000,000 35.000.000 10 000.000 35.000,000 10.030,000 40,000.000 Do. (Bonds) 6,000,000 Vup. II 38.000.000 Do. i Hondsi 2.

son nno Aujt. 18 35.000,000 Do (Bonds) Aug. 25 Tn I Bonds) Pet.t. 1 Da 8 no. (Bonds) Sept.

15 Do (Bonds) Ml. 45.000.000 Vil. Nil. 50,000.000 Nil. 45.000,000 Sept.

22 Do. 59.555,000 Nil. 29 Do. (Bonds) 55,000.000 Nil. TREASURY RIM, RATE HinnER.

Lombard Stioet evidently got a full allotment of the new Treasury bills, and at a raio mucli hiplier than had been ejei ted. for against last week's of barely 2 116 per cent, applications at 29 16 per cent were entertained. The difference, of course, is due to the fact lhal last weck'jj bills will be naid off in December and this week's in January. Allottees wrre sellers al 2 7-16 ucr tent, and found some difficulty in disposing of (he bills at that rate. Once acam there was no allotment of 44 oer uent Treasury bonds.

Outride rates were scaitieJy influenced by the Tieasury bill Tesult. The market for December Treasury paper was perhaps a lutle harder at 2116 per cent to 2 per cent, the lower figure applying to the hills which will mature late in the month. Three montTis' ordinary bills were acain nuoted 21 per cent to 25-16 pej cent. Smelly speaking. lliree months, bill now- tails due January.

and January paper was nuoted 24 tier cent. while the rate for February, March, and Aiiril commercial bills was about 23 per cent. Two months' (November) were a. shade higher than December dates. tasicr conduions than had been exoected obtained in the loan market.

There a little burrowing from the Bank or England on the usual terms, but this may have been in anticipation of sonic stringency to-morrow, the last, day of the week, and of the month. It had been antieipateil too. that to morrow would witness the withdrawal of some Australian funds, Hiuounur.K to about 3.000.000. for tr.m.-K'r in ihc Hank uf Kng'aini, but it under- noil this operation has lu-en postponed Mnmlav. Day-to-dav mourv was usually obtainable at 2 per cent, wli ch was the rate asked for fresh weekly loan- iy the non-cltar-ingbank.

the others exteudine renewals on the Old terms, while 2i per cent at the most appears to nave neon paicl lor money inlo October. Quotations: I Sank anil Deposit llatcs. Per cent. Bank at Fine, rata -''av incuse iai6 J3 1 lmco July is. m.iiilhi'lt.inslill'-t21j 2it6 1922) 3 1 lUnkMli.

26s Unklilll2lli8 2i4 iimntlii' traite bills 3 312 months' ira.le Inlln 3 51 munUii' traiU- liil1- 3U 3l; Ren ken lepist 1 Brokers' dcpm.t call 1 Brokers' xinttue He Iay-to-ilfty Umu 2 7-diy inirket IVccmtier. Us There will be no issue of additional Treasury bills dated September 30. tor the thiril clay in bar silver wa ipiotcil 55 S-I61I. for ami 351d. for two nionlhs' delivery.

Business was 011 a small scale, and ihc fne of the u.irket was steady. Gold was nomina'lv unaltered at 9Jf. lOd. iter fine ounce. New York Exchange Falls.

rhe weikness of sterling 111 New York stood out in the foreisyi exchange maifcet, the rate closing not much obove the worst and nearly 2ic down for the day at the lowest recorded moe the r-orin. rencn Danes and Italian lire closed better, if not at the test, and Ger man marks, after hictuatinir betw a little over 7,000 and 7.250, finished abojt 7.200 or 100 to the poviiKl eetter on oaiancc. The currencies of Hol'and. Switzerland. Saeden, and Nor way inove.i ratner snarpiy asa nst us, and the Greek and Rumanian currenc et were nominally better, bui Danish kroner.

Polish marks, aniH PortutTuesc esendos were worse, the lasl-namcd fali'iiK to little over 2d. In the ivomh American xrrour) Bio further declined tt 0 i itni. The rates given in the following table are those current Iiondoo on the various oentresi except in the case of Lisbon, Alexandria, the Soutn American, ana rir nastern centres, where the foreign rates on London are quoted: 1'ar Hchanjrr Plaw. Sept. 29 4.3SIJ-4.39U 4 3Sij 2 212d 57.50-57.95 61.35-61-60 23.44-23.57 21jart.

28.96-29 01 Sept N-w York Montreal far BnTls Lisbon Madrid Barcelona Rom? Berlin Budapest PraRiie Vienna Warsaw 4 86-3 24.59d. 22ij 25.221s 25.221J 5Std. 25.2212 25 22ii 25.321s 20.45 24.02 24.02 24.02 20.43 1E.107 1B-159 18.159 18.159 25.221s 2S22i 25.221s 25.2211 HO 25.221s 47.58c!. Pax. 51d.

16.1. 97ii E4J. 24d. 24s066d. 4.38!.3.4 394 4 387a 4 39i 2.

Slid 57.9D-58.20 31.50-61 -70 23.54-23.57 29 103ri-104U 7.2CO 7.9CO-1OO0O-12.O0O 141-143 320,000 fellers. 37.500-39.500 25.79-25.B1 21 16.65-16.70 199-20O 185-210 ess 295 70O-720 740-760 70O-7 50 44t3. 43t 9 prrm. 411-42144. 6'sd.

31.50 9TTU H-31ld. Is.5"3i4 2-2d. 2i.51i. 2s. 3il3sd.

2- 29.OO-29.03 10314-104 7.025-725O 10.00O-12.0OOl 140-14 310,000 37.50038,500 1 I 25.68-25.76 21.33-21.55 16.55-16.67 198-200 I 1 BO 1 85 285-295 1 690-710 I 740-7SO 1 70O-7SO 44ld. 1 I 9 rrem. 1 31-50 I l.31'3i HoUdaj. 1 2a. 6-4i.

1 5a. 5Md. I 2s. 35la-3. 2.2ia.i.

Christ canla Cpenh'B'n bteccrjourj llaUlneforsj AtAens. KucharesL. Coca a pie! SkiUS B.A. 93 days Ba T.I... Lain M.

i Kio90.is.ys X.i... VaJparalsa. Alexaadruk- Bomhay uaicorca SUnilm Singapore. To baira ItfrTyir rates on cestres LianarL Sept. 29.

Sett. 28. LuDao Ba 1 Buenoa Ayres 43Td.41(d. I 43td.4d. FORWARD RATES OF EXCHANGE, Current exchange rates on certain centre for I settlement one month forward are shown below.

-rmtma fnrlwt r. .1 Ihni. nnn.V I oEtudiy approximately twice or thrioo tfaoee given. KewTeck Binssnli 1 to St eecta over spot. 7 to 6 centimes tmder aposw cioj oenuraea mr spoa.

Berlin Italy aw wouu caaraa error an 12 to cT OKXtlsiaal rmAj Spos. Aiimvi.f plEl Soulhanipton, left Vigo 28. ltom srnved Uraveseud 29. z.TsmlBi.i"tUU'? lor boulhampton 26. to Aronuioulh.

felt Qucbcu 27. bidney 28. MAI rXS ukobAUia, arrived Graveseud 29. ludua, left Adelaide 27. rcI5 arril Singaporo 28.

MOffJt, Loudon lor Yokohama, anived Uona JaansAS, r.Yfs LO. Yokohama, lor lelt Beaton 7. l- lALlNA London lor Kobe, left fiuea 23. CASTLE, for Bombay. Icll OraveHnd 89.

tncudd0aior.J27HJ,A:, London, left Singapore at. Montreal, (dt the Clyde 28. l-t'Mpool. arrived Vancouver 38. Liverpool, lelt Boston 26.

Colombo 21? MUbir Knaland, anirsd MAlillID, from Natal, arrived Hull 28. UIGB from Liverpool, arrived Halifax 27. UeSn London, left ManeUlsaS. DIOMLD. Y'okohsma for London, left Port Said 27.

DARANGA, from London, arrived Brisbane 27. EI. PABAOUAVO. for Itossriu. left Cravesend 28 LMPRE8S OF SCOTLAND, Quebec for Hamburg, lela, Southampton 28.

-1 GARTH CASTLE, for Beira. left Gravasend 28, GRigUA, from London, arrived Beira 27. HECTOR, for Glasaow. left Singapore 28. HOMERIC, from Southampton, arrived New York 27.

HELEN US, the Clydo for Takn. and. Hong Kong 27. HIGHLAND LOCH, for London, loft Laa Palmas 27. HARDWICKK ORANGE, from La Plat, arrived Graves.

end 28. IN'TOMBI. from Natal, arrived the Clyde 28. INGOMA. for London, left Demerara 27.

INVENTOR, for London. left Port Sudan 28. KARMALA. for Yokohama, left dravesend 29. LAOMEDON.

for London, left Shanghai 27. LAUREL BRANCH, for Valparaiso, left Gravassntr.38. MENOMINEE from New York, anived GraVaaend B9. MEXICAN, for left Los Anosles 26. tTv.

MISSOURIAN. lor Liverpool, left Psnama 23. MANTUA, for London. left Bfianghai 28. MORVADA.

for London, left Algiers 27. MONTGOMERYSHIRE, for Constantinople, left Sonlbamp. ton 28. 4.T1UR A. London for Calcutta.

left Snez 28. MTNNEtTOSA. for Southampton, left Montreal 27. METHVEtT. from Tendon, arrived Montreal 26.

MANCHEKJ'Klt BRIGADE, from Manohester, arrived Oufbec 27 MAtfSUn. the Tees for Calcutta, arrived Port Said 28. MANCHESTER Dmsioj-, for Mwchesler. left Quebec 37. MET.TTA, Antwerp for tTuebec.

left Southampton 28. HEflAM, Sonrabava for Rotteniam, ami. Colombo 2T. ATA DOR. for Liverpool, left Als-iera 27.

NAHKCNDA. Iindon for Sydney, left Hnex 27 NALDERA, Sydney for London arrived Bombay 2B. OT.VMPIA, Unmbtr for Liverpool, left Gibraltar ORTEGA, for Liverpool. left Hantandar 27. -nRAHIA, from Amsterdam, arrived Southampton 28.

PEGTT for T-omlon. left Rangoon 27 PEMBROKESHIRE. Yokohama for London, arrived Slnga- 29 a. PEN BY7.VANIAN. from London, arrived BoaWu 8.

lxnion for CalculU. called Aden 28. PT.A3"Y. for Iinrton. left Gibraltar 28.

POPLAR BRANCH, from the Clyde, arrived Mollendo 28. GEXEBAL PRODUCE. LIVERPOOL. Fsniax. bUGAii, tteadil- held: refined aorta at lain rates.

Messrs. Tate and Lyle quoteCrystals, ones 60s. 3d small ones two. 49s. bright 49s.

74d. granulated, ttandard 49s. H.T.S. 49s. 7 coarse uud lino 4.

superllnu 60s. 6d. yellows, fourths 36s. primrose 34s canary 32d. Ihl.

ex local cubes ex London, afternoon tea 65s. So. 1 64a and H.T.S. 54s. 0L 1'orivard quutations liasia Ijerpooi standard granulated, October 49a.

6d. and No eiriber.December 43s. 3d. per cwt, quie'ly dteady for cattle-feeding quality ai 4. 10s.

per ton. COFFEE steady, with spot offers limited and demand quiet Liberian elephant berry quoted otis. to 59s. per cwt. COCOA quietly steady for West, Africans ur to Cne fermeuico.

Acras on sjiot quoted 43s. to 4Ss. t.ur Accras for Ehitsnent quoted 40s. 6d. to 41s.

quay terms Liverpool and 35s. od. par cwt. on f.o.b. terms lUCfS in quiet d'zmnd Bunush No.

2 for shipment quoted 14s. to 14s. 3d. per cwt. ui f.

lmporie, 6,257 bags Baasoin. RICE BRAN steady, with a quiet sale; lUugoun spot quoted 5. 15a. to 7 ex store and lor shipment 6 'a od. to 6.

lOa jict ton ex ship. Ira porta, bags. AGO FLOUR remains quiet; Sarawak spot held at 17a 9d. to 18a ex store, beptcmber shipment 13a 3d and October-December 13s. per cwt.

01. f. quoted. COTTONSEED MEAL steadily held, with a quirt demand American spot 50 per cent 12 per ton cx sti.ro and tor shipment 11. 10s.

ci.f. BEANS sell slowly; lianpKked Puot quoted 8. 1C. to 8. 15s.

7. los. to 15s. ex store; the latter for shipment 6. 17s, 6d.

per ton ci.f. CANABYSEED steady, with spot scarce; Biver Plate to arrive 16s. 6d. to 17s. per cwt.

ex quay. COTTONSEED steady, with a fair business reported in Egyptian Sakellandes for Oetober-Noi ember shipment at 9. 6s. in Brazilians notiuny ofTers, and iiouuual vajue 7 to 7. 5a per ton tor white for slupment.

LINSEED quietly steady River Plate shippers quoted SepUmber-OctoLer hipnient 18. 7s. 6d. and January-February new 16. 5b.

per ton. OILCAKES. A moderate inquiry, aitb prices occasionally easier. Linseed, local makes quoted 14 to 14. 5s and imported 12.

10a to 15, cottonseed, undecorucated iocjI makes 7 to 7. Bombay 6 and Egyptian 7. 10s. to 7. 17a.

6d. compound 9 to 10. 5s. and palm kernel 6 to 7 per ton ex store. Dl YS LT ER1 ES, 4c.

Beeswax quiet; African aorts quoted 5 to 5. 5a. and Chilian 8 to 8. 5s. per cwt Quillai bark ic slow aale and quoted 28 to 29 per ton ex store.

Sulphate of amnionta firmly held; rome trade prices for and October delivery 16. 8a for 25J and 15. 5s. per ton for 26j per ent. of copper in quiet request and quoted 26.

10A to 6. 35s. per ton f.o.b. for October-rVbruarj Gam. qouetlr steady block for shipment 30s.

c.l.f. cubes spot No. 1 45s. ex store and forward No. 1 40a And No.

2 per cwt. c.l.f Nitrate of soda sella quietly, with spot quoted 12. 16s. to 13. 5.

per ton in bags ex store BONE MUM, steady on small spot supply at 9. 10s per ton. IXXX'ST BEANS remain s'w; Cyprus apjt 6. 10a bulk ex store and for shJpment 5 per ton cj.f. eeUen PALM KERNELS steady faut alow, with spot and near value 16.

6s. and October-December shipment sold at 16. 6s. 3d. per ton.

RUBBLB steady fine hard Para and plantation crepe Hid. fer lbt spot, LARD on spot qmeter, with choice Weatem scarce at 68s 6d. to 69s. per cwt. OILS, 4c.

Linseed oil sud, mth local makes in restricted offering. Cottonseed oil stead, with a quieter inquiry; Liverpool common edible 40s. and deodorised 43a per cwt. net naked ex mill. Coconut oil slow and easy Ceylon for shipment 37a.

per cwt. palm kernel oil in limited sale Liverpool crude crashed 34a and extracted 33s. per cwt. net naked ex mill. Lard oil steadily held English refined extra choice 69s.

and No. MONEY STOCKS. THE DOLLAR DEBT: SHORT CUT TO PAYMENT? (From our Financial Editor.) 10, Cepthall Avenue, B.C. 8. Telephone, Lond.

Wall, ISGt. London, Friday. that we fate to face with the prospoct of paying annual tribute to the value of a Is. 61. income tux to the United Mat, for nearly epneration it is natural that people nliould casting around in thir minus lor some moan, by which the burden may be shiftwl bv a single Herculean heave.

A uofkly contemporary last week announced mat, tnero had been discussions in the Cabinet of a seiicine to impose heavy now taxation. intended to wipe out in two years all, or a JnM part, of the nine hundred odd mdlions no owe America." Now it is obvious that no amount of taxation paid in Bradburys will in itself acquire a single dollar bill, and it is in iloll.i, )1K that the American debt must TP-no. it may ref however, that what the ahinel discussing, if indeed it 11113 dia- fussiiiR tile matter at nil, wns some scheme I i foreign securities. Such a scheme has, on tlio fore of it. obvious attractinna It- ftutl Hartley Withers seriously propound- l.tir if ,1.:.

i it Vr vi- "celts nnturclav Ketjew." Withers recalls rlm offoivn -n- nf our holding of foreign investments during wnen we raised larpe sums in America by selling or pledging suitable thnt we still hold som millions of torAijrii investments, and, savs Vtr. Withers, it onjrht surely to be IIOSMOle to mohilisn off forthwith the four thmmamd odd millions "i uniiars mat we owe to the United Stales." In compensation to the holders of the required, Mr. Withers snpeests that (-overiiment stock stiffioierit to give tbein a wliiilitiv increased income should be illotted to them, in which case he thinks there would op a larre voluntary response. Practical Difficulties. The first and most objection to the scheme, is, of course, that America has first lie persuaded to take payment in this form.

Mr. Withers betrays no great confidence that Aniema mil apree, but he trr.nks that the proposal hhould he made to her, if only way of repairing the harm which ho thinks the miionr rras rtone. But, apart from this wo must confess to considerable doubt whether any very Inrge quantity of suitable securities could be mobilised on terms acceptable both to our Government and to that of the United We have, it is true, large quantities, of foreign Government bonds and South nieru-an railway stocks and a small remnant American dollar securities. Tho amount these latter deposited on loan with the 1 reasury during the war wns about H73 iii.iiions. but much of this must have been f-ol since, and the amount still remaining 'annot be more than 30 or 40 millions.

To pay in foreign Government bonds on tho terms suggested by Mr. Withers, nameiv. i oinpeusntion in BnlLslr Gcnorunieut yielding rather more interest, would io a ruinous procedure for the Treasury, since the bonds at their market prices return an average of perhaps 7 per cent. To hand over the of the Anient mt and other South American railways would mean loss of control and less of the trade which follows that control. Mr.

Withers suugest tin- Argen tine railway debenture stocks onk. The transfer of theoo would Ito lice horn this objection, and indeed a small operation of tins kind was carried through during the war. hen tire Central Argentine Railway Co. sold dinrt-tcrni notes America and cave the proceeds to the Government in exchange for lnrt-tei in sterling notes. But tin? Argentine debenture will carry us vorv l.ir.

and 'iico it is nhvtoAs that we do not u.iiit md out the Canadian Pacific Railway, the Persian or Moyirnn oilfields, or the Indian railways to tin- United and since our ubber plantations ar- not at nro- Mnt a very valuable asset, it is iliffitutt to see where any further large contribution towards the 1.000 million-, s- to come from. The Tariff Wall. It M-em. to u-. that there is no practical prospect of cooring more than, say, a quarter of the required amount.

Whether it would be worth dealing with sume such fraction is an 0en question. The operation would not relievo us in any degree of the real burden of the debt. The interest on the securities transferred would be diverted to America, and so diminish our invisible exports, so that we should have to make good the deficit by physical exports, a- shall have to do if we pay the annua! charge of the debt in the ordinary way. One ndiantoge, indeed, apart from political and psychological considerations, this plan of a lump payment might have. It would thrust upon other countries the task of penetratinc the new tariff wall.

If. for example, we deliver to America 100 million-of Argentine railway debenture stocks it wou'd be the Argentine primarily which would be faced with the task of getting the 5 or 6" millions of goods into America annually to pav the interest due. But whethc-r the intricate mechanism of international trade wonld in practice render this puma focrc advantage of much ralue is open t.i doubt. Further Fall in Sterling. uh the exceptiou of tho New Yoik rate, foreign exchanges were distinctly firmer in tendency to-day, in contrast to tho stock which sufercd from obvious "bear" seil-nc.

The French franc ranged between 6r.o0niil with a final quotation of 57. while tie movements of the mark were crntuied between the narrow limits of 7,025 and 7.2."o. with 7 200 at tho close. On the other hai.d, the dollar showed progressive weakness, the closing quotation of 4.36 9-16 being a very snii'l fraction above the worst. On tho face of u.

the fall in this market is due principally to genuine transactions of the character to be expected at this time of year. Dealers to-day reported an active demand for dollars from Scandinavian and other countries ornjiectio'n with actual com- i itr merciai transactions, ana i-ccw similarly indicate heavy offerings of grain and cotton bills. On tho other hand, there is no doubt that the present political trouble i i i i i induces ootn noiaers or ouia iu omenta tuiu debtors in dollars he-e to close their commitments. This concentrates the Inurinees which vould ordinarily be spread over weeks, and ikxm produces an cgaoboa the exchange which Alliance 1- N. Brit.

4 Merc 124 Atlas "1741 Northern 144 British General Phoenix 104 Commorc.Union 31 I 'Uoyal. 21 Eagle 144 1 RoyalBxchange 410 Employers'LUb. 31Ji 'Scottish Union. 74 Gen. 6I4 I Sea 34 Guardian Sun 17 Lond.

A 14 West 90 MotorUnlon 6I4I Yorkshire 104 Iron, Coal, and Steal. AnnstrongTwhit 153 0 3 iGuest, Keen 34,6 Balicork 4 Wilcx Zi5j5 14 Baldums 13,6 Palmers 103 BeardmoreSZpf. "16,0 IPeaseAPartnera H4 Bengal Iron 1 Powell Duffryn 330 BolcL'w. Vaughn 160 Richardsons.Wt 3, Brown (J.) 126 )Ruston4H'nsby 80 Cammed, Laird. 5s South Cargo Fleet 16 0 Staveley 14 Clayton 4 Shutt.

9 0 Stewarts AL.def Consett Iron I 23 6 Swan, ljt Cory (W.) I 21, D. Davis 1 6'3 'United Steel 8,9 -03 Dorman, 166 IVIckers ord 120 EbbwVale 12 0 1 Do. 57 pref 16,3 Do.8Xnotea...! 90 I-H2 1 Do. V. 1914 Hotora.

Aii5tin7Zv 5li I plumber ord 14 32 Belsize 3d I Napier ord 3a Bhm. S. 8 6 Do. 74 Brit. Motor Tdg.

332 Rolls-Royce 15ib Crossluy Motors 13jj I S.T.D. Dennis Bros 1 Straker 3j2 HarperBean l'fl Triumph 13, D.i.8i pref a 9 1 Wolseley 77, pf. JTltrat. Aguas 23 0 -10 I Liverpool I 31iel Z4, 1 I New Tamarugal lis Lagiinas 15is 4s Roaarlo 270 Lagunas 'Salardel I Syndicate, 56 1 Carmen 28ib lis hipping. Argent.

5is lndo-China def.j 251214 CaimLine 1 Lamp'tAHoltpf I 190 Clan Line 1 74 P.andO. I 93 I Canard Line 1 Do. 300 1 Eagle Oil 54 Royal Mali 874 -2 Klder.Demp.prf. 19 0 Do. 64 1031a, Furness, Withy.

lig Hankers pret. 60 1 03 Taltgraphs. Anglo-Amer. siefl 2312 214 Eastern 185a Do. pref.

21 Eastern Do. 13s Do. pref 664 Radio Oorp 19,6 Gt. Northern 2834 West. Teleg.

18l2 66 3812 523, 5212 155ig 8I4 4078 21 451a 2612 3338 la 2512 9 10:, 43a 437s 2732 70 44 47i2 23i2 47 2312 11014 7412 3312 2212 1091, 66I4 99 60 70 441, 3012 1818 81 14 5012 983, 5912 6634 3812 1178 Ollia 58l8 265B 4412 22 5058 36 7012 44 51 2578 -14 2058 91s -1 12614 713. 93 62 7812 47 66I4 40 1 96-a 5412 -12 4012 2212 -18 51 3 35,0 -1 8S12 70 1 I 73 49 PRIAM from Liverpool, srrl.veo llaiavi 14 SOER AKAPTA, Java for Rotterdam. rsd Oes Do. defd 1153, cons. "3 181, 11512 II6I2 INorth London cons.

78 72 63 88 36 83 74 90 37 2'8 87 80 59 8412 3412 256 8412 73 Do. prefd Do. defd Underground ord 25a 84 7.0 Do. 67. inc.

bonda. uo. Prior Charge. Kiss or Fall Kiss or Fall. Stocks.

Close. Stocks, I Caledon'n 4rdeb Lar.S.Wr prf. 77 -1 81 12 fell 3, to 49i, and Egyptian unified and preference and some of the Greek loans 1 each. Ger man 3 per cent marki from. la to 1 5-16, and the only effect upon Mexican securities of the debt agreement ratification was a rise of 5 in the 5 jer cent.

Bentes were compara tively steady. At the opening Tather wide prices were quoted for home railways. In North-Eastern, for instance, dealers "'made 115 to H62, that closing i down at 115J. London and Northwestern anil Great Western, both of which marked down to 99i, each fell li, South-Western deferred 1, and Great Northern deferred, Biigbtoi; deferred. Midland deferred, and Metropolitan each.

Some of the low-priced stocks, 111 winch there has been a gpod deal of speculative buying lately, such as Caledonian deferred. Great Centra preferred, and Chatham ordinary, wcie particularly heavy. Fixed charge issues were also weak. Business was recorded in Grand Trunk ordinary 100 stock at 3s. while Grand Trunk Pacific 4 per cent debenture was bought up to 41.

Mexican railways wav and Biazihan weie fiat, I-opoldiiia at only 33 ami San Paulo at 114. Argentine lailways finished above tne worst, but usually lower for the day. Niliate Railways ordinary and deferred and Autofa.g-asia ordinary were weaker, and Salvador 5 per cent debentures dropped li, to 42j. Algoma Steel Bonds Advance. An evceptional movement in the miscellaneous market was an advance of nearly 10 points in Algoma Steel 5 per cent bonds to about 57 on the announcement respecting a payment.

Most other iron and steel issues, which moved, closed easier. There was some weakness also in shipping issues owin? 10 poiuiLai considerations, inedinal dropping 'i. aiio niDu tnini cieierrea to zsj. Siimlar.y oveiseas bank shares were dull several tailing among them Peninsular and Oriental Banking. Bristol United Breweries ordinary rose to II, but Ind.

Coone declined tp 2, fravers ordinary were better again at j.iuii i'ljcrt. i.ous oroinarv ana A. ordinary improved to about 4 Van den nurfiji lurtner rainea to 1. Aerated Bread re named at about 35s. as it was not known that tho company proposed to acquire the Lmidon premises of Lockharts.

The recent rise in shaies is due to a new capital iiriangeuient by which the debenture stock will be paid off next year and the interest rate on tne preiererce raised. Brazilian Traction were a weak snnf o1p. where, declining to 46. and one or two other Brazilian industrials were easier. Courtaulds changed hands at as low as 52s.

3d. earlier in the. day, but afterwards at over 54s. and the closing price showed a trifling rise on balance, though other textiles were dull. Patons and Baldwins and John Wood and Brothers tailing l-lb.

blubbers" and British Cel lulose preference 1-52. Hollins ordinary were also rather easier, and Imperial Tobacco gave way, uiougci urcusn American, nnisned shade up. Oils and Rubbers. The movement in oil shares which attiacted most interest was a drop of 2s. 6d.

in Phoenix to 24s. at which the shares were offered in street. The decline was mainly due to atiempteil sales against options, but various adverse rumours circulated. Mexican Eagle on the sait water trouble, dipped to 22, but hardened to is-ib. or within 1-16 of the pre vious price, and Shehs and Boyal Dutch recovered early slight declines.

Bumanian descriptions otner than did not move much. There were advances of 1-16 in Burmah and Trinidad Ceutrr.I, while Apex made good an early fall. Lobitos dropped and Anglo-American, Anglo-Persian and North Caucasian 1-16 each. Severa otjiers showed slighter losses, lick nmsniD? aoout ye-. Rubber shares were quieter, but closed firm with a tew irregular changes.

After ruling dull during the early hours Anglo-Dutch finished 4Jd. better, while Rubber Trusts recovered an early decline. United SuaBetong rose over Kapar Para Grand Central 1-32. and Linggi but Kuala Lumpui iui.uer maiHea x-io, aiiu Aiigio-jaaiay and Malayalam were both about 1-32 lower. The Mining Market.

A dull opening in Kaffirs was followed by mora firmness, and most of the leaders closed better for the day. Rand Mines advanced nearly while Brakpan and Witwatersrand Deep gained 1-16 and one or two others 1-32, Not much change was shown in finance descriptions, but De Beers rose and Premier Consolidated Diamond of South West Africa advanced to 15-16 on the directors' decision to increase the scale of production in view of the improved demand for tho stones. Among Rhodesian issues Selukwe further declined to but rallied to and closed at or 6d. up. Paringa, among West Australian, marked rather freely round Is.

American dascriotiona were quiet, while Russo-Asiatic further eased 10 10s. 9d. on the opposition to the nl in cation of the agreement with the Soviet Government. Bio Tmto further improved to 27. LdVEPJPOOL, STOCK MARKET.

The ioUcrxisg transactions 'cre reported laiarpool Corporation 6 10(Sfi Mersey Baiiwar 31 perp- preT 201 Leeda and Lirerpool Canal cap '40 Back ol larerpool and Marlins, 6fc T3fWtill' Brewery crd. 41, "6 African and Eastern Trade Corporation ord. 260, 26,3 BritiiQ and AraVKtine If eat ord SOlSf British Insulated and Helioy Cables ord. 42V9 British Oil and Calo lulls ord. 243 Bnraner.

Mocd. and Co. ord. 33 6- Do. earn.

pres. 36J4I. 263 Conrtanldi, 633. S36. 53.3 raxis.

Bona. Airar.neT. ana weso ara. ejlg. Da Drrf.

761 Lerrr Bros. 72 enm. pref. 194, 196. 19J3.

196J Do. 82 A. 1916- 29 LiTFrpavl Ualiy -ou liTcrpoot Herouxy, and lissapoal Lircrpoct Wareaoosinc ord. MomTrsieW ant Niiar Co. com.

pna. 1351 TJnir.5 Cold 3torae 7X cum pret 1101, 2ZO United ASaall tld. tOi'Tl. tXk'C it illom and Aaksm Hematite Iron ord. 31101 Winn c-oeu ana inn ii.

ui. i Norta BriHiB and Mercantile Insanncc. 121 Northern Aasuranee, 1 11-15 Sea Icsnranoe. Si aulv Hl iTartaes Krtjrala SvsAeatSL fi dAet Cnazd tttsawUp cr. 196.

19,31 Do. an caoa jaeas. IPSSJsi I TiAXOVTA, for New York, left Southampton 28. BrrvTfTTA for Liverpool, left New York 28. from Txindon.

arrived Savannah 28. KEVF.RV. from Liverpool, arrived Hfo Grande S8. S1IONGA for Sapele. left Gravrsend 28.

TRFT'ARVF. Barry, arrived Md 28. WINDSOR CALE. Southampton for East Lcrndtm calle'l Alios Bav 28 Y'ORKSHIBE. Lond for Ranaoon, arrived FOTt Said 28.

LONDON BIETALS, Fbtdat, COPPEB The standard market was asntin active, the a tinin. 1.000 InnA The lower doTlar TsttA Induced a firmer tendency here, and vrHh a Ifood demand, eaneriauv 01 iwunr A.n.r- Himlsved marked resrtw. srss the Mm. witt, eu, S. and three Trvnrlbs 2s7oa.

no the dor. October soM at 64 to 63. 18a her Fo4. ic s. oa.

so wwj ui- -1 o'z 12 51 I 50 78 61 -1 79I2U12 uicnuiz pxiew in. i21 Gt-aut-Xjpre. Gt. Nthn.4?prf. IJo.oZdeS.

GtVe.62nrr Do.42deo... lBriaht.cona.pf llo. 3Z IdlandZtr Do. 247 Do. 247 cuar.

D0.3X. Do. 7. Knar. romisxait jjfj coivoaTZAx Antofagasta con.

Arg.Ut. W.ord. Argentine Bengal 4 9012 75 -1 7712 -12 61 9812 8II2 -lj 96' G.I.P 34 347 deb. 641t 6913 G.T.PJ I Do. 4- 'Gd.

Trunk ord. 66 -1 67 -1 17 135 her 64. 2s. 64- 5. and 3c Pd.

tnrsm months 64. to 6A 7. 6V1 excess 6S 17.. 6d Settlement price 63. 17.

6d. Tbtra was raodsrac interest in refined descriptions, wrth elacttplvtic nn-cbsDCd to 10. higher at 71. 10a to 73.10.. ariro bars KAininsr IOa st 72.

best elected and sxcxms; sheets remaining steady at 66 to 68 and 94 rssnee- iirTTS A cablegram from Penan gave 25 tosx sold st 164. 16. c.Lf.. an advance of 15a Here lb market wa favourably influenced at the outset by trrtner advice from both America and the Strait, amd th re-months sold at 163. 10s.

Later a keen tarylngr movement deseloped, with American and Dntdi hrterest pur-chasing on ssrge scale. Octobrr-NoTember. aad especially December, being extenatrely ortgbt, As tit sMstuiz pTogresard values steadily hardened, tbe close beisc nrm, with both cash and three metrtha 36. higber. aadssjista 1.200 tons, tbe largest dya btrattoea since ttdd-Jalr.

October sold at 163 to 16. Xenutoer 163, 2. CM. to 164. 7a closing at 164.

6. December 163 5a to 164. 12a 61 clnr at 164. IOa; ttrree menrth 163. lOs.

io aad cash at 163 2a 6d. Settlement variee 163, IO. BoIia closed 40a higber at 5164, there beina; a tmle bmpitf from America and the cVmt-sn prodnctfcm befug now taken up as soon as svailabW Opticme: 166 and 66. Sr. three months, wrUs boyssY opUos to doubV.

LEAD met with 'a good imomuO, o6T yesterday's advance was carried a aisp further, both aettr and trrwarrf cloairsx 2a tVd. Wti," amounted to 600 totw, compriaina; October st24. 15a. Sosrembe-r 24. 7a 6d Decexober 24.

7s. 1 6d. to 24 6s.r aocfTjaiiWr st 24. 2. 6d.

ftettaeraeat plfce 24. 17a ftrmly heM st 26. ml-v-lyrxTR. rjrsnand wa keen, astd ssftb few tsTItii both 2 quality 62s. net in barrels ex store American extra winter strained spot 70s.

and extra spot S3s. 6d. per cwt. Castor oil remains dull; English pharmacy firsts 52a, and seconds 60s. per cwt.

net in barrels ax Hull. Bape oil alow best refined spot 45s burning 37a, And thickened 46s. per cwt. net in barrels ex store. OIiv oil A slow interest Spanish offered at 76 per ton ex store.

Wood oil steady; Hankow spot 64s. 6d. ex store, with shipment 62s. 6a. per cwt.

cel. earreiA jzaizo i mvcmuj spot oa to uSi, per cwt. m'berrelA Cod oil nominal for Newfoundland on lack oi onerm Neatafoos oil steady American spot 5s. 9d-and English 4a 9d. to ba.

per gallon. Tallow firm, with, shippers ibowinc stane reserve and inquiry moderate: Soutli American beef for shipment quoted 36. 6d. to 38a or first and 51a. od.

to 33s. for seconds, good to nns acsxrsjsn oecu wm imnwn ooc oo. to 411.. snd cood mixed 37a to 37a All on ci.f. terms; home-melted qualities 33a to 40s.

per cart, imports. 310 haxrelA Pahs oil rather easier for softs, with others quietly neatly lfos spot quoted 33, soft near 31 to 31. 5a and Dembe7-rebniary 31. 10a, mediums spot auz, ana narox tzexooer soia at per ton. Rosin nrtnjy neid, witn a quiet aexnana; American wruaea spot quoted 15a 3d.

to 21 1. per cwt. net in barrels store, as to quality. Fetrolenxn steady; American re fined in base lid. to is.

ana in txsrreis 1a 2d. to 1a 3d. cer ration Petrol steady; No. 1 fade Is 9L and Ko. 3 lav 7d ner gallon.

Turpentine firm and dearer American spoa ivis est cn. LONDON'. FarDAT. cTUGaE. There vta a lair reneral demand for British raaQeo, ana tna nsarjcea nuea sseaay and unaltered.

MsssrrA Tata and Lrle Quote Cubes 64a 6d. to 65a 6d. cruabed 62a 6d, nibs 54a; granulated, fine and coarse 49A No. 1 a a a ana London 48a palssrrised 61a castor, fineat 53a A. Sis.

51a. elloar crrataua 43a 3d. meoea 3Aa tA -XQ. for yellow and One white 44a Oryrtalliaed West Iidia spot 41a to 44a as to quuuy Amenoaa (rxno-lated spot sold sat. 47a 3d.

white Java spot quoted 4s. 3d. and afloat ISa lid. czX London. COFFEE quiet and arasitered reneral trad moved qxueuy.

wnuxvem auu- VAJV.OA TTTW'J. ft ICCBUb lira. TEA 8no. RICE steady; two stars spot 15a 3d. FEPPEB.

A moderate business effected: market steady: 1 1 1 f. izenerauv uxxa. HEM? eansreLess, and trade skr on aboqt tten TsS. moot 290a qasst'spg. racea easjer.

van a zssx- slitwUTl Subbar. anolo-Dotdi 28,6 03 Malasralam Anglo-Java 1 Anglo-Malay 32 BatuTigs, 20 (4 Bertam Cons 3 Bukit Pa Ceylon (Pa" A i Ceylon Tea 1 Chersonese o3 Cons. Malay 3.44, Cons.Te4 Land 17 I Daznanxara Mc N.Borneo.. -132 Alerifmaa.MH Nordanal PataJinsr PegohZ. Perak -1J2 60 llaia wells KauiTraranoore icubber Rubber Tnut -011 Beaaeld FJU.S.

Planters 23,9 Selanaror 1 SelanrBuaoerl General yi-. Illgh. Lowl da stir aiaiang Straits Rnhher Imperoi 11m Java Invest Jar Pans KaznuninftT Sumatra Para 156 1 4- Ayer 2,0 Kapar Para, 1 32 6 10 iTaniong 4iwri ztepitlgaiia, KuaU Lunpnr. Labu Lanadron Linggi. London Asiatic.

Lutr.ut Malacca United Sexdzuia; -4f 1 Hi6 "is 1732 -42 3 44 1132 14 vuiwi Qua, Betonat United btmsatra allamnrosm WaTrioy Anaio- American a nwn-Vdl Ut 412 28,3 -152 iPhcanlx. 26,0 -OJ 2.41-011 IPremler OU. Ansrto-Pscs ocd 511i lis la 4oo -f-oa Do. 87 pctl. 24 0 i 0,3 Roval iSirtcb, CO 1 Do.

25.6 33 iRosaian' Gen'ral i'aicsadi 115B osnoatt Amr. British Barrrrsh 03 fSnsOl TrsBsasszsrtl i 1 uo.il. prer gpsesJVttrnlfSTni Sf evo 10,0 OOtA jsc saltan uiuwMi 3 Jsarn au Labium 19 55. 27 -03 rrrlntdsdCsaUw. In 'IMnKXH MssVan Bsurle.

ass noaa 1 ft-9 13 r-1 Do. nref lg United Brttssh1 aTfS Hew SchihaietT IT. lae 2.0 Ural (Assista -'u Sontb. Afrtraa f4Av at Arsrx(llkc) Po-QoaJsisaial Ilo'J Otewflsalsliiasi bourse Jtnieaw. nn flsaisisl Jflij -WW fl 15,0 Gaxauld neld'ni: etrsDalcytaL.

iTaaRna Ksriglit. bscyBDepi Dengai' ngpur. Bombay-Baroda Burma 13 78 612 2 1 331j PT7 Do. 1st Do. 2nd Dn 3rd Tirf Brazil Rail.

ord. B.A. 4 Pac. ord. Do.44con.deb Leopoinina 1 Do.

47 i Do.4yTdeb.13S8 Mexican Do. 1st Do. 2nd Mexico N.W. Do. 57 at mt.

Midi Ely. Nit rateRls. ord. P.L-M.RyZbd Bail. 47 mnrt SSS, CXC S.

StCK Do. 57 pref. B.A. Wast, stock Can.K.Ont.3tZ Dom. G.

deb. Do. J.47mt.' Cn.N.Jprp.db. Do. Inc.

Canadian Pacific 10212 13 39 25 1 1 Sl2 6 85 741. Do. pref Do. 47 deb. Cent.

Argentine Do.4ijfpref.. Do. 47 deb -4 San Paulo 4Z 111712 Cordoba Central Do. lat de BUndLdef arm.D S-M-chnraZbdsl TV, aitr 56 92 83 161 63 Do3T new (ibj zsatra mas Stnn. Puniab G.I F.

stock lUtd of Havana! WW ajn XXBTTMatXaU. Carryl over Cksdnr Prieea. Bise Fall. a-9 Aerated Brestd 1 iun 113,4 370 343 TVS 9S arrirsm se stern) ztvu xik Arrr-Trmm. 1 ra.1 ttom 2.a Army 4 Sany Co-opl Isjj ln Assoc JrLf5ezntsu ISrS ltVS uo.

15 X) 160 II4 45a WO 13 tlJO Barker (Jofcnt Birrs. BatlwaT Car. tijorax ootis. pref 23,9 2,3 S8 4JO. iBorrU 47 16 sUrS isn ts 200 2Su a 1 am stf.

95w, 91 101 3 I 55 -12 75 1 75 87 -1 6712 1I 78 67i2, 37 164 78 I 80- 64 -2 7lt -2 75 60 71 12 5512 17 91 '2 tin I (Brazil TracxJooZZZj llMtasa Alaalnlaasl 80yS aWt-Aanax-Tilsiiuii S. Do.6rriTf tT Brll. 4 Aia afaat-13 Britaah Do.74Zprat. mil jail uaaisdca 44V6 rilsl Tslssil i llalalwl St 9 vSfcSSmii'tlsfnt. Brktrnrt.

Osazaat. near and toryzard rose 2a. od. zTstlsa totaTWt 1JLOO tons. 32.

oa. 3d. to 32. lOAlBvember October ana at fiS2. 3a 9d.

to 32. o. 3d- veutrm- 32 Xa-4V1 BeHHitarnt vneeJUjy. 10. TSltPLATTBI steady oa sJt-bssifs wf 19a saVsraarWsTar1 rvM- ta-wBefaeoask.

WTsftf 4 trrrisYWYi sieidr'. ktmii 360. A4SA. s-'sRsT (. WaaasrsasV sasartarl taTlafssl arm cavj dosfar te 6v: KTSC 9.

IOa sUirar. WJovr fJiuMltisatK is TTi T-i-i sQH TT7t iTiTiaTTiiiTTff inglTiSir ssvsafSMMMslM nnt aiXT BBSSMSra ribbed ssre svA assl wrscsrs- sou at ajd. and. fine Izard ttener: spot 39sv SAPS on-CsasBe 41. TUJIPJU'TUIK trtoet; AjnerSeats spot 103.

3d. rETBOLKUM EXPORT RESTRICTIONS. Simla, Tztuksdat- The Go-v-enunent of India announcea tbej re moral of reatrictiona tm exporta of wleai told -other food frains, pulaes, audi flour-Keni. A steady tie exsjei isTskt'4si'lsaV nets at pisssstf. rorwazu ocinsr si vajv.

or ao etsazactzr. bwt omess os fair tnzfxc, arc isetlfx home arcoturt. The beswiair fstsrioa az) ixnlasV al ta Inquiry 1 laweiy ossiasMrL to- S3 jOit A. V' 'ai:.