The Guardian from London, Greater London, England • 8

8 THE MANCHESTER GUARDIAN WEDNESDAY JANUARY 12 1955 LONDON STOCK EXCHANGE Industrials Rise and Fall Trade Notes RAW COTTON TRADE SELLING TO THE UNITED STATES The Georgian Home of the Loyd, Entwisle branch 35, King Street, Manchester DISTRICT BANK LIMITED exported last year did, in fact, show an encouraging increase over 1953, though some markets and many individual Finance and Business HOME SPENDING ESTIMATES Where the Money Went rose fractionally. After sharp rises in the morning, industrial issues fell in the afternoon when those who are quick off the mark were taking profits. Steel and engineering issues closed a few pence lower, with steel shares affected by the terms of the Colvilles issue. After further rises in the morning, motor and aircraft shares closed slightlv higher on the day and a similar trend was reported from the stores and shipping sections. Peninsular and Oriental deferred were marked down 3d when the details of the stockholders' association were announced.

Borax defd. fell 18s 3d to 85s at the opening of business following the announcement that the American offer is being rejected. Later the price moved up to 95s and then fell slightly to 94s. a fall of 9s 3d on the day. On balance textile shares were dull.

After rising in the morning oil shares fell in the afternoon and some stocks, such as Shell, closed fractionallv lower on the day. For the moment investors think tea and rubber shares seem to be high enough. The Kaffir market was dull, though in the afternoon prices began to rise slightly in svmrjathv with the market in Johannesburg. Copper shares were firm, but other base metal issues were dull. Settlement date.

Januarv 25. At the start yesterday morning it seemed that industrial shares would continue Monday's movement and by midday most issues were a shilling or more lusher but in the afternoon- prices were falling as people took their profits. Even so most prices closed a good deal higher on the day. The eilt-edaed section was dull, with losses ranging up to 3, and Borax fell sharply following the news that the American offer is being reiected. Steel shares were marked down when the Colvilles terms were published, and gold shares were dull.

Markings were 17.416. against 18.836 on Monday, and 12.638 a week ago. Further small but steady sales of gilt-edged securities left prices a good deal lower. War Loan and Conversion per cent both fell and many other stocks were i or more down. Similar falls were recorded in Dominion and Colonial stocks, and foreign bonds were also dull.

Dollar stocks were supported, and prices went up partly in line with Wall Street, The premiums have gone back to 3 per cent for both United States and Canadian securities, compared with 2J per cent before. Bank shares were dull, but some insurance issues were wanted and prices BRITISH FUNDS Cre. BY OUR FINANCIAL EDITOR Liverpool Market Tuesday, January 11. A moderate volume of inquiries was almost entirely directed to cotton on the spot and covered a wide range of growths, including United States better grades and staples. Brazilian Sao Paulo.

Argentine. Russian, Syrian. Mexican, Peruvian Tanguis. and Egyptian Ashmouni. Shipment demand was limited to Nigerian, Argentine.

and Russian descriptions. Business is slow in reviving after the holidays and to-day's turnover was small. Good sales were reported in Haitian for. shipment and there was a moderate turnover in Brazilian Sao Paulo, with small spot sales of Aden cotton, while small spot and forward sales were noted in United States qualities. The official spot values were reduced by 6 points for United States and Mexican, and by 15 points for India-Pakistan Sind desi and Bengal.

Futures opened quiet, 7 points to 9 points lower, on the setback in United States markets. Hedge selling against "outside" growths found the early offtake limited, but a furthfer decline was checked by some support from local spot houses. Trading was slow and midday rates were steady, at 8 points to 11 points decline. There were no tenders, leaving an open January position of 600 bales. Further hedging-of outside growths appeared in early afternoon dealings and quotations eased when disappointing opening cables from New York were accompanied bv American straddle reversals in the March-April position.

Later, however, trade fixations and some American straddle buying in later deliveries cheeked the decline, and the close was steady, 8 points to 13 points down on the dav New York at Liverpool's close was 1 point down. FUTURES QUOTATIONS Close. Hiah Low, Prev. close. March-April 32.34 32.38 32.32 32.46 The United States section of the Manchester Chamber of Commerce held its annual meeting yesterday, the day after President Eisenhower laid before Congress his new suggestions for raising the level of world trade by providing greater freedom for it.

The sections report records with regret that little progress had hitherto been made by the United States Government in its trade liberalisation policy, and manufacturers and merchants here, while welcoming the latest statement of that policy, will not be surprised if its execution does not proceed rapidly. Uncertainty about general economic trends in the United States adversely affected that market's demand for British goods last year. The returns so far available show declines compared with 1953 in the values of all the principal classes of goods sent from this country to America except manufactures of metals and machinery, both electrical and other. In the trade in textiles the smallest percentage decline was shown by linens, the next by cottons, and the largest by woollens and worsteds. The market for cotton textiles, the report says, showed signs of improving towards the end of the year.

There is keen competition, however, from other suppliers, notably Holland, Switzerland, and Germany, and in 1954 for the first time the impact of Japanese goods was felt. Some British firms have already shown that the competition can be met if the market is tackled on a long-term basis with sound, aggressive salesmanship." It is a difficult market, the report admits, but its rewards are great and experience of it is invaluable. In it a firm can have a clear view of what future trends will be. and such information is of great use in selling to other markets. High tariff rates and complex Customs procedures are among the circumstances which deter many British traders from trying to enter the market.

Perhaps if President Eisenhower is successful in securing some alleviation of these difficulties there will be a greater readiness to attempt to overcome the others. SEVERE COMPETITION FOR EXPORTS Last year saw an increase in the keenness of international rivalry for foreign markets in many trades. Among them are those covered by the annual Rise Stocks Stocks Price Fill Consols 24 do. 4 Cent. JJ do 3J 1969 Ex.

21 1955 do 3 1962-3 Fds 21 56-61 do 2J 52-7 do 3 59.69 (Jo 3 66-8 do 4 60.00 NW 2i54-6 R'demprn 3 Sav. 3 55-65 do. 60-70 65 96 ss -102 Sar 3 65-73 Treasury 2 92 65 Ij 97 97 li 104 3 -716 -3. -1 do 34 77-So! 00 ii 79-81 Victory 4.. War 3 55-9 do 31 Elec.

3 63-73 do 31 76-9 do 41 74-S Gas 3 90-5 do 31 69-71 100 lM -'It 100 'Jo 100 lis 1003s 96 103 1O0 3JI 87 99 it 95 J. 87 Uia 98 lis 108)1 87 102 3. do 4 69-72 105 871. 1043s I-'4 Ira. 7H-HI do 4 72-7 DOMINIONS AND CORPORATIONS Aus 21 67-71 do 3 55-S do 3 75-7 do 31 6S-9 N.Z.

3 66-8 do 33 62-5 8934 100 Is 89 7, 94 95 98 S.A 31 65-7 B'tn 21 66-71 93l2 91 14 99 7S 981. 99 14 Llv. 31 61-6 t-U(JJi-68-7J Mc 3 5S-63 FOREIGN BONDS Bel. 4 1936 Brazil '89 A do. do.

"27 A do. 993.4 85 50 94 13 80 Gcr Y8. Ass. do Greek 7 Huna'n. 41 Jap.

5 1907 1201a 214 -1 264 -12 2U4 16314 MISCELLANEOUS Aear Cross AmaL Mela! AsDro 70 Glaxo 370 247 l2: IH2 ii2 Hector Wbals. Hooter -41l 09 A.B. Pictures 16(0 149 440 236 Hudson's Bay 1G50 -06 Barroef W6 10 mora ilmp. Chcm. 16101 -112 03 03 Barry Srns1 ijeccnamj Bovril def Brit.

Alum. Br. Am, Tob. 389 610 330 129 580 356 330 249 25IO 200 223 589 200 403 56(3 446 85(6 413 110(0 80(6 391 413 521 "2 Imp. Tobacco -Klecmfln ZJrua Bs.

El. Tr. A. iMattbre Gart. Mi If ord Docks -03 -06 Br.

Ind. Pin. 63V Monsanto -0(3 03 ISriT. MSICD Brit. Oil Cake Brit.

Oxygc 46 6 653 03 I Odeon GEHirv FbHllns -06 10 68 rurneii Pvrene -03 23 03 1 1 03 grit. Xylonite Butllns -03 Rnleiftt) HIda. Cable Wire. 466 16 KanKS Reekltr A CL t-ape as nest. Carreras Cementation Cerebos Chloride Elec 12llj aenweppes 5olers 100 273 670 11 JO 303 594 li -U: 03 06 4I2 Tate Lyle 0(3 06 Turn.

New. Unilever 'Utd filt. Rnt Liaittety tt. -06 rjunlop Rub. Flsons 80712, 13 Ota Molasses 4lb 510 -03 Foresial wnH 354.2 sjanancr 4UJO Britain Cairn Line Clan Line 243 12(0 714 273 1971 343 359 489 Liner Holdings! 406 C66 -03 32(1 0(3 346 23(6 24(9 -03 326 -03 03 "4 R'rdon, Smith Coast Lines Koyal Mail Silver Lino t-ourt Line Cunard StanhODe France Fen'lc, 03 03 Furness.

Wlthv' union s.astie 31 17 12 211 101 Ij 7512 l2 16012 2912 -14 19334 i 140 12 128 -14 98 i-l, 6OI2 -12 Chile 6 1926 China5 1912 do Assented 'ap. 5i 1930 ao. uoxer German Dawes do Assented do. Younn ao Assented Jap. 6 1924 do.

Assented Uruguay 31 OVERSEAS RAILWAYS Antofag Ord. I 12 do. Pref. 58 'I CPR 4 Pret.l 723 San Paulo 311U1 U. Hav.

Conv. 5 1 I do. 5 2nd 1 1 37 I DOLLAR STOCKS Braz. Traction Br. Col.

i'ow. Can. Ccl Can. Pac. ord.

Chrysler Cons. Crown Zcller 15 '2 5U5S V3 58 '2 131 120t2 '4 Ms '2 2 '2 Gen lnl Holdings. Im Nickel Shell Oil Standard Lt.s Steel 181 36I4 1US Ill 20612 13212 35 ij 109 11 2I2 White P. Com. 2 14 T.

4 tj 1113 14 May-June 32 40 3241 32.37 32.48-9 JUiy-AUK 32.26 32.29 32.24 32.36 32.13 32.18 32.15 32.26 Dec-Jan 32.14 32.27 Not quoted. Basis. American middling lSt in. oence Der lb. Settlement prices: Jan.

32.32, March-April 32.34. May- June J2.4U. JUiy-AUR. 32.20. 32.13.

32.14. BUSINESS DONE IN FUTURES tin pence per lb.) Mornimt. 32.36, 32.27. May-June 32.41. 32.39.

32.40. 32.41, 32 40. July-Aug. none. 32.18.

32.17. 32.15. Dec-Jan. none. Afternoon.

32.37. 32.36. 32.37". 32.38'. 32.37.

32.34. 32.33. 32.32. 32.33. 32.32.

32.33. 32.34. 32.35. May-June 32 41. 32.40.

32.41. 32.39. 32.28. 32.37. 32.38.

32.40. July-Aug. 32.29. 32.26. 32.25.

32.24. none, Dec-Jan. none. 'Transactions for minimum contract of 100 bales. OFFICIAL SPOT VALUES (In Dence ncr lh.

AmcrEcan middling -56in. 32,92, strict low middling tin. v. Arnenitinc No. 2 33 OO nom.

Peruvian TatiRtiis soil lJi6in, 39.75. East African No. 2 HI 52 38.00 BSG 36.00 nom. Brazilian Suo Paulo yotKl 32.65. Turkish No.

3 Adana rolJer-irtned unquoted. Syrian N'o. 1 roHcr-Btnnd 33.25. iaw-ainncU 33.25. Mexican FtlrJ li nc 1 34 55.

Indian and Paki.sian. saw-pinned NT Sind choice 33 a5 nom. 4 choice 33.15 nom, roller-KinncJ NT SjihJ trupcrnnc nom, 4 surwrnnc juo nom, Kurnak goodfully xaod 341 Hoodfutly good 43.60. Ashmouni Lilly Kood 40.20 nom Commission's Call Basis The Haw Cotton Commission's call basis MENY was quoted at 31.12d for March and 31.41 a ior iviay. American Markets NEW YORK.

January 1 1. HcdRC-scllmR was the chief factor in the early decline on Hie loiton market to-day. partly against heavy spot sales at ttie primary markets. Liquidation in the near-by position and selling credited to Liverpool interests were additional depressing Influences, together with private rcoom of large otTerinss by California! last week. There was some rallying from the day's low levels in late dealings on tntde buying in the near-by deti.

cries and shurt-cmerinu tn the new-crop positions. The close was steady, 2 to 11 points lower. otlon on the spot in New York was unchanged at 35.u?t; eino tn incw uric.ms was u.so uncnanyed ut J4. Futures lower. in New Orleans closed stead1.

3 lo 10 points NEW YORK FUTURES Premium United Stales mock 3 per cent tprevious day 212 per ccnll chased on United Stales rale of 52.783 in-i bit auu uu mnuuian per cent tprevious day z2 per cent) (based on Canadian rate of S2.693e. per ED- BANKS AND DISCOUNT COMPANIES Alexanders Aus. It N.Z. 'Barclays A C. of India District A Ens.

S. A. Hons. S. Lloyds 1 pd.

Lond. S.A. 610 1 369 1-0(6 556 -OJ6 48(0 403 506 9810 -09 6io 107 -2 '2 69(9 -0(9 534 -lie Martins 2i fp Midland 21 fp Nat Dls. Nat, of India Nat. Pro? Royal of Can.

Royal of Scot Stand of S.A. Union Dls Westm. 1 pd. 10 is -it 10 nM 576 -03 2613 -03 S33 -09 191s 690 -(112 393 -03 589 -06 95(0 -1(3 STORES AND CATERING Aer. Bread Allied Bak'rs.

Barker, John Boots Burton, Mont. Debcnhams 346 340 84f6 323 34U 450 436 42o 6i in 61 1 3 06 -l ij 03 01 3 lm. Tea Lewis's In. Tr. Lyons I Maples Marks Sp.

Savoy How Swan Edsar Utd Utd. Drapery Wallis. Ttu Waring G. Whiles. Tlm'v Woolwortb tuo 549 1100 396 73D 1 fO 03 03 Gamase.

A.W. tjorrlnac. f-r. Gi. Univ.

Si. Karrods Home A Col. Hone Bros. 667 i2' 06 03 -I 14n 576 toii 1 ia DKy U9 -ft6 Hsc. of Fraserl TEXTILES AmaL Cotton Ass.

Weavers 113 3(6 5(3 11(6 299 Holtlen, Isaac 349 380 31712 211 60 noiiins. wm Horrockses Hoyle, Josh. llllnBW'th M. Jute Ind Barber lex. Bleachers Brad.

Dyers Briaht. John -113 -03 22(11)1 18101 14 2 Brit. Celanese Br. Col Dyers' Brit. Enlea 499 3(9 70 489 2B0 16(1 tj 429 256 313 26 1 12 8101 456 Lanes.

Cotton Lansll I Linen Thread! 4J (4 163 566 190 22(6 4(1 12 34(9 9(412 34(3 599 Calico Printers -0(3 Lister etc Co. Morlcy. 1 Nth. Br. Ray.

PaL Bala. coats J. f. 03 Com. E.

Mills Lounaulds Crosses ft H. Ena. Sew. Col. -03 106 Salts (Saltaire) 1 12 Lootal W.

PJdlnB Fine Spinners -03 Lrray's pets. Henry. A. S. 1 '2 Whit.

Mil. 161 12 woolcombers H(b Analo-Ecuad 249 860 Lon 4 Th H. Men. EaBle Royal Dotch Shell 143 236 533. 6 is 346 273 34(3 243 45(6 Brit.

Petroleum 1-16 Attock Brit. Borneo Br. Contr. pr. Burmah Can.

Easle or. Kern Lohitos 5311 12 350 15(412 26 016 13 Trindd. Lease -0J 29 I .,44 JJ 51(1) 17(3 10 1 12 I rin. I'd. uv, Ultramar Utd.

British wakeOcId -03 -09 RUBBER AND TEA Allied Sumat. AnRlo-lndoa Colon Tea! Emo of India Ac L. Bub. 63 Jorchaw Teal 380 243 17e 21 (9 336 473 5(1 la! Kuala Lumpur Malacca Ncdtem Stnaln Tea 23 06 540 263 231 U. Sua ElctonR RAND MINES AND FINANCE INSURANCE More light on.

the home market boom is thrown by the first official estimates of consumer expenditure in the third quarter of last year. These figures, published in the latest Digest of Statistics," are all the more important as they cover the first three months of the expansion in hire-purchase business. According to the Central Statistical Office, personal expenditure in the third quarter amounted to 2.976 millions, compared with 2,858 millions in the second quarter and 2,632 millions in the first. Since consumer spending is seasonal the safest comparison is with the same quarter of the previous year. On this basis it is clear that the amount of money spent in the shops and on entertainment and services rose steadily in the first nine months of last year.

In the first quarter the public spent 2.9 per cent more than in the same months of 1953. By the second quarter ture was running 3.9 per cent above the 1953 level and, according to the latest estimates, was 5.3 per cent above that level in the third quarter. Even so the expansion between the second and third quarters in 1954 was only slightly higher than it was in 1953. This may suggest that the expansion in hire-purchase business since restrictions were removed in July hap not been so great as has been generally assumed, particularly as the official estimates include, as far as they can, the total value of goods bought on hire-purchase and not the first deposit. In fact expenditure on household goods (the sector containing the highest proportion of hire-purchase business), which was running about 4 per cent above the 1953 level in the second quarter, is estimated to have been nearly 13 per cent higher in the third.

Again, while' the rise in spending on household goods between the second and third quarters of 1953 amounted to 2 per cent, that between the same quarters of 1954 is estimated at 10 per cent. Here, at least, is evidence of the boom in instalment credit business. The fact that this expansion in hire-purchase has not pushed up total consumer expenditure unduly is important. For one thing, of course, credit sales still form only a small proportion of total spending in this country in spite of the recent flurry in the trade. For another, many people may have simply bought goods on hire-purchase which they would have bought for cash anyway.

Finally, better credit facilities in certain trades (such as household goods) may have led to less spending elsewhere, though the fears of the clothing trade are hardly confirmed by the official estimates. If these estimates can be relied upon (and figures of the country's total hire- COMPANY MOTOR RIGHTS ISSUE RESULT. As expected the rights offer to ordinary shareholders of the Brtish Motor Corporation has- been an outstanding success. Shareholders, who were offered 10.291.623 ordinary 5s shares at 8s a share, have taken up 10.010,076, or 97J per cent, by way of rights. Applications for 16,178,894 shares were received for the 281,547 excess shares.

Allotments for excess shares will be made by ballot and each successful application will receive 100 shares unless the application was for a lesser number, in which case a reduced number of shares will be allotted. Lobitos Oilfields. With their announcement of an interim dividend of 6 per cent on the capital increased by a one-for-two scrip issue, against 7 per cent on the smaller capital, the directors state that profit before tax for 1954 is likely to be about 1.300.000. compared with 1.071,187 for the previous year. Stockholders are advised that the Peruvian subsidiary made a loss of about 150,000 on sales of refined products in Peru during the twelve months to September 30, 1954.

With effect, however, from September 23, li54, the Peruvian Government authorised increases in the domestic sales prices refined products. It is not yet possible to ascertain exactly the effect of the price alterations, but it is anticipated that they should enable domestic sales of refined products to be made at a profit during the present financial year. London and Overseas Freighters. ODerating surplus for the three months to December 31, 1954, amounted to approximately 380.000. making a total for the nine months to date of approximately 1.080,000.

compared with 875,000 for the corresponding period in 1953 and 1.396,449 for the year ended March 31. 1954. The companys fleet remained unchanged during the three months under review, but the London Integrity was launched at the end of October and is exDected to begin trading early in Aoril. Monotype CorporationMuch improved results and a larger dividend are announced. A final dividend of 7 per cent makes 9 per cent an effective increase of 3 per cent allowing for the 50 per cent scrip issue in September.

Group trading profit increased from 290.778 to 519,157 and after providing tax of Prcv. Cloo. HiBh. Low. Close.

March 34.5(,-8 Sh J4.5M May 34.KG.lj 34.S0 34. W) July 35.05 35.05 34.9R 35.08 October 34 92 34.99 34.85 35.113 December 34 34.S7 t35.6 Nfarch 35.tO 35.15 35.02 "35.19 May 35. 28 Nominal, Bid. reports of three sections of the Man chester Chamber of Commerce which were adopted yesterday. The volume of metals and engineering products llkgrassrsgj? CScSSEE Tel.

London Citv 5050 purchase trading are particularly sketchy), the first three months of credit freedom can hardly be said to have stimulated the public's spending excessively. DEARER COPPER Copper has become nearly 10 a ton dearer in the past week last night immediate supplies cost 301 5s a ton, compared with 291 at the end of last month. This is partly due to fears that the strike in Northern Rhodesia may continue for some time, and that it may cause a shortage of immediate supplies even if it ends soon. Supplies from Chile are also tight, partly because of the dock strike there. With consumption all over the world at a high level, there seems little doubt that copper supplies will remain scarce.

There are other reasons for the recent rise in the copper price. Dealings for the new contract for cash copper started last week, and this is said to have accentuated the shortage, as copper is now only saleable if it comes from an official warehouse. This has reduced the supply of raw material on which the market operates, although there is little doubt that copper would have been extremely tight in any case. The fluctuations in the price have made some consumers restive, and some arrangement for stabilising the price has been suggested by the British Non-ferrous Metals Association. Talks are going on between leading producers and consumers, though so far there is little sign that anything concrete has been decided.

Later on this year the long-term arrangements for selling copper to leading private customers in this country will come ud for review and some hope that more supplies will then pass through the London Metal Exchange. It is believed that with a bigger turnover the London copper market might become more stable. MORE BANK RESULTS Last year the profits of the Westminster Bank rose by just over 10 per cent, which is roughly in line with the expansion shown by its competitors. Profits increased from 1,474,736 to 1,623,197 and the cost of dividends from 854,658 to 932,439. As promised when the capital was altered in July the final dividend on the shares is 8 per cent, making 18 per cent.

The Hong Kong and Shanghai Banking Corporation also announces its results this morning. Shareholders are to receive 3 a share, making 5 a share free of Hongkong tax, as for 1953. The corporation reports profits, after tax, of Hongkong dollars 19,290.451 against Hongkong dollars 17.294.235 and proposes to make a one-for-four scrip bonus. In spite of this the shares fell 2 to 106 10s. AFFAIRS 217.000 (95,306) the net profit works out at 154,666.

compared with 58,638. Patons and Baldwins. These manufacturers of knitting wools and hosiery yarns are paying an interim dividend of 2J per cent on the capital as doubled by a scrip issue, lor iysd-4 on interim of 5 per cent was followed by a final of 15 per cent, making 20 per cent on the former capital. Royal Bank of Scotland. Net profit for the period from October 10.

1953, to December, 1954. after deduction of contributions to staff and widows' fund, amounted to 733,735 (equivalent to 600.329 on an annual basis). This compares with 531,256 for the year to October. 1953. An interim of 9 per cent was followed by a 40 per cent scrip bonus and a second interim of 7i per cent, and the directors now recommend a final dividend of 3J per cent.

The bank paid a total dividend of 18 per cent on the former capital tor 1952-3. Dividends absorb 562.168 (equivalent to 458,150 for twelve months), against 420.750 for the previous year. Vulcan Foundry. The directors of the Vulcan Foundry and of its subsidiary, Robert Stephenson and Hawthorns, announce that they are in negotiation with the English Electric Company for the acquisition by the latter company of all the ordinary stock of the Vulcan Foundry and that part of the ordinary stock of the subsidiary held by the public. Pending the receipt of a further communication or an announcement from the directors, ordinary stock holders of the Vulcan Foundry and members of the public holding ordinary stock of Robert Stephenson and Hawthorns are advised not to part with their holdings.

African Mercantile. Int. div. 5 (same). British TabuUritiB Machine.

Net profit, after tax. 20O.7l (1K1.083. Tax. 390.403 (3J9 87 i. Final dlv.

6 p.c. maklna 9 p.c. (8 p.c.). utirmii Corporation U951). Djv.

It p.c.. free ot Burma lax. Cannock Associated Collieries. Eighth liquidation distribution ot 20 share. Hscttbrldgi Cnblo Holdings.

Int. dir. 7i p.c, (same). Improved Industrial Dwelllnos. Int.

div. 3A o.c. 2 p.c.). Board hopes (o recommend float at same rate. K.

Jones. Profit. 101.668 (93.185). before lax of 66.031 (70.284). Div.

71 o.c. and bonus 2 p.c. making lO p.c- same). Directors arc considering active employment of liquid resources. Proposal under discussion depends on factors outside board's control including" building on sites of two properties destroyed during the war.

Kaduna Prospectors. lnl. dlv. 81 p.c. (same).

Kxrtuna Syndicate. Int. div. 25 p.c. (161 c).

Milton Antiseptic. Net profit, after tax. 36.200 Continued In next column YORK S883.150, 385,651, 83.600. 169,413, 4,511. 41,048, 830.056.

17,097. 16.328. 14,593 7,227 .007.49 ,522.72 .091.08 ,998,71 .700.00 ,465.89 ,311.02 ,825.66 ,171.66 ,093.23 .087.01 $3,052,678,274.47 $189,213,757.44 23.173.063.97 2.015,600.00 15,348,211.02 19.795,965.56 1.271,865.43 2,801.859.811.05 Af. 41 Europr 650 Middle Wils. 20(3 -IHl AnBlo-Amer.

8 116 Rand Leases 113 -03 Blyvoortm'z 313 03 Rand Mines 72(b CenL Mining 419 Rand Selection 45(11 Cons. Goldrds 586 RandXonlein 666 -03 Cons M. Reef 200 S. A. Lands 21101 Crown Mines 45712 Sprinas 3(1 12 Dasstafont.

V. 3 '32 -'j2 Slllfonleln U. 273 -I 12 Durban Deep 313 Sub Niael 3S19 -J712 East Gcduld 279 -06 Union Corp. 32(9 -06 East Rand P. 4S0 -17 12 Vcnlerspost 12412-03 Gen.

Explorn. 181 la -n3 Vonelstrb't U. 349 -03 Gen. Mining 1026 -13 w. Drle U.

57. Grootslei 19(9 -0(3 W. R. Cons N. 4819 -712 J'burB In 449 -06 Wrrwai'd 420 Lulpaarda VII 22)0 W.

Reds U. 463 -(712 Q.F.S. MINES F.S. Consnls.l 15101 1 12 Pres. Sievn 493 -03 F.S.Gclduld 116(3 -7l2 St Helena 293 -03 Harmony U.

376 -fl6 Virginia U. 170 -Uj Mcrriesprult 12(712 -42 Welknm U. 293 O.F.S.l.T. ..766 -09 W. Holdinas TJ 5 ijs Pres.

Brand I 706 Alliance (New) 896 Northern 3234 1, Corn. 8510 03 Pearl 23 Eaele Star ..1276 Phoenix 1 pd. 23 12 Employers' L. 117(6 Prudential A. 4514 it Guardian 9 11 Roval 16 13m Lon.

4 Lanes. 9I Royal Ex. 8 -His N. B. Mer 147.

BREWERIES Bass 13j(u i nd. Coope 8712 li3 BcnsWn 56(6 Masscy's Burn, 89 Brown. Matth "133 Meux 460 0(6 Charrinston 420 06 Mitchell 666 0(3 Courage 666 Walker Cain 376 Distillers 2M Whirbread 926 Culnricsi 44fi Wilson W. 2JJ3 -03 BUILDING, CEMENT. Oc.

A P. Cement 1026 London Brick 68(9 -03 Bcmer. Lewis 1 24 ij 11 1- Ptnchtn. John 42(9 06 aril. Plasi I).

22(6 RusoyP Cera. 303 -09 Brit. P. Cem. 96(3 13 Tunnel 30O -0(3 Crlltall 133 iVall Paper df.

77(9 0(6 Eastwood 759 09 ELECTRICAL AND RADIO Ass. Elect. 670 03 Decca 679 03 B.l.C.C 497 '1 til '2 E. Mus. 1.

266 (4 12 Broad 46IO English Elect. 5610 013 Brush 80 Gen. Elect. 599 -03 Cole. E.

K. 2113 Henley's Tel. 180 -0(3 Cosjor 110 Johnson 4 P. 45(9 0(3 Crab-tree 306 -03 Rcyrolle 95(6 0(6 Crompton Pk. 17(0 1 Siemens 45(6 03 STEEL AND ENGINEERING Allied Iron 54(6 Metal Hox 87(3 Ass.

Brit. Ens 73 Necpsend 31(9 03 Bab WI1. 730 -03 Pease Part. 12(0 Beyer Peacock 48(0 0(6 Plait Bros 40(7 "2 B.S.A 406 Powell Duff 380 -03 Brown (John) 31(9 -03 Oualcast 213 -03 Cammed Latrd 10IOi Radiation 476 06' Corv. Wm 553 Renold Chain 406 Craven 153 Rustnn H.

570 -03 Davy United 393 Sheephrldge 139 -d2 Doxlord 499 Slaycley 643 -09 Guest Keen 713 -10 Stew. A Lid. 450 -06 Harlnnd W. 216 1 Ij Swan Hlinler. 376 0(9 Head Wriaht'n 69(6 Tube 833 0(3 Herbert.

A. 6O0 United steel 294 ij -06 Lanes Sice 25 (4 la Vlcksrs 399 Lister. A. 31(3 Vulcan Fotln. 366 -fOS Mather St 533 09 Ward.

W. 670 -06 MOTORS AND AIRCRAFT A. C. Vehicle 750 Hawktr SllW. 520 -23 Btackhum 213 Henlys 240 4I2 Bristol Aero 19(7 s3 Lcylartd Mm.

1036 IO Br. Motor Cp. 12214-034 Lucas, 5. 446 -0(3 Car Marl 216 Pressed Steel 25(6 De Havllland 240 Rolls-Royce 79(0 -06 Dennis Bros. 27(6 Hootes 86 06 Dowty Group 336 13 Rover 190 1I2 Falrey 420 06 Sinner 37I2-II2 Ford 810 09 Standard Mir.

7 101 Guy Motors 21 ij Triplex Glass 364 13 Handlcv Paae 150 -03 NEWSPAPERS AND PAPER Amal Press 424i2 4ia Dickinson. J. 760 10 Ass. News df. 176 -0(3 Kcmsley 32(3 Bowaier 79(9 03 Odhami Press 346 gly Man Tr.

3S9 -0(6 Portals 13(9 Dally Mirror 230 03 Smith. W. H. 610 Dc La Rue 22(0 -03 WiRBins Toe. 57(3 -013 products sutfered severe declines.

Even more ominous is the report's statement about capital goods that in many instances there is up to 40 per cent difference between the Continental and the Britisii price level, even when the British firm has cut its profits to a minimum." The section finds this difficult to explain, except by the suspicion that in such instances high home prices are being used to offer what would otherwise be uneconomic price levels in the export market." The report of the garment manufacturers' section refers to imports of Japanese clothing. Though the amounts are small, the uneconomically low prices could upset the whole price range in certain sections of the industry, the report claims, pointing out that the average current earnings of a Japanese clothing operative are only lljd per hour. The f.o.b. export price for knitted cotton underwear, for example, might be as low as Is 4d, the report concludes, with which a country with a high standard of living cannot compete. RISE IN BLEACHING CHARGES We are informed that the statement in Trade Notes yesterday that in November.

1951. bleaching charges were increased by Ti per cent was incorrect. What happened then wns that the surcharge was increased from 7 per cent to 121 per cent an increase of less than 5 aer cent. We regret the error. SPINNERS' OUTPUT The total output of single yarn in the spinning section of the cotton industry in the week ended December 25, according to the Cotton Board's latest return, was 17.96 million pounds, against 20 4 million nounds in the previous week, and aeainst 15.42 million pounds in the corresponding -22 II 18 2 19 23 30 6 13 20 27 it II 18 li Sep.

Oct. Movl Dec week 1953. when Christmas Day was a Friday. The course of output is illustrated in the accompanying chart. There were 101,590 operatives at work during the week, against 104,720 in the previous week, out ot a total of 113.290 on employers' books.

Wastage of full-time workers during the week exceeded recruitment by 323. and there was also a loss 30 Lfgsy brigades. Marks of this kind were affixed by the various insurance offices to identify insured premises or their contents. DO YOU KNOW that with the Bo vis System of Fee Contract: The building project starts' earlier and finishes earlier. 2.

You maintain budgetary control of the building operation. 3. Quality of workmanship is ensured. Further details from: bovis 1 stanhope bate, LE IE IE IE IE IE L3 IE IE IE IE IE IE IE IE IE IE IE IE IE IE IE IE IE IE IE IE IE IE these surfaces intensify noise by reflection. By way of example, the normal painted plaster wall to be found in many offices absorbs only 24 of the sound impinging on it.

Compare this with a modern acoustic tile which has an infinitely higher sound absorption. Newalls (Reg'd Brand') Pax-tile is such a product and has a 75 sound absorption and combines an extremely pleasing appearance with the added virtue of being incombustible and vermi lso affords effective heat insulation. Our skill and experience and our well equipped Sound Laboratory are entirely at your service to investigate any noise or acoustic problem on which you may need help. We invite correspondence on 'this subject and will be pleased to submit suggestions, designs and estimates based on a careful appraisal of your particular problem. IE Million lbs.1' i I i i i i I I 'ill 22 2 20 tf-- rv is 16 1 I Total Production I of Single Yarns 12 I 1 10 llGBIl I I I I I I I I WEST AFRICAN MINES Amal.

Bankctl 264 Kwahu 1 5(1 12 Ariston 74i2 -Il2 Taq. Aboss. 3H2 -n2 Ashanti '24(412-03 WestSel. Tr. I 11 1 Iz'- 1 '1 RHODESIAN MINES nancrort 363 4-06 Rh'tJ Sel Tr.

306 Charicred. ..1123 03 Rftoltaris 32 '2 N'clinnEa 11 lm Unan Anlelon. 24412 1 fO 933 10 Selection Truii 726 09 R. Broken Hill 127 TIN MINES Br. Tin.

Inv. 200 1 -2 1'ahunR Cons. 120 HonEkona 89 03 Siam T. Svn. 6r3 London Tin 73 S.

Kinta IK0 Malaya Tin 29t9 Tronoh 266 OTHER MINES AnRlo-Am. In. 93a -i3 Mining Cp. C. 1313 Broken Hill S.

550 06 Mysore 54: C. M. 419 Sew Br. Hill 409 06 Champ. Reel 44ii Rio Titito 43 -U De Been def.

1281 :2 -13 Son Francisco 239 SJ9 Frcsnlllo 400 Tanganyika 1363 Lake Gcome BC) Zambesi a 4S3 -09 Messina 1213 7'i Ex dividend Ex bonus Ex rights. Ex coupon Fx all 5 Ex drawings A gap in your knowledge? DO YOO KNOW what this is? It is a Fire Mark a relic of the days when fire insurance offices maintained their own fire for building at speed i BOVIS. Egyptian Market ALEXANDRIA, January II. The cotton market was active to-doy with cuslamcd demand far fully sood Karnal: and moderate demand for Gijt 30 and Ashmouni. Prices were firm with Karnak and Giza 30 premiums hardeninti locally and up-country.

Sales by the Cotton Commission on January 6. 7. and 8 totalled 10.5511 bales, including 10.300 bales for export, of which 4.560 bales were Karnak and 4.700 bales Giza 30. Indian Market BOMBAY. January 11.

The market was depressed early on lower up-country advices but later prices advanced briskly on buvmu by prominent pot houtcs. and bull support influenced by an improved demnnd for piece floods. The close steady, with the February contract at Rs. 614 per kandy of 784tb. Rs.

610 on MondayJ and Maj ai Ks. 6044 tRs. 603). MANCHESTER TRADE Tuesday, January 11. The market has been well-attended to-day and the weather has been by no means the only subject of conversation between members.

Conditions have not been very favourable for trade in yarn and cloth. The renewed weakness in cotton prices has caused some' surprise and has tended to increase customers' reluctance to commit themselves. There has been nevertheless a large amount of inquiry and offers, though many of them have apparently discounted a further decline in the raw material, have been more numerous in several quarters. Reports of business done have varied widely. Some salesmen have booked no orders or none which they considered worth mentioning, and few have indicated any satisfaction with the day's results.

There appears to have been, however, a considerable number of small orders, with continued support from some of the outside" industries which use cloth for one purpose or another. Export trade has been no better, with little effective demand from sources outside the Dominions and the Continent, but the home trade's interest in cloths for clothing and domestic purposes has probably been as encouraging as could be expected at this stage of the year. In yams, hosiery, sewing thread, and other special Qualities have remained slow. The Raw Cotton Commission's call basis MENY was at 31.12d for March. WALL STREET HEAVY New York, January 11.

After an initial extension of the recovery to-day, profit-taking and other selling flowed into the stock market. Some of the selling was attributed to fears that the rapidity of the recovery might lead to a further increase in the statutory margin requirements. An upward movement finally began, but the market closed heavy, with many losses ranging up to SI. Sales totalled 3.680.000 The number of Issues traded was 1.Z73. of whlcn 494 rose.

562 fell, and 217 were unchanged. The Dow Jones aeraRC5 were: For 20 representative railiray issues. 144.98 (against 14S.23 leslcrdajl: for 30 industrials. 400.25 C4O0.89); for 15 utilities. 62.57 162.381.

EXCHANGE RATES. To-day. Prev. da London Cables 2.78SS 2.78 It 2.785s 2.78 Montreal on London 2.69 2.G9I. 2.693ie 2 695ifi N.

York on Montreal 1.03 t2 1.03"6 1.03 is J2 1731 The Pound in New Ifork. The rate quoted to-day for transferable sterling was S2.72-S2.721 S2.715-S2.721, yesterday). METAL MARKETS Copper Prices Ease LEA barelv Ttadv Inn finifn.fi aw iP. April jCloaflS-ElO Sales Jan SS10-85n5 (S5-Ji55. AdHI 8.1 J1 IS-ifUS (83 (.

MM. S.llrc 1 K-t tnr TIN eteJdy Spot -6h2-6S210 (6R1-631 H0i, three iv wojj iv-t(w, ouira 03 ions a for cafth COPPER easy. Spot 3O0-3O2lO (306-308, three ii 4--oji iu-to-j. iicb yju ions 100 tor cash. NF.W VOBK 11 COPPER.

Electrolytic, tool, f.o.b., 33.0ilc.-3J.O()c. nom. TIN. Grade A Straits spot (open market price) 86.00c. nam.

(unchanged), LEAD. Spot. 15.00c. (unchanged): spot. East St Louis.

IJ. KOc. (unchanged). ZINC Spot. East St Louis, ll.Sflc.

(unchanged. BANKRUPTCY ACT NOTICES RECEIVING ORDER. Frederick Idwuld. 46 Appleby Lodite. Manchester 14.

clerk. ADJUDICATIONS. Harris. Gerald, 394 Great Clowes Street. Salford.

formerly carrying an business as a fancy goods retail shopkeecper at 43 Victoria Road, New Brighton, but now employed as a progress clerk. Cowpe. Ernest, 10 Oalc Street. Burnley, production chaser and lately carrying on business at 10. Ha rgr caves Street Burnley, as estate agent, voluer.

end auctioneer, and lately rcsidiriB at Brook House. Whinns Lane. Simonstone. at 12 Burnley Road. Padibftm.

and at 361 Padlbam Road Burnley. Her reran. Michael carry! na on business at 28 Swlnton Grove. Chorltan-on-Mcdlock. Manchester, builder and property repairer, Webster.

Res In aid Woodwel Cottage. Silverdole. iotner. and Shaw. Ernest Edward.

10 The Meadows. Venland Redmayne, mason, and lately carrying on business under the style or name of Webster and Shaw at Venland Redmayne as builders and contractors. Sutton. Peter, rcsidinu at 259 P-adfjate Lane. Padua te.

Warrinjiion. greengrocer's assistant, and lately carrying on business there as a grceriKrocer, described i the Receiving Order as oE 259 Padgate Lane. Warrington, greengrocer. Shaw. Joseph Edgar, commonly known as Eddie Shaw.

32 South Brooklands. and of the Locarno Ball-room. Sale, and formerly of the Locarno BaLroom. West Derby Raid, Liverpool, band leader. DllElEIEIiEIEIlElSEIEilIElEIElElEIElElElElililSI lol MANUFACTURERS TRUST COMPANY NEW 110 in the Boiler Shop TN MATTERS OF sound measurement the word 'phon will crop -B- up very often, because this is the unit of measurement which acoustic engineers use to assess the loudness of sounds.

STATEMENT OF CONDITION, DECEMBER 31, 1954. COMPANY AFFAIRS (continued) (22.967). Div. 20 p.c. (171 P.c).

Application made for permission to issue one-for-one scrip bonus, Negrttd -nd Zamhra. Profit 265,824 252.785) before la of 138.985 (144. 135). Final dlv 10 p.c. milking 13 c.

on doubled cap. (22J p.c. on smaller Thomas RalciirTe and Co. Net profit, after tax 14 617 (32.010). Div.

15 p.c. (30 p.c.). Prolit margins, it Is. stated, have been reduced as results of two consecutive mild winters and abnormal weather during 1954 has adversely- affected cloth trade. H.

Samuel, Hopes of satisfactory year's trading have been realised but chairman states that as financial year docs not end until January 31 it is not possible accurately to gauge carninas. Int. div however, is increased from 5 p.c. to 61 p.c. Small Dud Paikes.

Application to be made for per- mivifon to capitalise 250.000 of reserves in one-for-one scrip issue. New Shares will carry no voting rightl Existing stock units to be redesignated A ord. and new units will be ord. South African Distilleries and Wlnei. Int.

div. 4 p.c; on capital increased by ihxee-for-iwo scrip issue (10 c. on smaller capital). Talplna Rohher Profit 17.268 (20 1501 before tax of 11 311 (10.0(13). Div.

p.c. 2i p.c. Victoria Spinning. TradJnR prolit 35.037 (41.016). Taxation 15.125 (20.3501.

Net profit 15.773 (16.680). To deferred repairs nothing: (3.0tK). general reserve 10.000 (20.000). Final div. 10 p.c.

tax free, making 1 SI p.c. (I6J p.c). Forward 53.512 (52.694). NEW ISSUES Hope and Anchor Breweries. Underwriting has been completed for the issue of 269.000 ordinary 1 shares at 40s a share.

Ordinary shareholders are to be offered one new share for every share held. Pye. Applications for excess shares in respect of the recent issue of 456.917 A deferred ordinary" were greatly in excess of the shares available. Allotment has been decided by ballot. Spurting Motor Bodies.

It is proposed to issue 250.000 ordinary 4s shares at 9s a share and 100,000 6i per cent 1 second cumulative preference shares at 20s 6d a share. The new ordinary shares will be offered to ordinary holders in the proportion of one for five, and the new preference shares to all. shareholders. Application has been made for Treasury consent. The new ordinary shares will rank for the final dividend for 1954-5.

which the directors anticipate will be npt less than 15 per cent. Proceeds of the issues will be used for the purchase of land and the erection and equipment of modern service and repair stations and showrooms. It is also intended to build and equip new workships at the company's premises at Hendon. Campenlown Trust. Proposed to Increase authorised cap.

to 1,200.000 and lo offer 100.000 ord. 1 shares to ord. stockholders at par in proportion of five for 27. C.I.C. consent received.

BUSINESS NEWS IN BRIEF Mr Alan Pidgeon, general sales manager of Combined English Mills CSpinners) has been appointed a director of the company. Mr L. K. Sweet, London underwriter of Phoeriix Assurance, was yesterday reelected chairman of the Institute of London Underwriters. Mr G.

W. Hogsflesh, underwriter of Commercial Union Assurance, was elected deputy-chairman. RUBBER MARKETS LONUON. Following the Ddvnnce at Slnsapore. prices were a hitic himicr at the opening, ana alihoiigli mornlnj trade was rather slow the undertone remained very steady wiib sellers reserved Trade orders In the and be tcr New York advices caused furUier hardtnloB of values and the close was firm.

No. 1 R.s.s. soot 28i paid. Settlement House: Feb? 2Bi-J. wifti 281 paid: Mar.

28M. with 27-1 paid: Aprll-June 2S-1 with 271-2B paid: July-Sept. 271-i. with Oct. -Dec.

261-i. F.o.b. Far Eastern porn: Jan 274 Feb. 27. C.i.f.

basis ports: Jan. 28-i. Feb 28-1 Mar 27J-28. tiodown fStrafts ccntsl: Jan. 951 estate' crepe' c.j.f..

thick unuuoted. thin 29i-id. Feb 291-291. SINGAPORE. January Ilj Mark quiet No 1 R.S.S.

Jan. and Feb. loose, spot. 051.951 NEW YORK. January 11, Rubber futures closed firm, 100 to 70 points hisher.

Mar. 32.70e. 11. 3I 86). May S2.30 (31.30-31.45).

Sates 133 lota. THE MONEY MARKET Surplus Funds Absorbed The supply of credit exceeded the demand in Lombard Street yesterday. Loans from the outside institutions cheapened to 1 per cent and the authorities absorbed surplus funds. A good business was effected in March and April bills at 1 per cent. The price of gold was reduced by to 251s 5d per fine ounce.

Silver; remained at 74id for spot and 74d for forward. FOREIGN EXCHANGES Most Continental Currencies Cheaper The pound recovered yesterday in terms of Continental currencies. The French franc was a trifle dearer, but the Swedish krona, the Dutch guilder, and the Belgian and Swiss francs all moved in favour of London. Sterling was steady against the United States dollar, but the Canadian currency closed 5-16 cent dearer at 2.69 1-16. Rates were as follows Bank of England Limits.

ClosinB Market Rates. 2.78 2.78 11,6 2.78 332 2.695i6-2.69'lt 10.57 1 39.37 "2 .139.40 19.37's-l9.373s ll.74U-Il.743j 79.90-80.O0 20.01 97fiJ4-977 14.50 12.241. 12 Montr' Ams'd'm Chaaen. 2.69-2.69 Ir i I0.5SJ.-10.58V 139.45- I 139.47 Ij 19.37-19.37 ij I1.74Sj-lI,74Ta 79.on.fio. no 19.191i-19.48l2 11.6716-11.84 Un 70.90-81.10 19.85-20.1S 872.65-987.33 14.373,-14.59 3.

I2.153irt-2.33qffl St'kh'lm. 20.01 90'-7fj7j 1 4.5 I 3-1 4.5 1 7.1 12-12. 24 FORWARD RATES (one month) New York oar to 0.2c. discount. Montreal 'lee.

to 3ftC. discount. Amsterdam Jic, lo ic. premium. Brussels tji franc premium to par.

Pans 2 to 2ij francs discount. Stockholm 12 to 3. ore discount. Zurich 3. to '2C.

premium. COCOA MARKETS LONDON. Market quietly steady. Closing prices: with 3776-37616 paid; March 376(0-VI 3776-376(0 Paid: May 376(0-3766. with 3776-3760 paid; July 375(6-376(0.

with 3760-3766 paid. Sept 3750-375(6. with 3760-375(6 paid: Dec. wl 36416 Jan- 357(6-358(6: March 352(6-3560. Basis good fermented AccraLaaos.

per cwt. Sales 111 lots (ot 5 tons each). The shipment market closed steady, with Rood fermented Gold Coast Jan -March and 375(0 per 50 kilos, c.i.f. North Continental ports NEW YORK. January 11.

Spot. BaMa. 46.50: spot Accra. 48.75. Closing options: Mar.

45.25-45.20. May 45.00. July 44.59. Sept. 44.34.

Dec. 42.65. Sales 177 lots. IRON AND STEEL MANCHESTER. Lancashire engineering foundries are mostly fully employed and this is reflected in ibe call for pig iron.

A fairly good demand from the I lulu castings and jobbing foundries for No. 3 Iran Is also reported, with Derbyshire quoted for delivery In the Lancashire zone at 1583 per toru West Coast hematite is in steady request and is quoted at 195 per ton lor delivery the Manchester area and 1966 in the Bolton area. Finished iron materials are bcitiK taken up In reasonably stood quantities, A brisk demand for virtually all descriptions of finished and semi-fl ntehed steel is reported hy trio tmlls. wltti plates and structural steels particularly active. MIDDLESBROUGH.

Sreel makers and rerollers have carried forward from last year a considerable volume of uncompleted order ond they are only able to accept new business subject to extended delivery dates As the year advances a further substantial expansion of both pin iron and steel InftotA promised, but to meet immediate needs many cons timers are now seeking supplies from abroad. Activity fn the foundry indc Is much improved and specifications for pEg iron are not easily met. The scarcity of hematite is attributed to its extended use In emrineenniz founrtrfe as etiHcttMit rnr ij-n, on medium phosphorous irons but there has also been a trad phospnorous Iron fw the light castings RESOURCES Cash and Due from Banks "U.S. Government Securities U.S. Government Insured F.H.A.

Mortgages state, Municipal and Public Securities Stock of "Federal Reserve Hank Other Securities Loans. Bills Purchased and Bankers Acceptances Mortgages Banking Houses Customers' Liability for Acceptances Accrued Interest and Other Resources El ol El Lol Lnl El El Oil El El lnl El El El El El El El El El El Ei EI EI El El Let's iook at a few examples of noises expressed in terms of phons. A pneumatic tool nearby would have a phon value of about 105, whilst a quiet street gives only 45; in an express train the reading would be about 80, compared with 20 for a rustle of leaves. In a boiler-making shop, the high rating of 1 10 makes the noise almost unbearable. The human ear compares noises on a logarithmic scale so that a noise of 70 phons sounds 50 below one of 80 phons.

Those examples are perhaps sufficient to show the extent to which noise is with us most of the time. But sound, like heat, must be kept in its place, and much can be done in factories and offices to ensure that.exces-sive and unwarranted noise is reduced to a reasonable leveL The best way to do this is by sound absorbing treatment of the walls and ceilings because' NEWALLS INSULATION CO. A member of the TURNER Offices end Depots at LONDON, GLASGOW, TWE, BIRMINGHAM, BELFAST, BRISTOL LIABILITIES Capital (2.519,500 shares S20. par) $50,390,000.00 Surplus 100,000.000.00 Undivided Profits 38,823.757.44 Reserves for Taxes. Unearned Discount, Interest, Dividend Payable January 15, 1955 Outstanding Acceptances Liability as Endorser on Acceptances and Foreign Bills Other Liabilities Deposits $3,052,678,274.47 United Stales Government and Other Securities carried at $127,486,098.60 are pledged to secure public funds and trust deposits and for other purposes as required or permitted by law.

President: HORACE C. FLAN1GAN Principal Office: 55 BROAD STREET. NEW YORK More than 100 BANKING OFFICES IN GREATER NEW YORK Member Federal Reserve System Member New York Clearing House Association Member Federal Deposit Insurance Corporation European Representative Office: 1 CORNHILL, LONDON, E.C.3. Far Eastern Representative Office 326 DAI-ICHI BUILDING, YURAKUCHO, CHIYODA-KU, TOKYO Incorporated tuith Limited Liability in XJ.S.A. LTD Washington Co.

Durham NEW ALL ORGANISATION MANCHESTER, NEWCASTLE UPON CARDIFF. AGENTS S. VENDORS IN MOST MARKETS ABROAD. El EI.