The Guardian from London, Greater London, England • 8

8 THE MANCHESTER GUARDIAN WEDNESDAY JANUARY 26 1955 LONDON STOCK EXCHANGE Huge Turnover in Colvilles fe DISTRICT ffM ill nRfllLIEY ROBERT RILEY SPRING WORKS. ROCHDALE.Tel. ROCHDALE 22J7(S Llnti, -mLOSPRIHG- ROCHDALE Finance and Business Trade Notes Tel. London City 5050 RAW COTTON TRADE Liverpool Market Tuesday, January 25. Advertised inquiries for actual cotton were much less numerous than yesterday, although many brokers are interested in American types.

To-day's demand covered medium Qualities of Texas for shipment, Brazillian Sao Paulo and Argentine on the spot and forward, and good-stapled Syrian on the soot and afloat. The General turnover was small, and covered only small lots of United States, East African, Syrian, Mexican, and Pakistan on the spot, and bmall quantities of Russian both on the SDot and for shiDment. The official spot values were raised bv 5 points for United States and Mexican. With little in overnight advices from overseas markets to stimulate fresh interest, futures opened quiet, 2 points to 1 point lower. Business was dull.

Prices later recovered slightly with trade fixations, but the small improvement was not LANCASHIRE AND PAKISTAN COPPER PRICE DISPUTE Producers Support London Market The outstanding feature of business yesterday was the start of dealings in Colvilles, the Scottish steel manufacturers. More than a million shares are estimated to have changed hands. A good many other industrial issues were marked down on the latest developments in the Far East, but the gilt-edged section was steadier because the United States Treasury bill rate has fallen. Electrical equipment shares and locomotive shares were again higher on the railway plan. Bargains marked totalled 16,765, against 17.227 on Monday and 14,271 a week ago.

Tlie main feature of the gilt-edged section was the recovery in prices of undated stocks War Loan 3i per cent went up and so did 3b per cent Conversion Stock. Long-dated stocks were slightly lower, while medium-dated issues were little changed. Further falls took place in foreign bonds Hungarian loans fell i. because the country is reverting to an industrialisation policy. Dollar shares were lower in line with Wall Street, and BRITISH FUNDS He.

bank and insurance shares were again lower. Apart from the active dealings in Colvilles, industrial shares were generally dull. This was partly because so much attention was concentrated on the Colvilles dealings, and partly because of fears of trouble in the Far East. Miscellaneous issues were nearly all lower, and motor shares were dull, though J. Lucas and Leylands were higher- Paper and shipping issues were dull, and so were nearly all store shares.

Great Universal were 2s lower. Marks and Spencer fell Is 9d. and Woolworths Is 6d. In textile shares. Calico Printers, which have been rising sharply recently, fell Is 9d, hut Horrockses Crewdson rose 2s.

Oil shares were slightly lower, and so were tea and rubber shares. The Kaffir market was extremely dull, considerable sales resulting in prices falling bv up to 3s lid. Copper shares, on the other hand, were firm. In late dealings gilt-edged stocks rose or so. Settlement date, February 8.

MISCELLANEOUS BY OUR FINANCIAL EDITOR Rise Rise Stocks Price or siccus Price or Fall FaU Consols 21 6.1'j Sa 3 65-75 orj7, -t, do 4 95 Treasury 21 6a i2 Conv. 31 8614 do 31 77.80 95's -'a do 31 1969 "99' do 31 79-81 955. -Ij Ex 2i 1955 riHMvj Victory 4 .102 do 3 1962-3 101 3j War 3 55-9 100 ij 99- do 31 853, 3, do2i52-7 IUU Elec 3 6S-73 92, -10 do 3 59-69 9J7, -1, do 31 76-9 96's -tj do 3 66-8 96ls -I, do 41 74-9 II17J, doJ 60-90 102 'n Gas 3 90-5 86). NW 21 54-6 ino do 31 69-71 IOU'i R'dempt'n 3. 85 1, -U do 4 69-72 103 Sav 5-65 Tra 3 78-S8 85 dO 60-70 0215ns do, 4 103 'a 19a2, announced new duties at higher rates, it was later found that under the General Agreement on Tarifis and Trade the- duty on those goods was bound at 50 per cent.

Largely as a result of these hijjh duties. British exports of cotton yams and woven fabrics to Pakistan, which had reached a value of 6.604,000' in 1952. fell to 935,000 in 1953 and 939.000 in 1954. The Position in Raw Cotton Like India, Pakistan imposes an export duty on its domestically-grown cotton equivalent to about 6d pet-pound on the desirable varieties, against the Indian duty of about 9id per pound. Its cotton, accordingly, is available to other countries' only at prices substantially higher than are charged to the Pakistan mills which thus receive a subsidy on that part of their raw material supplies.

In spite of the duty, the United Kingdom has continued to buy substantial quantities of raw cotton from Pakistan. The value of the imports rose from 6,807,000 in 1952 to 7,035.000 in 1953, and was 4,496,000 in 1954. Pakistan was last-year the seventh largest supplier of raw cotton to this countrv, India being the ninth, with 2,584.000, out of total imports valued at 126,222,000. There are thus much the same grounds for anxiety in the cotton industry here about Pakistan as there are about India. Any measures which could be taken to curtail Indian inroads into the British market could presumably be used to prevent the threat from Pakistan from developing further.

Agar. Cross Amal. Mcla.1 Asnrn 711 12 199 160 15(9 44(6 230 38(71- 1 -013 403 Glaso Hector Whtla. Hoorer 363 7(3 4910 1620 A.B. Pictures -0(3 -03 -03 Hudson's Bay 20 uarrow hcdd.

uioro IroD Chem. 164 12 -d'2 -06 -06 -0(6 -0(3 -03 -03 -10 Barry st'ns i4i; 369 58(9 329 139 576 360 333 25(3 243 Beecnams Bovrikdet. Brit. Alum. Br.

Am Tob. Br Drua Hs Br EL Tr. A Br. Ind Plas BriL Match Brit OP Cakt BriL Oxvgen tlril Rnnes imp Con Gas Imo Tobacco I '2: 4-1 l.i .42412 i II (111) 2219 5(101 son a Kleeman Manbre Gart- -OI9 Mtuord UOCK! (1 Mon5amn -06 -suy 4541- 68 9 7(034 43(9 -03 Odeon -fl61 Godfv PbillicM Purnel) Psrene 2271i -Hi -03 1 'a -0(3 00 J4 -0(6 I 12 -11 la 1 '2 0(3 -03 Brit. Xylonite isaicign naa Ranks Reckilt Schu-eppcs Soillers 596 196 40 (O 58(9 430 84(0 469 1119 77(6 81111) 420 559 Hulllns Cable Wire, 31 I n3 1-0(3 Cape Asbest-I 119 50 ln9 27(6 31(6 59(0 3516 40(0 Carre ras Cementation Ccrebos Chloride Elec.

Dalgety B. DunlOP Rub. Ftsnns -03 Tate Jti Lvlei Tilling 1-03 lurn. et rew Unilever 10 Mij H2 Utd Gls. Bot.

Utd. Molas5e! Forestal Land 0(4 venesta onuaner SHIPPING OQMINIONS AND Aus21 67-71 88U S.A.3i65-7 02l2 do 3 55-8 9934 66-11 X) -U do 3 75-7 8BU Llv. 31 61-6 ooi, -1, do 3i. 65-9 92JI -14 LCC3i 6K-73 O7J4 N.Z. 3 66-8 91 MJc 3 58-63 9812 do 31 62-5 97 FOREIGN BONDS Bel.

4 1936 9934 Ger Y8 Ass 117 -1 '1 Brazil -89 A 86 tj do Potash 217 -2 do 50 Greek 7 26 do '27 A 9b Hunan 41 193 14 do 80 Jap 5 1907 162 -I ij Chile 6 1926 31 do Assented 1283. i i2 Chlna5I9l2 I Jap 51 1930 1921? -1 t2 do. Boxer 1934 do Assented 139 I German Dawes 96 1 12 jap 6 1924 127 -1 12 do. Assented 72 12 34 do Assented 93 34 do Vouna 155 -2 Uruguay 31 60 ij OVERSEAS RAILWAYS Antofag Ord. 103j 34 San Paulo 39 1 ri 1- do.

Pref. 14 U. Hav Conv. si, CPR 4 Pref. 71 3t -t, do.

2nd I 37 1- l'2 Britato 260 -09 Liner Hold'cs 419 -06 Cairn Line 120 -06 A O. dcf. 706 -03 Clan Line Tin R'don Smith 340 10 Coast Lines 290 -1(6 Royal Mail 356 -03 Court Line 220 06 Silver Line 24(6 -06 Cunard 350 -06 Stanhope 26(0 -10 France. FenTt 4(10 Union Castle 329 -03 Furness. Withy 523 -19 While at the moment Lancashire's anxiety about its home market arises mainly from the large duty-free imports of Indian cotton cloth, some of those traders who look farther ahead are beginning to fear that the danger will be aggravated by similar imports from Pakistan.

There are, from Lancashire's point of view, some important points of similarity between India and Pakistan as competitors. Cotton textile productive capacity in Pakistan is not yet on the same scale as potential demand in that country, and exports so far have been verv small. During the last six weeks or so. however, there have been two or three reports of shipments made from Karachi, the destination in each instance being the United Kingdom, where the goods have no quotas or tariff barriers to surmount. Under existing arrangements this country must be an attractive market for textile producers any Commonwealth country who wish to try their hand at export trade, and it is not surprising if Pakistan has hastened to take advantage of the opportunity thus provided.

In Pakistan British exporters are confronted with an import duty of 54 per cent on printed cotton cloths and one of 55 per cent on other cotton cloths, compared with 60 per cent chargeable on all types from other sources. The duty on cotton handkerchiefs, shirts, and certain made-up household textiles remains at 50 per cent because, though the Pakistan Government, in June, WALL STREET IRREGULAR New York, January 25 Wall Street closed irregular, with movements fractional and about evenly divided, after a day of irregular movement. The market opened on a very hesitant note owing to the Formosan situation and a broad decline developed on profit-takintr and other selling. Recoveries were mild in most cases and at midday the undertone was nervous, with the list showing losses 4cll4gllg I.U UilC iyt4441. Ill IJlUltT.

VV4L1I pressure easier during the afternoon, some support developed and a slow hardening reduced or erased most of the earlier declines. The market continued to improve until near the close, when profit-taking halted the recovery and caused losses in some issues. General Dynamics finished with a $5 gain. This company was the builder of the first atom-powered submarine. Other bright spots included Southern Railway and Revere Copper and Brass, both of which improved on good dividend news.

After the close of the market. United States Steel declared a quarterly dividend of SI. compared with 75 cents previously Sales totalled 3.230.000 shares. The number of Issues traded was 1.237. of which 3S5 rose.

610 fell, and 242 were unchanged. The Do Jones averages were: For 20 representative railway issues. 140.61 (against 141.19 yesterday): for 30 industrials 3V7 00 (396.001: for 15 utilities. 62.41 (62.80). EXCHANGE RATES.

To-day Prev. day. London Cables 2.783. 2 781; 2.78 5 its 2.78 7C Montreal on London 2.68 "is 2 68 2.68?s 2.68 t5j6 N. York on Montreal 1.03 '2 1.03'is LO312 1.03"is The Found in New York.

The rate quoted to-day for transferable sterling was 1-16 (against S2.71j-S2.72 yesterday). DOLLAR STOCKS Braz. Traction! 14 12 Gen Nfotors. Int Holdings Int. Nickel Shell OH Standard Oil U.S Steel 50 14 -ig 91i 1S 541- -5, 124 2 -Hz 127 la 105 -21.

1811 12 1 36 108 14 -'4 108 -312 132 33 '2. STORES AND CATERING Aer. Bread 429 359 840 319 36(6 43(3 439 4 596 619 136 58(6 460 -03 Int. Tea Lewis's lo Tr Lyons Maples Marks A Sn 133 5313 1130 373 729 45IO 2813 68(0 45(9 Allied B'kersl Barker lohn 40(6 0(6 Boots Burton Mont Dcbenhatns Gamage A.W Gorrlnge Fr Gl. Univ St Harrodc Home Col.

Hone Bros (41 -19 -19 0(6 110 Savoy Hotel -0(3 -0(6 (H2 -1(9 -11 i2 -1(0 Kdoar Utd Dairies Utd. Drapery -2(0 03 wains, Th Warino G. 14(1 12 5bb 30(9 639 White. Tim's -0(3 Hs. of Fraser1 -16 woolworth '-1(6 TEXTILES Ama) Cottonl Ass.

Weavers 10712 39 513 ItZU 290 23(0 299 44 12 7u 529 28 (7 12 15(0 4116 -o3 n2 Holden Isaac Hollins, Wra Horrockses Hoyte. -tosh. llUninfUi Jute. Ind. 35s 366 336 2(to 71 Ij 2210 31(3 16(9 56(9 190 2213 40 30(6 8141; 34(0 576 14(9 78(6 Barber Tex Bleachers Brad.

Dyers Ttriabt John -06 Brit Celanese Br. Cot. Dven -oil Lanes. Cotton 1 '2 Lanso tin i. fcnka Calico Printer-Coals Com.

E. Mill-Courtaulds Crosses Fno Sew. c'm Llneo Tbrcac Lister Si Co Motley, -19 -Us -(7t- Nth Br Rav PaL Bald Salts (Saltaire Toatal W. Rldlntt Whit. Mil.

Woolcombers (7(2 24(712 -0(3 29 25(7I2 8(6 44(3 li 0(3 -mi Fine Spinner -03 03 -03 sjray net: Henry. A. S. -013 Br col Pow Can. Cel Can.

Pac ord Chrysler Cons Paner Onwn Zeller Premium on United States stoclc 3 ner cent (rrrevinus day 3 per ccntl (based on United Stales rate of 52.783 per 1) and on Canadian 3 per cent IprevEous day 3 per cent) (based on Canadian rate of S2.6S '3p per 1). BANKS AND DISC0UN1 COMPANIES Alexanders AUS NZi Barctavs do iDCAO) A of India Dlsirlci A En a A Hona S. Lloyd9 pd. Lond S.A 58(3 -0(6 Martins 21 fp 10 -1)2 376 03 Midland 21 fn lOSis 57n Nat Dls B. 556 -03 483 Nat or India 26(6 510 -0(3 Nat Prov.

810 -03 943 Royal ol Can 1971(! 6ia Rova) of Scot 709 -03 117 -1 Stand of A 390 666 -03 Union Dis 57(0 -06 5 Wcstm 1 Pd. 91(0 INSURANCE Alliance (New) 90(6 Northern 33)4 Com Union 849 -03 Pearl 23 is Eagle Star 1376 1(3 Phoenix 1 pd 23 12 Employers 1139 -13 Prudential A 4434 t4 Guardian 93, 6 Royal I63j Lon Lanes 9I4 31tl Roval Ex 8I4 -4 Mcr lb Amtlo-Ecuad. .1 2510 -41J3 Lon rt). 150 -fit, BriL Petrol 1 82(3 -2(3 Mex Eagle 19(101 Attock 5(10 Roval Outcb 51 '4 -34 Brit Borneo. 326 -03 Shell Bt Contr ol 15Hi-tl'j rrir.rja Lease 336 -11 Burmah 12811s- 1(101 frln Pet Dv 266 Can Eacle br.

4971; -4(; (Jllramat 334 12 -03 Kern 1719 4i2 Utd 24(3 Lobftos 1 10(4 12 Wakelleld 46(9 i(6 BREWERIES Bass 135u -06 Ind. Caope 8(4t, -n 1, Benskln 56(6 Massev's Burn 9(0 Brown Matlh 13(3 Meux 4H(6' -t lb 41(6 -03 Mitchell el 080 -03 Courage 65(9 -09 Walker Catn 37(0 -03 Distillers 27101-0(6 Whitbread A 92(0 -U6 Guinness 48(6 -(11, Wilson 24(3 BUILDING, CEMENT. A. P. Ccmeni 100(6 -09 London Brick 67(9 -0(6 Bergcr.

Lewis. 12(0 -03 Hmctiln John 430 Brit Plast 21(6 -Ii2 Rugby Cem 31(3 03 Bril Cent 95IO TunnelCcm. 310 -0(3 Crittall 13(3 Wall Paper df 819 -0(9 Eastwood 736 -1116 ELECTRICAL AND RADIO Ass Elect- 7U(6 Decca S50 -1(0 B. 1.CC 5113 13 El Mm I. 2710 -1(0 Broad Relav 46(0 English Elecl 616 1(3 Brush 8lul-Mi; CJen Elect 6ni6 Cole.

236 HcnleV lei 1819 4i2 Cossor li7i2 -n i2 Johnsons at 46)0 Crahtree 320 Revrolle ino6 4n(6 Crompion Pk. 18(4ij Siemens 486 -06 RUBBER AND TEA Allied Sumat. Angto-Jndon Assam Ceylon Tea Emp of Ind HAL Rub 5(9 Jorehnut Tea. Kuala Lumpur Malacca Ncdeem Tea Stnttlo lea tj Siia Betona 386 241J 183 239 34(6 476 41 IUt 54 (ri 52(6 2719 23(3 -2'0 40(6 -09 RAND MINES AND FINANCE Al Europe Anglo-Amer Blyvooruifz Cent Mining Cons Goldf'ds Cons Rtcf Crown Mine Daggafont 61101 (7'Z Middle wits Rand j-eases Rand Mutes Rand Selection Randfontein 17 A Lands Sprinss Stilfontcln U.1 Sub Nigel Union Corp. 1 Ventcrspost Vogclstrib'l Drle R.

Cons Wltivats'd Reefs (J. 19(3 10(6 7110 43(9 67(0 22(6 "IS 3U9 410 59(6 19(6 44(4 3 lllO 270 48(9 17 101 (3 19(6 44(6 22(9 -03 it I 20(9 SHI I 346 -03 Durban Deep B5i ueouu East Rand Gen Exnlorn Gen Mining Grootvlel J'burp In Lulpaards (I 1 (3 I l2 -03 IKlOr 54 I MS 4(1(101 1-71; 4013 -06 461 Ills1 i-019 (4'J O.F.S MINES F. SL Consols F.S. Oeduld (J Harmony Merrlesprutt O.F.S.I.T 143 111(3 36(0 120 739 719 Prcs Sleyo St Helena Virginia U. Welktim 44 (3 280 16711 269 47l 3(1 -110 -19 -09 Holdfna.

I' 'I Prea Brand rT -2(0 WEST AFRICAN MINES BARCLAYS CANADIAN CASEBOOK STEEL AND ENGINEERING Allied Iron. ASS Brit. Eng Bab and Wil Beyer Peacock S.A 540 S0 716 58(0 41 (0 310 11(71 57(9 15(9 39(3 510 696 230 636 263 sSIS 569 Mela I Boa Neeptend Pease At Pari Piatt Bros Powell Dull Oualcasl Radiation Renold Chain Ruston 11 Sbecpbrldcte Staveley Stev? Lid Swan Hunter Tube Invest United Steel Vlckers Vulcan Found Ward I I -03 20 -0(3 '-03 Brown (John) cammeil tairo1 Corv Wm Craven Bros. Davy United Uoxtord Guesl Keen. Hartanrt A Head wrtght'n Herbert.

A. Lanes Steel Lister Malher ft 92(0 -1 10 33(9 11(9 416 37(0 21(71: 5219 40(6 (1 Ij 59(3 150 -03 620 -0(6 479 -U0 dlllll 82(6 -20 297 l2 -Mil lllo 5010 2(3 69)0 "5173 lT3 226 -0(6 1126 13 4811 10 256 -4lj Sl3 -IO 8(7 t2 (1 t2 199 -0(3 3(6 78U -2'4 17(0 MOTORS AND AIRCRAFT A C. Vehicle Blackburn Bristol Aern Br Motor Co Car Mart 76(0 23(9 1917 ij 12334 220 256 27(3 33(6 82(0 21034 14(111 -03 I Hawker Sldd ricmys Levland Mtrs (214 Lucas -VI i Pressed Steel. De Havillandl isolls-Kovce cnnls Bros Dowly Groui Katrev Foi. Guv Motors 1-10 Rover I mincer 0(9 ISlandard Mir Triplex Glass Handlcv Pani- NEWSPAPERS AND PAPER Amal Bankell 2(4t2, Ku-ahu s(0 Ariston 7(11? Taq.

Aboss. 219 Ashantl I 2341.1 I '2 West Sel. Tr. 1041; -(H2 RHODESIAN MINES Bancroft 351 l2 7l2 Rh'd Set Tr 309 t'lh Chartered 1(173 13 Rhokana 32 in N'Changa 12 ta '4 Roan Antelop 23(6 -Hl9 R- Anglo-Am 93(3 19 Selection Trusi 736 R. Broken Hill 13I0i 0(3 TIN MINES Br rin.

Inv 21 (0 -03 Pahanu Cons 12(3 11 12 Hongkong 86 Siam 1 Svn. 64t2lt2 London Tin 7112 S. Ktnta ISO Malava Tin 9712 -II tj Tronoh 810 03 Rhokana Corporation and N'Changa Consolidated Copper Mines, which between them turn out one half of Northern Rhodesia's copper output, have decided to stick to London Metal Exchange prices as the basis of their copper sales. This decision, according to both companies, has been taken after careful study of suggested alternative methods of pricing." It follows discussions which have been going on between producers and consumers about the possibility of introducing fixed copper prices because of complaints that copper prices have been fluctuating widely on the London market. The two companies are placing their faith in what they call the free operation of the laws of supply and demand and stress that any attempt arbitrarily to interfere with the operation of these laws may redound to the long-term disadvantage of the copper consuming and producing industries." They are also convinced that it is impossible at present to fix a price that would influence the competition being met by copper producers from aluminium and other materials.

Since the fixed" price generally proposed is about 250 a ton (against the record current London market price of 315 reached yesterday) this suggests that the substitution of other metals for copper is unlikely to be cured either by using free market prices or by fixing them at an arbitrary level. Both the Rhokana and N'Changa companies are unwilling to face the many difficulties in operating fixed prices, such as how prices in fact ought to he determined and how supplies ought to be allocated. But while they regard the London Metal Exchange as an effective mechanism for determining prices, they are well aware of its defects. In particular, they suggest that it might be improved by the introduction of an electrolytic wire-bar contract. This presumably would encourage the average consumer to make more use of the market since at present a premium over normal quotations has to be paid in order to obtain the widely used electrolytic copper.

Although the Rhodesian copper producers do not sell all their output through the London market, the bulk is sold at London market prices. Moreover, it is understood that Rhokana and N'Changa, members of the Anglo-American Corporation group, hope to sell more through the London market in the future. It is encouraging to And commodity producers willing to rely on free market forces rather than on fixed prices, but the test will come when copper prices fall. SHIPBUILDING REVIVAL Full details are now available of the revival in shipbuilding orders in the last quarter of 1954. It appears that new orders booked last year totalled 634,000 gross tons, 352,000 tons being booked in the last three months of the year.

MANCHESTER STOCK EXCHANGE Members oiler facilities for the investment of large or small amounts in all classes of securities. A brochure explaining how you can invest your money through Members of the Exchange may be obtained on application to the Secretary at 6 Norfolk Street, Manchester. The Visitors Gallery is open to the public each weekday, Monday to Friday from 10-15 a.m. to 12 noon and 2-15 p.m to 3-15 p.m. AMES ISM AND COMPANY LIMITED Manufacturers who have a trade effluent problem should write for our new 16 page booklet Ne.GW.21 which sets out the legal position and describes the type of treatment plant required for most industries.

AMES CROSTA MILLS CO. LTD. of HEYWOOD. LANCASHIRE. TaM Hqrwoed U) (I Km) 11k CM HQ.

Orders for 32 ships of about 300,000 tons were cancelled during 1954, mostly, as the Shipbuilding Conference puts it, by foreign owners financed by American and foreign banks." When the heavy cancellations are allowed for (they nearly all occurred in the first nine months of 1954) the net addition to the industry's order-book during the year was about only a fifth of the year's output. This is partly due to higher production, which is still increasing. As a result, tonnage started in the fourth quarter of 1954 was the highest since the war. The conference now estimates the value its order-book at the end of December 4,333,000 tons at 500 millions. Vessels completed last year were worth not less than 150 millions, including at least 40 millions for direct export.

An important point is that the new orders are for vessels which have not been in much demand, such as cargo liners, cargo tramps, and ore carriers. Extremely few tankers were ordered in 1954. As a result the industry's order-book is now much better balanced than it was a year or two ago when total orders were much larger. New orders have in fact gone to just the yards which needed them. In spite of this, the proportion of tankers being built in this country 52 per cent of the total tonnage under construction is still large.

A comparison with the rest of the world also gives cause for confidence. Last year tonnage begun in United Kingdom yards went up, while the amount building remained at over two million tons. In the rest of the world, tonnage begun and building fell substantially. The world-wide dearth of new orders has affected the other shipbuilding countries even more heavily than it has Britain. Finally it is to be noted that German shipyards, our chief competitors, have largely stopped quoting fixed prices and there are signs that delivery dates from those yards may be lengthening because of the steel shortage.

But with at least two years' work in hand, British delivery dates are naturally longer. DEALINGS IN COLVILLES Dealings started in Colvilles shares yesterday. At the start of business, a premium of 2s 3d on the issue price was quoted, then it rose steadily to 3s, fell back to Is 10d and finally closed at 2s 3d ap-niri T.paHina shares said more bargains were done yesieraay man on tne tirst day's dealings in Dorman Long. On the other hand, not so many shares changed hands just over a million was mentionedcompared with a million and a half in Dorman Long. Many people were agreeably surprised to find their allotments larger than they had expected the Bank of England was less strict in dealing with multiple applications than seemed likely.

COMPANY AFFAIRS CABLE AND WIRELESS PAY MOKE A larger dividend is to be paid by Cable and Wireless (Holding) for the second year in succession. A final dividend of 7 per cent makes 10 per cent for 1954 on the capital as increased by a one-for-ten scrip issue, against 9 per cent for 1953 on the former capital, and 3 per cent for the vear before that. Group profit, before tax. increased from 5811.149 to 744.000. and after providing 345.000.

against 265.782 for taxation the net profit increased bv 81.633. or nearlv 26 per cent to 399.000 As the increased payment, however, absorbs 302.500 cover is still relatively slender ALEXANDERS DISCOUNT ASSETS. Assets of the Alexanders Discount Company increased from 144,995.843 to 154,585.983 during 1954. The holdine of gilt-edged and corporation stocks expanded from 68,530.614 to 77.856.010. Bills discounted amounted to 75.310.774.

against 74.973,359 in the previous year. Loans, deposits, sundry creditors and contingency reserve amounted to 149.600.183. compared with 140.625.043. ALLIED BAKERIES BID FOR MEREDITH Jt- TmF.WA1iw nJZv which recently announced an offer for the teashop group of Aerated Bread Company, now offering 26s a share for the shares of Meredith and Drew, biscuit manufac turers. A special meeting has been called for Fhnis pv 7 at whiM, 4t, be discussed." The bid by Allied Bakeries is subject to acceptance bv holders of 90 per cent of both classes of shares (or such lesser nfrrM-if a em? up borne directors, who hold or control more uiau iu per cent or eacn class, sav thev are not prepared to accept this offer, or recommend accents nrf nf rtfr TH, merits relating to the offer will be posted I nnvl fn.

mi i uvAi lcw udjs. a ne companv maae JMoss of 11,056 in the year to September ENGLISH ELECTRIC OFFER, The terms of the English Electric Companv's offer for the ordinary stock of Vulcan Foundry are now announced. The offer is five English Electric ordinary 1 stock units for every six 1 units of Vulcan Foundry and one English Electric ordinary for five 5s units of that part of the Robert Stephenson stock not held by Vulcan The offer is conditional upon Treasury consent and the acceptance in each case by holders of 90 per cent of the stock concerned or such lesser percentage as English Electric may accept, and in the case of Robert Stephenson upon the offer to Vulcan Foundry becoming effective. Having regard to the negotiations and in the light of provisional figures for 1954 and of trading profits, the directors of English Electric intend to recommend a final dividend of Sh per cent, making 12 per cent for the year, against the equivalent of 10 per cent The new shares will not carrv the right to the 1954 dividend, but existing ordinary stockholders of Vulcan Foundry and Robert Stephenson will retain the right to a 10 per cent dividend which it is intended to recommend on the ordinary stock of each company. Siemens Brothers.

The offer by Associated Electrical Industries to acquire the ordinary stock of Siemens Brothers not already owned by A.E.I, has been accepted by holders of more than 90 per cent. The offer remains open for those ordinary stockholders who have not already accepted. Bagshaw and Morn. Profit after lax. 2.798 (8.329).

Tax. 10.617 (9.606). Ord. div. 71 pc (10 p.c.).

No dlv. on A ord (samel. Rowland Int. div. 5 p.c (same).

Heme Bay Waterworks. Final divs. of 3i p.c. ana 5 p.c. making the maximum distribution on the 7 p.c.

and to p.c. ord. stocks (samel. Kamumlns Tin DredEinjt. Int.

div. 5 p.c. (camel. London Rubber. Int.

div. IS p.c. on capital increased by one-for-two scrip issue (prev. div. of 55 p.c, on smaller capital for lS-mooth period included two interims of 20 p.c and 10 p.c).

Merritt and Hatcher. Int. div. 71 p.c. (same).

Midland Caledonian Intestment Trust. Final dir 8 p.c. matins 12 p.c. (10 p.c). Smith.

Stone, and Knight. Int. dlv. 5d a share on cap increased by one-for-five scrip issue (same on old cap )' John Thompson. Consent has been obtained Tor threc-for-fivc scrip issue.

Holders will be entitled to final div for 195a and past year's (inures would appear to Justify final div. of 10 p.c. against 121 p.c. on present capital. Interim, of 10 p.c.

has already been paid. Zambcsla Exploring. In future int. and final dlvs. wilt be paid in December and June, but an additional (nt of p.c for this year only will be paid on March 4.

The board will present accounts made up to March SI 1955. and win adopt ibis daw as ihe end of their financial year In future. Results to date have been satisfactory An tnt. Cit. of 4 p.c.

has already been paid. The tDia' tast year W8S 15 p.c. BUSINESS NEWS IN BRIEF The Singapore rubber market was closed yesterday. Mr J. Arthur Rank, announced at the annual meeting yesterday of Ranks, that Lord Mackintosh had consented to join the board of the company and would be appointed at the next board meeting.

The hundred-thousandth visitor to the gallery of the London Stock Exchange arrived yesterday ana was welcomed and shown round by the chairman. Sir John Braithwaite. who fiave him a signed copy j. mwb wu.icl Ull tllC lUatltCL, The gallery was opened to November, 1953. ux luc dute Ul some hedging of outside growths.

Mid- u.r mm, uuwever, were steady ax point decline. Local buying, encouraged by the advance in some other commodities and American buying caused quotations to improve in earlv afternoon dealings. Jew Yorks opening was rather disappointing, but the improvement was sustained by American straddle buying in distant deliveries, while trade calling virtually offset hedging transfers from the iNew ork market in nearer positions The market closed steady at 3 points to 7 points advance on the day. New York at Livarpool's close was 3 points up Exports of raw cotton from the United states during the week ended Januarv 20 amounted to 141,171 bales, against 153.722 bales the week before. The season's total on that date was 1,926,349 bales, compared with 1,441.307 bales in the corresponding period last season.

FUTURES QUOTATIONS t-losc. High. Low, tr 32.46 32,43 32.51 32.46 32.48 32.39 32.35 32.37 32.IS 32.11 32.10 32 51 July-AUB 32.41 32.16 Dec-Jan itj 32.12 mljlil'inK "ieln. in pence lb. Settlcmcnl prices: 32 46 May-June 3" 51 Jtlh -Aus.

32 41. 32.16. Dec jari 32.19? BUSINESS 00NE IN FUTURES 1 pence per lb.j 32.41' 32.43. 32 44 32 4 3-'50 327- "ll-Aue. 32.35: 32 none.

Dec -Jan. none. Transactions for minimum contract of 100 bales. OFFICIAL SPOT VALUES dn pence er lb.) En." ZT7n midtihna J16H1 32.97; strict low mlddllnjj Argentine No. 2 J3.00 nom.

Peruvian Tanpms wood 3975 East African So. 2 BP 52 38.00 36.0O nom. Hraziti.m sao Paulo sood 32.65 Turkish No. 3 Adarra roller-pinned unauotcdL Sjnan No roller-Rinned 33.50; saw-airmed 33.50. middlinn ijjin.

3J.60 Indian and Pakistan saw-Rtnned NT Stnd choice 34.00 wu 4r cnotce roller-ginned NT Sind superfine 32.15 4F superfine 30.90 nom CtFmi 30 poodyfiiriy stood 41. 6U Ahmotini soodrftillv uood 40.20 nom Commission's Call Basis The Raw Cotton Commission's call basis MENY was quoted at 31.18d -for March and 31.45d for May American Markets NI.W YORK, January 25. After risirifi initially under the lead of forward positions, in which commission-house buym found limited oilerlncs. cotton futures cased partially from the diiy's hest leels. This wm due scattered proftt-takinp.

attracted by the earlier rise and hcdBe-AellinR in near-by March and May contracts, partly throush one of Hie larne spot firms. Trade houtes the bulk of ihe otferinss. Dealings vcre slow as most traders were inclined to await further Washington ondr Far Eastern de.elopments. The market, how-ccr. resumed Its adancc in laic dealings under the lead of new-crop months, in which a renewal of com- rniRsJon-housc buyinc and shon-eovcrinj? found limited otlermfts.

Gains in neir-bv positions continued to be held in check by pcrsistcnet hedging. Tlic market Closed steady. 2 to 23 polni higher. Cotton on the spot in New York was unchanged at 3J30-' and in Organs was also unchanged Futures in New Orlisans clotsed steady. 4 to 21 points higher.

NEW YORK FUTURES To-iJj)'fi tlobc, IliRh. Low, Pro. ClOtiC, 34.64 34.9-i 35.13 34.93 ....34.9 ....35.13 Maruh M- Tv October December March May July 34.bt-7 34.97-8 35.17 35.16 ...35.21 35.35 35.52-3 ...35.39 35.21 35.13 35.16 34.95 35.22 35.02 35.36 35.19 35.53 33.41 ....35.30 35.40 35.30 35.20 Egyptian Market ALLXANDRIA, January 25. The market was moderately acme with demand reported lor Karnak and Giza 3t at steady prices. Switzerland, France.

Italy, and Germany were in the market for cotton for immediate shipment. The Cotton Co mmns ion's sates on January 21 and 2" totalled 3.H0K bales, including 3.439 bales for export, chiefly Karnak and Giza Jo. Sales the week ended January 22 totalled 15.453 bales, includtnn 14.470 bales mi cAifun. nmiEiiy vjiza ju. i nc commission's sales for the season up lo January 22 totalled 45JJ.536 bates.

wa.w. units lor cxpori, cnicnv tarnaK. Indian Market BOMBAY. Januarv 25. Atler nwmno- hmhtr niuht buying orders, ihe market declined on tired lone liquidation induced by disco urasinn ipot reports and heavy short sclhng in distant positions.

Afterwards there was a partial rally on prortt-takinH and scale-down buyine by a prominent speculator but the close was quiet with the February contract at Ks.GOli per Randy of 7841b. (Ki.600 on Monday) and May at Its. 5901 fRs. 590). INDIAN TRADE PROBLEMS Mi Peter Thorneycroft.

President of the Board of Trade, has invited a small dele-cation representing the Lancashire cotton industry to London to-dav for discussions with Brigadier A. R. V. Low, Minister of State at the Board of Trade. Brigadier Low has recently returned from a visit to India and the delesation will hear an account of the visit and exchange views on trade problems concerning India.

The delegation will be led bv Sir Ravmond Streat, chairman of the Cotton Board, and will include trade union representation. METAL MARKETS Further Rise in Tin and Copper LONDON. LEAD hrm. Jan. I fta 105 (prev.

day J03- IU3 lOl. April t04S-l04J 10 t10215-l 0351. Sates 1.500 tons. ZINC firm. Jan.

S715-SS CS6-865). April 56-865 (84IO-84I51 Sales 1.200 tons. TIN dearer flffain. Spot 75IO-7u6IO 69B-699), three months 708 IO-E709 (701 -702). Sales 175 tons 10 Tor cash.

COPPER further advanced. Spot (3O9-310) three months 298I0-299 (29l-292. Sales 1.175 tons 75 for cih. NEW VORK, January 25. COPPFR.

Llectrolyuc. Apot. f.o.b. 36.O0c. nom i unchanged).

TIN. Orade A Straits spot (open market pricel 88.62c nom. (asamv SS.OOe. yesterday). LEAD.

Spot, 15.00c. (unchanRCdt; spot. East St Louis I4.fl0c. (unchanged). ZINC.

Spot. Eaist St Louis. 1150c (unchanged). IRON AND STEEL M.V-NClILSItlt. A brisk demand for almost ult classes o( frni.ncd and semi-finished steel materials on the Lancashire markets continues and the mills are not yet indicating any better delivery periods against new book inns.

Structural steels generally ah wen as plait sheets, mild-sicel bars, and for Ring and wire -dra-a. mc materials, are active sections. 2nd 3 fair call for nickel and other special alloy steels has aaain been experienced Few descriptions of steel are beins offered for delitery auamst fresh orders before the third quarter of the year. Pig-iron producers are still falling behind with deliveries, ind an active demand Is reported from Lancashire ennineerinn and other foundries TIDDLESB ROUGH. Wuh more favourable weather conditions iron and steel makers have been able to improve deliveries but there is still a wide frnp between supply and demand.

The suspension of import duties has not brought much relier. Continental producers beina in much the same position as British, They can indicate only distani delivery dates and their prices ace much above British eK A small tonnage of foreian pig iron rominues to arrnc but there Is a arse unsatisfied demand for steel scrois The call for joists, sections, thin plates, and sheets seems to become more prestfna. Fcrro-concrcic hnrs and wire rods arc also uraenilv wonted. LIVERPOOL STOCK MARKET Ycsic-rtlay's transactions Included: Mersey Docks nnd H.irboiir Board 3i p.c. Deb.

Stoclc (75-85) aoiis. Birkenhead Brewery 421. Grcertall. Whitley A Co. 2041.

do nriI- Callcndcr's Cables 51 5071 1U4. British Plaster Board fHldnO Zlldi. Chadbtirn's (Liverpool! 511. Crosfield (Jos.) Sons 6 p.c. pref.

2413. do. j.c. pref. 2419.

Crosfietds Colthrop 177. Ev-ims Medical Supplies 721. Holland (J A. 1341. Holt (J.) 5 p.c.

1st nrcf. 203. I.C.I. 443 16 19. do.

5 p.c. pref. 214 51 16 Liverpool Daily Post 64. Liverpool Warehousing SO. Morton (Francis) II I.

Tate and Lyle Invest. 113. Tate and Lyle 84 39. Unilever 1 p.c. pref.

211 13. Alliance Assur. 8. Atlas Assur. Caledonian Insur.

796. Commercial Union Assur. 839. Gen. Accident I0i Guardian Assur.

9. London and Lanes Insur. 91. Koyal Exchange Assur. 8t.

Royal Tnsilr. 16Hts il 2 i 1. Sea Insur. new (1 pd.) 429. Coast Lines 6 p.c pref.

2314. Furness Withy 51(6. Liner Holdings 426. P. 4 O.

defd. 70 693. RECENT WILLS Wright. Kenneth Hepburn, of Westerton House. Elgin, formerly of Hayward's Heoth, Sussex, laie a director ol the Butlerley Coal and Iron Ltd.

(duty 73.043) 138.406 Hunter. Wiltiam Joseph, of Hartinoton Road. Sheffield retired insurance comnnny director, former msnasins director of T. B. and! w.

Cockayne, Sheffield, former Lord Nfavor of Sheffield and Alderman 23.858 Cowen. Dr John William, of the Mount. Heath Road. Bebitiston. vice-commodore or the Tranmere Salllns Club (duty 2.28S) 19.969 Kl1''' Henry, of Stanbury Avenue.

Beblnaton (duty 395 10.323 Laichwalte. James, of Upper DlcconsOn Street. Wigan, former headmaster of Robins Lane Council School. Peasley Cross, intestate (duty 1601 3.452 MANCHESTER ASSIZES To-day's civil cases, at the Town Hall at 10 30 an subject to cases part-heard: Before Mr Justice Gerrard: Kilsour v. Hin and Son (Manchester) Ltd.

Before Mr Justice Ashnorth: Malloch v. Crossley Brothers Mansfield v. De Havllland Propellers Wales v. Road Hauloue Executive: Cartledse v. Rivlin In either court: Kcil r.

Fortunes (Sale) Ltd; Brelherton T. Afurad. figures can I sb Attial Press 413 -0(6 lUickinson I 78(0 -o(6 Ass. News df 186 -I i Kemsley 326 Bowater 79(3 -06 Odhams Press 35(n 0(3 Dly Mall Tr 38(6 -03 Portals 15(3 Dally Mirror 23(3 -1 0 Smith W. 606 -fl3 De la Rue 22(3 'Wiaeins roe 60(9 -11(3 MANCHESTER TRADE Tuesday, January 25.

In one way and another it has been a busier market day than traders have had for some little time. Much of the activity has arisen from discussion of general questions, including the likelihood of a rise in the bank rate and the possible effects of President Eisenhower's statement on Far Eastern policy. A more encouraging subject of comment has been the prospects of new and larger demands for cotton goods as a result of the plans for modernising and improving transport services. These conversations, however, have nothing to swell the day's sales of yarn and cloth. Though there has been on the whole an expansion in the inquiry, business has remained difficult.

For some goods such bids as have come forward have been much too low, and for some others customers have wanted earlier delivery than producers could undertake to give. In many, instances, accordingly negotiations have been abortive. Where orders have been booked the quantities have nearly always been small, and there have even been complaints that some industrial users have not bought supplies for as many months ahead as lias hitherto been their- custom. There is undoubtedly a serious lack of confidence which seems lo be at variance with the optimistic views held about the general economic condition of the country. The Raw Cotton Commission's call basis MENY was at 31.18d for March.

1954 2,600.000 200.000 400,000 ,600.000 533.750 ,465.250 267,000 4, Contingency Reserve 867.000 500. 1 S3 118,800 5B5.9S3 467.910 ,310.774 .598,033 258,577 950,689 585,983 A Wolverhampton manufacturer had been marketing his products in Canada through agents for a number of years. Sales however were never quite as good as he had hoped. Puzzled, he decided to find outfor himself what was the cause and asked for our help. We made intensive enquiries through our Head Office in Canada and, it soon became obvious that the agents he was using were not really the right people to handle his particular lines.

Nevertheless we established that the potential market for his products was in fact excellent consequently the manufacturer, with our help, set up his own selling organisation in Canada which is now doing extremely well. Whatever you want to know about Canada we at Barclays Bank (Canada) will try to answer. The Bank can supply much of its information from day-to-day records in London and any further details that may be required will be obtained direct from Canada. Preliminary enquiries are welcomed by our London Manager, Mr. A.

G. Fleming. BARCLAYS BANK (CANADA) A Canadian Bank London Manager 54 Lombard street, E.c.3 Head Office: 214 ST. JAMES STREET WEST, MONTREAL OTHER MINES Annlo-Am. In Broken Hill S.

fj. Prov M. 9 Is 56(6 4116 43 125(1) 43(9 9(9 Mining Cp. C13l3 Mysore 5(n2 New Br. Hill 393 Rio rinto ..47 San Francisco! 240 Tanganyika I3fin Zambesla 473 -0(6 Champ Reel 14 ue tsecr del FrcsnMlo Lake Georat Messina 1476 FOREIGN EXCHANGES Pound Improves Against1 Dollar Sterling was steadier yesterday and improved 1-16 cent in terms of the United States dollar to 2.78 15-32.

The pound was in demand on some Continental centres, and the Swedish kronar, German mark, and Swiss franc favoured London at the close. Rates were as follows Bank of England Limits Clobtnx Market Kates I Monday's. N. York Monir'l 2.711 lis 2.6SV 2 6H Ji 10.5814-11) SK'i 139.25-1 jy 37 i3 19.36 II.T5-ll.76l4 79.9l-fll.0C) 20.01 J4 14 974Ss-974'4 1J.50 12.25-12.25 14 2.7J.-2.7'16 2.6S "id 2.68 io Kl.5Sls-HP.5Sl4 1 39.2212-139 25 I9.36J4-19.37 11.75 79.90-80.1HI 20.OI Ig 974 14 -974 7. 14.50 12.24 Ams'd'm IU.5b-IO.72 138.95-I4L03 19.tbH2-iy.4B ij 11.675(0.11.84 LJW 79.90-81.

1U 19.85-20.15 872.65-y87.33 I2.lS3ift-12.33 Uruss.cJs C'Hagcn, Oslo Paris St'kh'tm. FORWARD RATES onc monclii New Vork o.lc. to 0.2c. discount. Montreal par to 'inc.

discount. ArriMtc-rdani to Jc. premium par 10 ij2 tranc discount fans 2 to 22 francs discount. Stockholm I i to 2 ore discount. Zurich J4C to -ac premium.

WOOL AND WOOLLENS London Tops Market Alter opening up to Id higher due to reserve, values on the London wool tops market continued 10 advance fractionally during the day under small-scale but persistent buying. Sellers were less promincnl. The market closed tirrn, with near-by positions fairly active Sales 78 lots (of S.OOOtb. each). Closing quotations and the day's range of business done (in pence per 1251-126, with 1253-126 paid.

-May 1253-126. with 126-125i paid. July 125t-I26, wiih I25i-I25i paid. Sept. 1251-126 with 125-1 25J paid.

Oct. I24i-I25. with I24i-I24j paid. Iec. 12J-12J1.

wEth 123J-I2J paid Jan. CI95S I23M241, with I2.H paid Mar. 1234-12-1 willi 123-123J paid. May 123-I23i. July 123-123.

with 123 paid. Husines? in straddles: March at 126 with July at 25. May at 126 with Dec. at Oct. ill 125 wittl Dec.

at 1241. Basis Bradford 64s tt wool tops. RUBBER MARKETS LONDON. The day's iradinjt was thin ana prices fluctuated nervously in the absence of a delinitc lead from New York. Pirst-hand sellers were reluctant to extend their commitments In view of their Inability to cover in the East ouing to the New Year holidays.

No. 1 R.S.S. spot 30i-3tld. Settlement House: Mar. 302-f.

with 301 paid: April-June 30-J. with 301-1 paid; July-Sept. 304-i. with 30-i paid: 29i-30. with 29.3-30 paid.

F.o.b. Far Eastern ports: Feb. and Mar. 29V. Ci.f.

basts ports: Feb and Star. 30-. April Wl-l. Godown (Straits cents): Feb 1031. Estate crepe, c.ff.

tbick Feb. 3Hd thin 3I3d. NEW YORK. January Z5. Rubber futures cksed steady.

3 poinw hifrticr to 5 lower. Mar. 35.90c. Ib. (35.90-36.05).

May 35 70 (35.67-35.65). Sales 1S5 lots. COCOA MARKETS LONDON. The market was firm but closed situ tit ly under the beir Closins prices: Jan. 4080-4106.

4076 paid: Mar 403 6-4100, J0I ft to 4120 paid; May 4096-4100. 4040 to 4126 paid: July 4076-40B6. 4016 to paid: SeoL 4070-4076. 4000 to 4090 paid: Dec. 38S6-389jO, to 3906 paid; Jan.

(1956) 3820-3826; Mar. 377 46-3810. Basis sood fermented Accra-Lasos per cwt. Sales 375 lots (of five tons each). The shipment market closed firm with Hood fcrmertied Gold Coast and 4050 nom.

per 50 JilJos c.i.f. North Continental ports. NEW YORK. January 15. Spot.

Bahia. 40.50: spot. Accra. 51.75. CIosinK ootiarts: Mar.

4S.23. May 4S.OI. July 47.70. Sept. 47.53.

Dec. 45.90. Sales 77 lots. BANKRUPTCY ACT NOTICES RECEIVING ORDER. Jcllcry, Cha rles 29 Devo rui Avcn ue, Blackpool, taxi-cab proprietor.

ADJUDICATIONS. Withnell. Albert. 9 Kinsscote Drive. Blackpool, and formerly carrying on business at 9 Leopold Grove.

Blackpool, under the name. Fylde Industrial Overall as an overall wholesaler. Boothroyd, James William, lately at 128 Main Road. Oldham, motor engineer, and carrying on business at 12a Waterloo Street. Oldham, under the nisie or Empire Garane fOldhnml." Hudson.

William. 20 Grlzednle Avenue. Garsiang. Lancashire, lorry driver, and lately carrylns on business at Hrrhfleld. Cabw.

Garstanjj. as a produce merchant. Ritchie. Frederick. 223a West View Road.

Morecambe. central dealer, and lately at 7 Knowsley Avenue, Blackpool. THE MONEY MARKET Early Shortage of Funds After an uncertain start, the supply of credit became quite adequate in Lombard Street yesterday. Funds were short for a time and during the morning 1 31-32 per cent was conceded for April bills. Conditions improved in the afternoon.

Funds flowed freely towards the close and books were balanced without difficulty. The price of gold was raised Id to 251s 9d per fine ounce. Silver remained at 74Jd for spot and 74d for forward. GRAIN MARKETS LIVERPOOL. Wheat futures opened at around the OVicrn.jrht revels in rtrsnoncc to the steady American markets and valuers continued to harden dun nit the mom inn nn further wles of red writer, hard winter, and Pacific soft white henti to European countries.

With inquiry fatriy acilv and sellers reluctant to offer, he market improved fun her nnd business was done In the near -osition at 2d tip and in the luty option at 2Jd to 13d up. The midday close was steady at 2d to advance In the afternoon the advance met proftt-taktnE and the market showed a quieter tendency with less buying interest. The close was quiet at 2d to lid hinher on the day. with Mar. 25H.

May 254. and July 2.110. Prices on the spot market were WHEAT. No. 1 Northern Manitoba from St John Mar.

unquoted. No. 2 31) 86, No. 3 31133. American No.

2 hard winter Jan. 295JJ0. red winter Jan. 27150. Plate Jan.

Feb. 28150. MAIZE. No, 2 yellow American Atlantic end half Feb. 2R18J.

Feb. 2SlS9. Gulf Feb. 2fil50. Plate afloat 29126.

BARLEY. Canadian feed No. 2, Feb. 29100. No.

I Vancouver 29150. OATS. Australian fVictortan). Jan. Feb.

2950, OFFALS. Plate pollards, Dec. Jan. and Jan.Feb. 2626, Feb.Mar.

25150. COTTONSEED CAKE. British East African. Jan. Feb.

JO150. GROUNDNUT CAKE. Burifia expellers. Feb.Mar. LINSEED CAKE.

Argentine slab andor ex pe tiers, Jan.fFeb. 3950. SUNFLOWER CAKE. Argentine slab andor capel-lers. Jan.Feb.

39100. All per ton c.l.f. United Kingdom. LONDON. Maize futures opened IO up In all positions.

No trade was done, but the hiahcr levels were maintained throughout the morninS on firmer tone actuals. Barley futures opened very firm and 50 ruaner, reflectlnR further sharp advances In Canadian hr.tr ey. A fair number of inquiries were circulating. futures remained steady tint featureless In the afternoon and closed IO up on the day. inner prices for barley caused some sellirtR pressure in the earlkr positions and prices reacted, from ihe day's best.

Distant, positions remained steady and business was arranui irv May at 2776. The market closed on a quieter thoiiRli 39 to 53 up on the day. Closins prices (per ion. c.i.f.): Maize, Jan and Feb 292. Mar.

and Apr.l (new contract) 295, May (new contract) 291. June contract) 2813. Barley. Jan. 2796.

Feb. 2776. Mar. (new contract) 2939. April mew contract) 2879.

May (new contract) 2773. June (new contract) 26173. Spot wheat prices: No. I Manitoba from West St John March 30180. No.

2 3099. No. 3 3040; No. 2 Hard Winter ejc-Oulf Jan. 29 to 29100 according to sample, on certificate 28 118; Australian April-May 2813 to 2850 accord ins to quantity; Baruso southern ports 8081 tcilos 29113; Argentine up-River 7KI79 kitos E2810JO.

All per ton. ci.f. United KtnRdom. CHICAGO. January 25.

Grains continued to advance under the lead of wheat, with the renewed demand based on actual and prospective export Bales of U.S. lack of moisture over the South-west wheat belt, nnd the Far Eastern situation. Austria boiutht an estimated 800.000 bushels of U.S. maize, with the United Kingdom and the Continent I3king some muze birley, and wheat. Formosa is expected to buy bushels of U.S.

PdClfic Coast wheat to-morrow and on 1-ebruary 1. WHEAT. No. 2 red winter spot 23-tl. Futures otencd steady, unchanged to ic higher, and ctosea Arm, ijc.

to Ijc higher. Mar. 2334-i. May 229i-il. July 21414.

Sept. Z16(-i. Dec. 220. MAIZE opened very steady, jc.

to c. hiahcr. and closed steady, unchanged to 1c lower. Mar. 154S-1.

My 1571-157, July 1581-2. Sept. 154. Dec I45J. OATS closed barely steady.

4c. hifther to ic lower. Mar. 7B. May 755.

July 71. S. 714. RYE. Mar.

124-i, May 1262-127, July I2SJr-123, Sept. 1281. NEW YORK. January 25. Wheat: No.

1 Hard Winter spot 286(1. No. 2 Red Eastern spot 265t. Maiie; No. 2 Yellow spot 181.

Oats: No. 2 While pot 102J. Rye 186. WINNIPEG, January 25. Rye closed steady.

Jc higher to unchanged. May 122. July 12Ii. Oct. 1194.

Oats closed firm. lc. to 3AC. Wpher. May 81.

July 79i-J. Oct. 761. Barley closed steady, ic to ic higher. May I22i.

July 114J. Oct. 1094. FISH PRICES FLEETWOOD. Eight trawlers landed 35.000 stone.

Hake 3260. cod 1100. haddock 1300. ling 700. megrim 1780.

coalliih 440. roker 1100. plaice 2460. whiting 820, per ten itone. GRIMSBY.

Soles 280-296. turhot 270. brill 240-2S3. Iceland cod 76-116. North Sea ht nlnlrc 260.

imall lemon ioIci 300. wings 170-180, Iceland small haddock 100, per stone. ALEXANDERS DISCOUNT COMPANY LIMITED STATEMENT OF ACCOUNTS, 31st DECEMBER LIABILITIES Authorised Capital 100,000 Preference Shares of 2 each and 2.400.000 Ordinary Shares of 1 each Issued Capital 100.000 2 6 p.c. Cumulative Preference Shares, fully paid 2.400,000 1 Ordinary Shares, fully paid 2 Share Premium Account General Reserve (including a transfer of 500.000 from Reserve) 1, Profit and Loss Account Loans, Deposits, Sundry Creditors and (including Liabilities ot 1 1 16,645. 1S7 secured on certain Assets, per contra) 149.

Final Dividends (less tax) Recommended Motes: 1. There is a contingent liability in respect of bills re- discounted excluding Treasury bills of 7,757,377 (1953 ES.96S.837). 2. Taxation recoverable to date has been included in these Accounts 154, ASSETS Balances at Bankers and Cash in Hand Bills Discounted (less provision for -Rebate) 75, British Government Securities (Quoted) 77 Corporation and Dominion Government Securities (Quoted) Loans on Security and Amounts Receivable 154, 24 LOMBARD STREET, LONDON E.C. 3.