The Times from London, Greater London, England • Page 11

THE TIMES FRIDAY FEBRUARY I 1918. 11 COLONIAL a If. Bwusoo. Toe 18)4. by TI fc Pat Steck Dp wU taUa at COMMERCIAL FIRMS PJBJICUHJ butlaeM with the Qi ac Me offered special fciLhCL Ltnlim ZCj T.

ks BRANCHES I XUESTKM KFW TORE Il WT IC EGYPTIAN BANK' LIMITED. 1 00000 500 0 Fond 710000 Line. Lombard SUEC4. aaJHi jt 1" V-BB ar in ssm KIWI laterM St U. nl 4 2 JTiir jj an 4 BlainMB dMi iHncrr pvMSjw Ml hi UM MO of THE YOKOHAMA SPECIE BANK UNITED.

tdjxunJ la J4M4U 44000000. CWTU sauoauiML III ea TOXOSAita. t. tat. oai for ooDattk folk ul Kntaaam.

aaiSaJta la. 4Taia at CTWOT a aaii4 rt caamj BaaUaf yiTisiriti t. ir g. 3 lANK OF NEW ZEALAND kMVonM tSt Jul7. 2111.

adbtfalQBCtiriclifa St. lt rQEltDcAPrrAL tctacsno curru HIM BANK of NEW ZEALAND LTD. StnLondon EC ml usuki LXAUD CAPITAL 4U2M4MO vi ln rmuttinct rusUJ. lid or lent lor IIItctIotI. nr-irji lot a or 3 yttrs it ARTHUR WILLIS.

LooM Malae- CREDITO ITALIANO. TlaWMS 1 Ixl L' STL fcaakuf HtwiH krta aI rlEI 44 itlJr an4 bil ar opioni4 of trail Ul a wss MioteU Lb. IIoni I. lea COMMERCIAL BANKING OF SYDNEY LTD. 3 Haka 4X00000 4 caa4 and lHtn at A TniHi I 4kklaK an ll ami J.

feral Lombard WARRANT COMPANY UNITED. Awhorised. 1000 00 Vp 961150 4 150000 BRA. RIO DE JANEIRO. SAO PAULO Corsigt arid Commission Business.

Steamer Agents House Clearing Agents. at all Branches for the General Merchandise. Omliv Be London. SOCIETY. FOUNDED' 184a THE UARANTEE SOCIETY LTD.

BUch1n Line LONDON LC3. Finance and Commerce CrrT OrTIcL Tncruoxx U. CorruuUPl" ECI WLLZ. 7S7. CITY NOTES.

A STONE OF STUMBLING. It i curious to observe how many people who now talk about national finance without having previously shown my particular ability to understand it have somehow got into ft' bad habit of parading exaggerated figures for our WIT expen wture ben they criticize it. growth. Some pro- seems to be necessary because even in the House of Commons during Tuesdays discussion such figure were cited as 7 millions day for the present rate of expenditure and 6000 millions the probable amount of the National Debt at the end of the current financial year. After the repeated explanations given by Mr.

Itonar Law during tlir past six months as to the difference between real and recoverable expenditure on Votes of Credit services well ax the ubotanti1 values of LtA outstanding to be at oh against the loans we hare raised it dot- rather abnird that criticism should still prucvrd on the. i of the nominal rather than the veal position. The figures are quite Urge enough without exaggerating them. but we. may perhaps repeat that 51 millions a day is nearer the mark for our real expenditure.

while the net debt at the end of March if we allow for approximately 500 millions for loans to our Allies values of stock In ship' Tnunitiort factories and plant and large arrears of taxation. would be more like 3.500 million were a properly up sheet to be presented. We are orry that the Select Committee on Expenditure has not tt tackled this question of ft businesslike tiational sheet with the Ultla reckoned a well as the liabilities for we have long felt that the existing method of presenting the national accounts does a great deal of mischief in misleading the public about the actual position and prospects. It will hay. been noticed that Mr.

lIonar Law stated on Tuesday that our expenditure has lately been decreasing he obviously meant our real" expenditure for the published figures do not show this and that the total at the end of the year win not be. nearly so much as was anticipated ft little while ago. New South Wales Renewal Loan. Underwriting arrangements were made yesterday in eonnexion wiSh I large renewal operation on the part of the New South Wales Government. On September I next 18477 of Three-and-a- halt per Cent.

stock falls due for repayment but as no provision has beenmads for redemption it has been arranged to offer holders an equal amount of he per Cent. Inscribed stock redeemable in1922 or at the-option of the Government within the suc ereding 10 yean. Cash applications will be invited at par for bond convertible into stock. Five per cent of the amount will be payable on application and the remainder not until June 10. A full six months' interest will be paid on November I.

no that the issue prier is really only about 991. which was the price of issue of the 3000000 New South Wales Loan bearing the same rate of interest. floated in November last. An interesting feature of the underwriting arrangements is that 50 per cent of stock converted and of cash applications will go to relieve underwriters. Thus if conversions and cash applications amounted to six millions underwriter would have to take up three mil.

lions or if the amount were nine millions the underwriters would hue to make up one and a half million. The prospectus we understand will be published tarly nut week. It is not quite obvious why the renewal should be undertaken fully aix months before it i absolutely necessary for to anticipate requirements in this instance i expensive since the rate of interest to be paidis roughly 2 per cent more than the. exiting issue actually carrier. English Provincial War fond Sales.

Nottingham has all the glory of the pro. vincial War Bonds score which was posted afresh yesterday on the Royal Exchange to include the week ended last Saturdayjust as Leicester had had for the record of the previous week. Its reeponse to the influence of a Tank gives Nottingham 2063000 as its share of the 3804000 representing the wtxks contribution from the 13 towns on the Royal Exchange ring sheet Wnk I i I 4ra kd Total Jan. 26. flaw.

Jao. II. to 4 tf. a i JlirmllWlwa 1OOS U44 Bradford lt4 47444 4J OTi iW44W Josu a .04 UK tun Treat I133 LZM IO Brtrtul Ul lOW iUlwavir 16JIOO 1- An Tn St120 UOIlnG. 1 i LeaM total It is interesting to note that.

by one weeks effort Xouingbam has rwn from a very poor last but one to a highly creditable eighth place. beating even Bristol and Sheffield. Nlcaraguan Funding Certificate Payment. With reference to the scheme for funding part of the interest on a diminishing scale for three years on the Xicarpuan St rline Loan of 1909. the Council of Foreign Bondholders will.

after Ydnesday next the Lh wt. I prepared to deliver funding certificates in sp of 75 cent. les' tax. of the coupons due July I. ltIl7.

and January I. 1 1918 ftf i prrantation of the tickets i issued on payment of 15 per cent. of the coupons in cash. Twenty- five per cent. 5s in the pound of the amount of the funding certificates Lwued will be de.

ducted in of tax in all caw except those of foreign holders who lodge the required aftidaY for exemption. London Assurance Shares. In ronnesion ith the proposed fusion between tilt' London Assurance nd the Uriti Law Fire Insurance mpan there has been some little comment respecting the size' of Uie London A urance shares. It i pointed out that harea standing at iCO art' rather heavy for unill tiokifiL and it rr nrrrn to Lit question whether it would not I wine for the C4 urt of the London Assurance to ron ider the advisability of dividing the halt into rmalkr denominations. Such division has been carried out with zuccers by ther companies.

and tends to make an i ue distinctly more table. It would probably he warmly welcomed by the existing proprietors of the London Assurance well a by those shareholders of the British Law ire who. under tl fusion scheme. will in future participate in the success of the corporation. The Passing of a Lire Assurance Donus.

The quinqutUlial valuation report of the National lrovident Institution now issued contains a clause of a kind which has. been commonly found in r-imilar life su uranoe reports iNu1d during th past two years. It to the effect that but for the war conditions the. surplus realized would have enabled tho board to declare the some rate of bonus as at the. close of the previous quinquenniurn and to carry forward a substantially increased unpproriated balance.

Tit surplus now realized is 374800. and it i proposed to carry the whole amount forward making provision for the payment of interim bonuse in respect of life Ul endowment policies which may produce claims or will mature before the clone of the next quinquennium it half the rate of revenionarv bonus declared at the end of 1912. The divisible surplus of 374800 was the actuary frankly explains arrived at by what ho describe as a weather. valuation. That to My it assumed that the future rate of mortality and the net rate of interest likely to realized would be the sain as in 1912.

STOCK EXCHANGE. WAR LOAN AGAIN LOWER. Members again passed very idle day. and the. general tendency' of stock markets warn doll in consequence.

The price of the I per Cent. War Loan was again weaker and Home Railway stocks a failed to meet with much rapport. Rubber than remained heavy and Brewery ttocks under th inuence of profit- taking sales closed at a lower level Tl was a further decline in the price of lh Flee per Cent War Lou to 531. Ute buying being wulkwnt to maintain thpflee in ac of. a quite moderate amount of telling kil tb New South Wale Convenion Lon operation alto bid a weaken.

leg Influence. The and per Cent. War Loan decline to In the absence of bujdne the tend. ney of the Uova RAIIWAY market remained dull. North Eastern falling further to tlf while South Eastern Deterred lower at 2 Canadian Pacific Railway chare declined to III Ruaoan bonds were rteadj to firm with small huyt tie Four.

on the of 40. French Flee. eased to J. Brazilian bond. again showed a hardening tendency in spite of a alight decline to the Rio uchanl Uexkan flees were nominal uier at Aryrntiiw Railway itocks.

although altowiag no thang were perhaps a hade harder tar choice. TwptuJuc3ng lham were again rather rmer and at the ioee nnall rue. were shown in JnanzU to 71. Slajuli to 33 to 4S Sd. Nederm to 61.

Jd Empire to JH. 54. sad RajeUa to 10 34. The trend of prices in the RtND hare rnatkrt WU again in the downward direction. Unggl do at 3d.

Rubber Trut at 21 VaUam- bro. at II ed Dutch at js Kapoewu at If. and Tflorol at 45 Id. The feature in the Oil. market was the continued flyuneu If Anglo II.

TIM prie. clooed at 301 Trinidad Leachods were steady at J4 i. Venetuolan at and Suet atSa 114. Burmha to and North Caucasian to 14 :14. In the tiaeiu.aa-aovu market renewed sailing of Brewery wcuriUH was in progrrs Dlaatba Pre- terenre at I 31 hosts at Tickner at JMmton Thompson at Wtnty Comb.

Pred at and Barclay. Perkins Preference at 4 IS all howed decline. Parker' Uurtkm. however. ro to 30.

Active toot place in targ Fleet on Us basis of 17 and in and ChUmen. which recovered to 4 Dunlop Rubber. RoyceaadCastner showed rues at the close. Lipton Ordinary chanted hand. Italy without aect1n the price.

I3razilian Traction recovered to 44. and Nicer row to 2 but Hudson' liar were dull at 7 7-1 Borax Deferred at 41 and Nobef at :11. d. showed small losses. Textile harm were steady Bradford Dyers at JS ld.

being in ome requent. In the SOITH Aucn market Par Eastern Rand hare met with support including East Rand Mining Estate. at It but Spring Mines were euler at I :3.3 Among Rhodrcian iaiue Uaika marked up to 32 d. on further new from the mint. but unaltered at I IS.

IVzcnde wu firmer at 4 on a report that normal runnth 01 U. plant will shortly he resumed. There wa a demand for Cam and Motor. which rose 1 3d. to 14 and alao or Zambeiria.

which bow a similar advance to 64. Ve African ihare receired support In- eludioc West African Mahoxany which rose I Id. further tx 7 Id. Tin share. were supported but chewed little change on balance.

RECORD OP TRANSACTIONS. In the tullowing statement ar bown the price. at which bwjneu. in oRlciallf quoted toctj waa transacted yesterday. The tanning of the signa wed 1 a.

follow. Small bow at cial prior I tXtlJ tional bargain. small mount srllrrs jinj tamp rid tee I I tree of ump duty A bargains done with or between non it late buai transact on the prtTiMd day in another Stock Exchange I tt tfbargIna done on the previous day La. TtHAury of Depooit 8 A ditto Scheme Lb ditto Scheme undet Order in Council of January :1. 1917) A.

the purr of KicrqufT Bow pay. the accrued iut mt la addition to the price. BMTIsn Trs-r c. 10' U. If A.

4i4 no. B- KM. on. 1. ISIS A.

14 I 14 it 41 tt 4 111 lit ItJO. A. 1001:4 1001 KP 4 War ttJ 4t Ml i 4 14 if 4 Hi. 100 aX U. Oct.

4 Chjna. Ml I 4 ItZI. Af 44 i li Do. Bonda. t.

Kai. t1 Ana. 4 April I. HHoTA. lOOiUt 4.

VA WM. I. 4 Do. lJnnda. edVvb II 14 4 IK A.

1011. Tl 14 ll fIt' War. 4 tti Do. tCEafOt It'd. Feb.

II. Guat. V4 It Wl it I. A. 10l lt 1.

I Loral Loan. k. a. Guar. 3 HUv.

aS Hri APrU. 1513. SULs Cli i4 401 uar. On4 75 4' CO i Ti 158. 44 I 471 Bvk 4 KB rv4.

20411 Jj 14 lidial 44 I 61 1 47' tNtTU Pita or hTuir rtrv Umdon tnunh 4 40 Liwpool. Sir flt4 IM. sir 4tr Mwboiur. SV 111- Sl TO tdk cc 111001. ii- l.

Till 14 nut r. mi. xrw Man. 3. UI' Mnt 1.

4i TO STIKP IX Jtt 3 LVb. 1 7. 55 tBue O4I1LIIa. Ac. ITED WG1vt iu or CT iir ltiy.

StTVjnT TO Tvr TH II. Rwtkk a 4 VauiLL. tIll r. rb. Ttt 7 CuW1AL ASD rBovrsnU 5ai l.

4t5 i b- AtatralIs. 27 21. 24Kwt iHak 4 jT. Oft. 91 i Niaot1a.

S' Mfi MVh.l 7 Mt Soutli Africa 4 Hf I M4 U. fl-33. Scrip. HAonrai 4B ltnlS RIIG1irtnJD AW lwcazsi re. 1 Sumo 0111.

Indicated rain. Sf4 I lo Ull 4 Zn 4 Coal. 4 I. IVJlrt 73 1 VrU a-- 701 TK i hi4 tl4 4 th 1) Qna4. 4 5114 14 90-4 II.

a. 4. 4' 81 1 67 Ik 4 1 llo. r. 2 Natal.

4 Iltt o. 4 73 i ltt Iu. a Oun. 4114 lit o. 4i tti 4 Jv 1 r.

Coi 71Itt Soutk Airka i Hui. 814 S. 4 Valm S1A. 1511 loot ftw Wj FouthnNiirriaila4rrMlsifXfl po. 51- 1 4.

Ml 4 I tniuo S5lmea7a. rt. 7oJu I. V. 71 4 7l 14 tin.

1 40. 14 Vk-tortv 4- I Mi. 14 a i. rett 100 ftVtfl lliMl 95' OJtPOJUTlO STOCKS. NDU.

AND LON1AL Ttomtor. 4 Sl 1 Xrttxmrn b. 4 13 7 Momml. lilt i ton 4iV7 1 TntxnM. 4ifV II fsi Ton 4 4 if Mt H4 COEJ OIIATIOS STOCKS.

4 r. 4 7 4 n. 4. 151 ii 45 lib. II RlM41 1 U.

44' 4 19111. 7 1 14 hw de Jam 4r i it. 71 Mo4 i 14. IWM. W.

4 Xokro. 5. 012. lilt BONDS. Sc.

I uinifc ras I. IN. i. 5' Sty. 544.

low. Bj1a. Hi 44lt Lh. ii IKu i id 4 1 7. 44 tbl Rxa.

46 Sz 14. Ul 4 942. 4 I 11413. ll nib I' u. f.

IWiH. 72' Va I. 4 ll. 3 4 lx rr 190. il f1- I V.

Bdf. Mil 147 i4t tw. 4. UI. Load.

JAoJ" BO-4 4 iWfOt I 101 4 Flu' rlp. tt tt It 2 IN 4 t7i I sRs At. Aawal. 4 It o. li 4 tt b.

II Pi. 4 0i. Mt I4 I. 5' U. 4i 1 lvo uji UiiU tt4Isu.

I'M. Vtt bJa87i 4lvio71i 15j ili a ivu 4 tJib lift rara. 4. rlKl 251. 71 il b.

I. PuruifMnw Lit. KU Do 1- 54 lib. II 7 de Jaa S- TV. Do.

41" 71tb 11 iu i- IIKW. 4 tt i. ll iLoad. I 4r i uv 1 J. 11.

to 4 5 rMn i I10 51 Saliador. 7. DL dn. im mi HI SS-fk 1IU IMS. It bl7ct 1 j.

vn. ISIS Id. lb. I H. T7 i itJ l'i liilril 1 il rt I.

I tb. 1 truga al 77t et raouFia. 4 a 4. 1 14 IX-d. 4 a RAJLWAjS RlL WIAE1J.

A TtJKI Io4kr. 4 i4 4 LartlN W. 4 1. HM. aid b.

W. 44 41I 14 lw f. 4i 44 Un 4. otlwf 11 114 Jieii rr444. t.

i own. J4i Ill 4 di Midwd. 4l iil ti 4 CtunL Urtrtla 4D fl u4 tt rU. rr. 41U i 4 X.

lrituS. 401. 1 1 f. St 1 11. 141 4 1 14 14 4 nrCt 4 ii 4lt tj 4rh.

7 4 i hi 121. Hullaiol ljn5. 44 Ijwtrm. 67T L. VrvkloDTU' as.

0 TalA ak- i 4 I RAii.WAin-LEASEDArnsinKtjrrAij" tr I' i LaL4lrMii kt4 i4lS01 AIIW A VS. DXBESTV itk Tt KS. I CaVdoclan. 44 IAIM- ald i. 4tt 4 C11raI tjidor CVtt L.

and I 013 II Ural I- L. SIlISIOr. 74 t. 4 i4ll Il be. 4l al 4U 1.

farirre. T5' o. llA. Tl lto 4-4- i l4tt 44 Mii-arli 401 I SO llu N. knlkk.

Ml tlttt La 4 ul4el UuU and t. and. S. taff i laILWAi GrAKAXTZZn SHACKS ANt STOCKS. ilaixi.

4 4 4 N. Urti 54 tivoJl iM. Do. Pi t. No tan.

Per. Ma. 1 1. WI W. 7 4 Do.

I M4 li. 4. 70-4 CMl nt. If I 1. and B.

4 704 I 1. lr l. 4 1. hntMon. ii Htt 4 L.

4t 71 aai tt 4 Do. 4 lV7 Sb S. 7114 4 Tot. SI i a 4 Do. 4V IXi S' 1 iMdr 7i 44 4 IV an II Do.

CulT. 1 We xnug XATLWATS. i UH rfar fvirteir D. iA Do. to Do 4 kU4raaadlLXahlaluUl IkciladavSVCT XAILWATS.

roseissioss- TrtmialklO4ortaVla. 4jJtt 11 i II tu l. 4 Lkr iIiia1 tit Do. rw 1) 4 a WtsW. 4 D.

LUIIIII. 4 Deb. 4 LID namrkVkni4 UiaaMc. aV 1014 uaJUCAf 4rr BOSDS. 43OLD.

IkaL Hex. AaaratatL SaLKlrfJaf rtwn BOXD STtBiOO- AJataavk On. a G. 41 4 Itt SW 04. rffcMH.

Wit raaTm Da tl i4Uil. Iabamba. i4l 4l i145. 4 lat pea. CowMJiiaS lM 4l auf lit 143.

lj Ik lUf. Kmiru. 1 f. Po. M4tt 1 47.

Ill B. Ajma ut. Bb 71' I iW vnt-fyft-K tt alaMna 1 lw. Prat. Witt SUttt 4 It.

It fekL. l-abrilo. 44 MJi Uki tt4t a jrlii nil. Tiaawkiia IX. f.

Vid. Uarana. 1 iM ZM 47J JC8 AD Pl COT ST I1L A trie rot Terse. 4 iTrt Loud- nd Bra. 1414 I4 1 Load.

Ctlf sad Mil. Va T1l4l jVllt j4 l1 i Do. Skit UI 24. NatBkof aattbnoo Nat. BtslladI475 Co M.

Sat. Bk. It 1114. boa at. Ilk.

Brtt. Bkdri A. adUmnl4nl4li onial7 UoTill Hocikoac. 171 it 4t Parr' SJ1S ld D4JaDaoiNlkfatnM ao4W SltzWtEfzs LD DWTOLTaMEa. Hi tlJtt rTrkiM- lad tow 4 i tl Kit lKI.

Ill Deb. 7 7 4 4 e. 7 Maaa. 4 uiil Manwn. TbomiiMB.

4 1 DL L1trolU 4 Vw. 1 v. lu 4 441 Mitctelto sad HUIbTI. U'- 1M.S1\ all b4m r. Pa.

MI. Do 4V. DrV. 44 it CDtb40t ThrlfaUa 4- PrH70 at r.r- 4M bU 41i a II. tOVMKRCUt.

tSnLU J5tol-2rJ-- i t.4o/ 44 Ta tTlmi mb 1. Anratia. li rir ifTj Imp. Too. tanai isn't I 144 flap.

Tub. lilttn4. and iKlaodl. tin. 1 lot Army Do i 101 1 STr i a.

tt Art1. 2114 AM Nr i n. 11 tVrt1aDl. 51 2- Com. Trf.

i4 4 Do. 1 but tNt 7 Awtnliu Kbtonl IWittt d. Au Co Lab. 2. Cum.

hat. BkkW I A I 1410 341 IV- I ram. pf II. 1 UI AI' sa LA. CU A ST AM CU A 1.

4 l- rl 4 4 Itaa tilt. tint. T-T- aj awur A W. a. t311.

ii Son-Cam. UI Kiwtlt ST. 4 Mooch 3 4 j4t raxI.4t3uW Vj lot ivb. 9' 4 1 4 Uuun i Del Xort. tli Bra Cum.

Pnt. 4 Cum Put i 30 :4 no. SUvtoit V. 41 Bum Ijo I Jlj IK i hit. i A.

I 1 Cum. Pref. IV- tr1. lInt M98UL 4 Un Dttav. :1.

1 11 a loll. mM au. Surlltblo. 4 1tt ll 471) lent ikn Ur 7 II uii Ui. I.

IM. I-I SIaTPISt 11. li 10 1- 4 4 165 lt a 113 51. il 714 4i4l I' bra. Automatic It Ii" touoa aid Wm4.

Hnt. Mow. 1401 01 ttt itt 711 4 41- 71 Sm. WrHlafboixa. Mood.

lit I 4 1 a Rrraut aad Mar. 41' V- f4 tuInshI 141. IS. la. 4N UM 751 maim1.

rV Iii. ta1W4W. tl 14 it WI Oa. 7 I kllnrr 7111 tt 3 4i Ii Fret. 4 4 I i.

1 Nrliu Brother. 2101. Se. Trsanaal Wm 4 VS 135 riu i au ITrf. 10 fnralA uaKl iiTl Pro.

Mlnrh. IMtJf Pt 4 Peek. Yrsn li Pro- PS ti4Ie. SS' 4 1 CurU II. 435 Dill.

RlOi. S4t 111 tPwb lurrr. lula f71 7 n' Doullnii 7 4 71:3 7- Il Dutch to. ElpMt. Man.

urn 1 I 7 4A I 3 Hat I Phil. 4l ill 74tt bwl I i 0' rwt. tl' and Art Meal. 4 I 1 iUw 10101. Iv Kt 141 V3 J' 11 Sit us Xlul tm.

A l-h. 01713 IS ri tiii 511. I' Urptua I beam. 3111 40- 1 Floe CMtm iunnm. 350 toVT ais tmt-nik Hutal.

4w lot Mort. Itb. On Irrtne. r. Cum.

Pref. I utt 1140. 111. SO VS I i tun. lief.

SiC 1 loij 3 rioica InUi4. eiVt tntis Mi AmwtiM pol au. Pulp. 5 M4 vr. vr.

idero. MV PP T. and 5. I rrrt. 3 llfilkr iu I Rakrr.

iVlOiefl tIbNm 74 74 Trrs IV. :7. 1 .1 10i I' 1 17 VauxbJLJ Wrt it allunj 14 WHot 33 Com 7'14'- U- 13. I lianud' IHA I lu 3 4t 41 r. I'M Prel.

11 4j 11 t9 I tntm Dairy. 1 mil-1' TottLIea led UillMl-andJ ttlt7 itt IV 131. 1 18 UoIse44 10 uuqtl UJ. ilL TLL4TkLC UCBTCCd AT P01IY1t. OtW.

a ftbawtniraa Water IA I rbao Ekrtnc. i 4 190 1Kb. 14 111 4 Ito. Vf. Wet.

Deb. 104' 4 FIXANCI VL. LAND AND ESTXEJfT AUf. 4 4i IfrpUan. 14 WMra.

lli 101 Itnftwt Africa. 4 Jlnt. Borneo. IC 1 bnt. 5.

ttYka Id I 2. Lua We SN IV I Trkua roil 14 IL. 0. 4 11 IVruvua ton iS lw. 4 lt 197 l- lv MMort rdura IT Ib.

lorpi Pirf 5t aud Forein. :5 an IS1t9. It I aiua. AU UI. 475 11.

iJo rf 4 lludi Hit. 7 Ito. i4 Java lamt 41. T1 Mo174at9 ol It. llau.

Ji. lit yn4a7CIAL TRr Cit If ik 4 SC Anal aad. Natl lavaS. 4 rhnkt 4. 41 4t Kio N.

i. 141 1. aol 6 II Tru-t At4. 1. Uiuuii foon rt dF-crtH' A 1 4 do- Vu nrrnm' W.

II. 7 4 51. 435 7 15. i- 1 47 i at 119 r. EuW r.

41 lb A COM. 7 Jjg 3 174 I I I tin. San. 101 liii. Atlv.

4tt LiabUltr 17 ltt 24 Kj 4 lav. 4 Pl 54 nioJMa 11. IS kulK Plant lT t. WIll A Imp Out 534 It. W1WU.

741 In y. Mann. bib 34 llo 4J 1Mb 711. Koral. SI UcJaoauB It.

fun. Hi 4 14 4 tt lOt COAL. SD TEL. 1. 70I Fra tialiii4 rt4l4 Ar Inm.

I71 3 4)- ru vjja a tu lr W. ol 41lt Le KuprrkrCorp. lit 4 Wt 7lj 4.11) 5 i II. Lambert' lws 44- Wal It" jfwi. v.

211 5 7 tanllal1I. taird. 5 ear. nt 71 si orbaiV i i4l ltt Tbn civllJl4 1 4 Prn rll I. IS IV- Karaatr.

151 17 0 4 V- Nlf1t. La I Cr 44 3tt 4 3 a 11 I Lun. 4411 to it alt. a7lA 1 Vnbed Oatali. i7Ii tarlaie Stnl.

71 Atcna A ba4itl 1611 a'- j. snttt Ill 7' 4l lIdluaaUD4 En lor. Il rflta rrrkr nm. Kird. IX.

It 41 IS hAav 4ua Fef a C4W. kl 4 S. Africa. bAlt 7l Do r. Prrt 141 Ito.

4 2nd t. 14 Dr' tvetino and tulvia. Iii" I 35 Tue. I 1031 41- rv. 4 4 1 4- S.

WI ham Prrl. Z4 rabM4 I1J 1 MBtfitrr ft Jack r- ootk uflr. 71 4 1 I 1 4 40 P1et TaNUrib la 6 in rrutt Vai' WViilstSi It-- 1 I 41 Viil 40. JA- Comtl114liv14.10i Arr itloe Xa US 11 ii Pr f. ill'S KrtvhaodArl- i4MJ4 Kl hlol Mail.

3.1 1 llJr 41 44. 4 Caira tar. 71 Mu19. JOl aft Mi. lt 3.

o. 5 Ill. IS twaid vi 4' vi 3414 4 4 Rural Mail. ini. nnakl Art.

IX 1 4 Do. 5 tt ii. I' 14. 7U 4 4tt I kT. V- ice-- TTTB NATIONAL PROVINCIAL BANK OF- ENGLAND LIMITED.

JKIS etna 15 BISHOPSOATE LONDON. CAPITAL Paid up 3000000 Uncalled 2300000 Reserve Liability 19600 Subscribed Capital 15900000 z1EitvE FUXD tartsted la BriU OoTercmeBt SocnliU Ono FrraivatD Onus Wnua Hix SIaLa GacT Ln Bl ritl 14. Sow lavos. 00 14. ynwAaa Eros losa Wnj Zas.

Wam Xa aa XwThs BALANCE SHEET 3lst December 1917. ASZTS. CATTTAI.V- 4uosaanatnS4vknaiM. i t. 4IS0S 4) 4 I at 111 IUuuObkaraot 14 ck.

til paid 6555000 UUIVZ I I'M 1400000 ZJMOOII CrVTSTVZTm kMto KWw La. 1 STJUIH I 1.1- 0 irU474t 1 I LX 4 I UH ACCOUNT of Plush ad LOM u4. I I 4 I MUU 1J knockt tm Leu uwnm Dlrldmd. I trr ml. UUK I.

orIucta95 fu LSLSAII la Uuuo Vrt oiortt4M of tnnuT Tr 4 sogua Bttaan cwricd to HIS 0354357 5 2 U. saoguit' ntM1. 4 A otiuisabrtiM bUton Butter ad linalr 4cdHu tr The Bank has Branches or Agents throughout the United Kingdom and Correspc. dents us all parts of the world. BRITISH.

COLONIAL and FOREIGN Banking and EXCHANGE tracietd Trusteeships and Executorships undertaken. Copies of the Annual Report of th Dank List. of Branches Agents and Corretrpondeat may be had on application at the Head Office and at any of the Bank' Branches. French LLOYDS FRANCE NATIONAL PROVINCIAL BANK FRANCE LIMITED. Office to Lombard Street London.

LC3 Temporary Addnn Office Paris Place lOpdra ox lisyrs sad Nle THE DOMINION BANK. Head Office TORONTO CANADA. TOTAL ASSETS t97061DOO. SIR EDMUND Do OSLER. MP Canada President.

W. D. tAT11IEWS VlCC A. BOGFRT General London Branch 73 CORNHILL EC3. J.

HAYDN HORSEY Manager in London DEALERS IN CANADIAN MD AMERICAN EXCHANGE. GENERAL BANKING BUSINESS TRANSACTED. INFORMATION FURNISHED REGARDING CANADIAN MATTERS. FERREIRA DEEP LTD. Incorporated in the TrnsL Cipjlal-Aitioriui 1000000 a 1 Siam 930000 taL DIRECTORATE.

II. r. liUYV thoinnnl E. A. WAtLEIS S.

U. JOEL. R. W. FIENsEi IL A.

UOGEH3. Eilncld ra tit Asas1 Re rt hr tie year uiW 30ti Sqeaber 1917. Toab Total WorUnf Zavaas ToUl Workinc- Coau Work 1152572 It I aj Mt uuittu i el PrSt unn uiarfrirrutM at sou fepttater Ul tIIt iil i odd. of 1117 41 5 4 II 15 I MU1 total tan Governneat lura Tbt dsr19g tt. yar Xo.

25 Ill per not. 1 II ul lit pr not. ammiotrd to Loa" tslaaee upproprlai of i hat brr rv-eitaao-i a. at SOib Mwanl II It I UHM7 mill I iui44Tiili 41141 3 Itnm i 7 HLTH usm II Ti Or. tb laUowiA Loe4.

iD South Korl 1517. ant aoont 1 Tana aitan Itwu 71255 67 576755 Ii 44 44 24 4al may trrat thnj a Al4c tbatl 14 bouidarT Tatal UIUM HUM 4ssis LMi 71 The Fun Ii port I Account. may be obtain1 from lh London 84 Urie9. A. 310111 A.

CO No I London Wall UaiiOiAtp. Lonjou ECJ Guaranty Trust Company ad Office ri Of 140. Broadway. of 1 I 3. Rue de ltAlienl.

I New York. CUAIITERED is 4. Paris. UP CAPITAL and SURPLUS 210000000 Condensed Statement. December 31.

1917. RESOURCES. Real FAalf and Montatfl US 1 CtrUwutn of lodtbtedafu LiWrtT Bonds PuMcSmirtirt LIABILITIES. Sl tOOOO 322920 lUbJOO 4449747 Capital Surplue. Fund Loan and 81 rurd.

Cita en 13964 and in t1nka Fxchantrt lor Uearng Frrga Kifkanjt Crrdt Grllltd Dvoxstic 504 oreita ActrplancM Accrued lalerril and ActItJDlt RKcinWe lt38O4i 1503400 4543341 ulIuua 655443 Ui id n4 Parable Dtnabcrn 31 OutsJanOin Trtawrtri Uic4an AHnrtliinttftjimii II Rcwm for and KXPCIUM fertitn Aercunia at and Fonlgat ApLaacs Nu a Dill with riSe1 Rrwn. li i. 5400000 2J1SI 2M 00 uiiwa 44 98S7U L52LS7 Z31Z4M 11 Jil 4905 i E13Z1414M 521. TelAJdro LONDON OFFICE A nu 703) 32. LOMBARD STREET.

LC. 5li i. Ill 4t4 rra.LTZ. Fret. 74:1 um ll tfi ki-J.

II 17 ID-10- I a tjxl VootIIU tl PM. i II' TEA. comt AND xmas. 3i 1 I i sT 41 t44 atalftilitX 4 19 r. I .1 4 Load Aautle.

IS 5349 4t t3 vJair4ttJIlv or Bw i4 TrtikUll aH TtLKBATttS sn TELrrHOXES. l.i- 111 41 1 I 4. rrftJ4iJ. nr 4i J-- Ratra. II Takarapo.

1114 TKAVWAlTI AD 5. AlaiioK TratI1' It ladiai Tea. 1 A a- V. 41. Itaamr.

Orand tthl S4V4 7 4 W. a and fauua. Altt rLiluail pwlaoda Mi- 4Y 41 4r- biff llaal. li 2 iVTk tii Jt ba 7 a i47 il KtrxiU Krulvmax 4 T. S-d.

1- kimaaav. a 41ft Irb4 l4tt NaUwal ftaaratv. 17 I moioivoo. ri I. T.

IlralUlaiv Traitiix. 4) 4 4 KK- 1. btncaliort I WAUIt MUo Vau lS tsll in next page. ANK U1ud I lb. taLIihed Ra dJer MlW" II Jt B.

co tERCJAL I bun ea errd Crllttbi rcJ cn1. lf11.J8Wl1TnUOll tIIo ki Jf n. lJltS AflIC' I mE Caplu1 6:1,500,000 500000 tOemmtl 8t. Ec4. 1'- JiI IIoIMo uc Ma Dt.

I lIII a. IJb8 out Jo 11. u4 If par par all. II I T. 110O.

IIfJUIIU I IOV 4UkIaI fJnulU ID a-- r.Iud WI- G6u 1. Qaea. 1Ctna AmOZInD rr.lL pr- I. I' uoolO II. tLla.

oM t1ortI111I 11I. Ia aM lop lU4alD JUT.X- 17 Moorgate EC2. CAPfTAI. III lP CArtY AI. IIO.

CAPITAL. 741 nD lflaoo LI5ISOU a ot lUll 4 aln mIIi ZM1aa4 aoS 01' UO u4 urwJlIor 2 1Qllii LGD 2E1 Buk" Laaa. u4 I ea. I. AJltItC LLq Fc IL 10 I.

Pa. 1M 10. a MoI. I a THE COMPANY JoU ao ot ILt4a I A tUzuIANWARRANT UMIT DI tl1tI 11000000 capital Paid FUnd ent ueturers Costom Warehouses of Mer III tac1ruiJ Do L01I4 1M TH nu A A Flre Burglary. 1' LoJPO au n.

STO ia ho viously tndit raW when tit ion i pf Xa n1 nt af. re fr. duriogtI. ftilllfUtftd na ratin wt le bt th loa la wt- hll lh Were yet nl8like bI lhfft liabilit lt ting al ading publioabout iII Ir. ffling our" eodof Jnd rniting ron xion la ptro ber nt.

nmade bold rs in I theY option ng applit' on. in iuuepritt 11I1all ra arran nla und rwri lohv ons wri un nrri rs pfOf ptCtus obvious1thy und rtaken fullyaix ii absolut ly ary nta i. uptns io ltlIt idill i sue arTie' ProdndIWr ln. Xott njZham LPi ter tI Itp nting al lucoring 11" wt I 116. It I 16.

date. I looU8. 15680 IS 1I1ne 11IS RuU :1.1601 1431075 tota il t. 51230 U9UIO 1 II66IIoS otUJl 7 11110 1 1orUm000Ulj IIIH PIIII Tyn. uSUo onewook' ri ci hth dimi ears Stlllin i iII tit ftt per ht' I1H a pll tlltation I amou 1t lun ued pt.

lith th Ltw AS I ttle ut iohn1 aY IDll1111UIdrl1 be curt Lond roncidtr th ah' oabilitv oD5. IUtCf byothtr illue dir ntt1y the partici pat id Dt assurance the t611 I bonU9M BIT unappr riawd balan I' i. ma int rim and um llmi Wll actua de cribN. be Nmeu ru ed a dl neral undenc oonIqu nte rmu ned ato the ueDte Tbre II the nt. price face rD dcr while the Con tni6n tioo Inll an4lfaU S.

orth fal1 1' Wo terftd uad to. of iIIlhe UI. cbf ice. tr re am re han 11 33. 4 Id.

ld. toI lOaI a. Id. Rub u. Id.

rw. IL I 431. 311L tead 34s. Id. i.

td. at I. 71. Ida. a I.

1. It. Pref. 1ICIa roe. 10At1in 21.

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77' I 1' I 2. d. 1. X- I. 81' COItPOItU10 TOCKS 11 A 717' 4 lido.

1515 11 lJIII1W 871 0 1 :1. Il 711 BoI SS1 00 I. W. I I. S' UI ro RfJS b.

n' M1 lido 1097. I 111. 11 C1a S' 514. U' It III 11 II II tb 10' II" 7 Fn l. as 511.

U' I'm. 6' f7 IVI'- 1511 5. S' lid. 1914. 7514 r.

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7' 11. 111" It. 6. 7 1. II.

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10. to ob. ltI 70. II VIII. oIoU 11' Sell Co u.

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al. I. Ioat 7' JiIa 1Jd Ull11 I. It I. la.

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11 II. A. 2Jij as i i i 1 IiJ1 DJ. I. 1 01 I71' ilt 1 3 IS II.

F. iaa 101. I I' t1llll 01 1 6 9 Tn. IOl SA Iu rI C. Zt.

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201 I 1nUJsL11 i Jr. Uarid WII ilLnd Ut 171ft 35 ju. 3 I no. 11. 1171.

111 wbiteIet IW. JJ.t\ 1110 1 Do IUIeb UC t. Irht It' 101 I 100. Lta 1ftfIIOI j3u4 s. 1.

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21 ti. i ln MJ k1llw aI I Llrb hi. 355 00. S- ILuI7 LstILLCY II 1. 1 r1 SfI I i 0.

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saltt on I. I. l. III 8 I I. bL7 jl tilf AIIoma 111.

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14141 3 1 0 1I i1 Pmr II. UI. 17 ke1zgn tnl1. Ild 171" I. lot Lb 1116 3 8.

1" 01. U. IIIIH a 1 7 IL 1 1 3 711 11. w. uu.

kn 1 n' i I I II. 1' I. 1 I. 1iIII. 16 tUDI ID 211.

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I 1' I 15. LD2. CAPIT AL b1 1Ited ItIsh 13100001. II I ntLlIra Una Snnica ca 10. naI I taan flow.

IIOCWCaIL ocxGsaJ I lIatnw 0 ras bum a 3. a ZU1L a. BorftsUo e. x-a. iltrnnulllpaI4.

dYdBM uUUOUMaodIUJII4 11" 1 lC It 11 I- sea. iootIarlO 1attw4Iu. a1A 1911 1- 1Io I ImoI115rMlli a ITIU T. X. tM ttlfnurslll nut1lLlJlAA furwo Iat 8UlI a.

I. De 111. asum I i. I' 1 UCIIIIII lien Auit KI 11 1 mid. I u' 1101.

I WIINI It I lUll. .1 IUIot Eao 3190 LJ30. JIlt. CUTIecIIoUII 15t532 II I. Bad Ia otrF It II nIUGJtt 11 IJ w113SI IIO I1I u.

MilitxIS IIi rut 1II1lIUI. A1. HWU A. u4 EdWlJl1r" ertkep rt tIeotI Auxiliary CE CE Omtt' nry om Par 4. Bordeaux Ba Niot.

rit nad. Prci Branch-73 Iii Ja i1S EXC I-A orisel. is il iss l' FtE ELL. ICO ER8 rem 1heAual Rqit I 1011t14 AI II' It. the 759 un.

UUNr. lIIIr nI I rptclllIorI9I 1117461 1.1 qPw I MakIg fit. tllu Din. 11111 91 IL to. zr11H.

un. I optbor to I' tII. IU IUtaop lJJ. I BI TMs1 ussM 1 I tit i-grrge3 thus--J I Itt11pu1rDl balt kll11 p31ari ea LJns r. nPort an ma obtai be 1 I.

DJ t' I' i 1r Paris ew or 3 des or 1 64. SURP US. I 31 I 1100.000 I 5000000 I SC1C fttlialttlndob ciMM lD4JIIIIfiI. j' Bo 4. i17 Djj4a4 h.

PubLt uJI. 7t15 1laa rrI511 Ulctllltl 1701264 I 9 Murj 1Ir3It5OU iif1l1111tml nJIUt II 71 I tI j. Tuft leu 11tI7 I DOI Ac 5 U1 I it scaa ultss I i 2311 I Attept. 5525137 DepoWIII I I I I I 132149058 I 1 i i Tel. Adlm.

Avmu700 GrriM London. LO RD 5 lies I rlantv. Colo Ir41 latoa97 nIII al (11. I 6ft Ian I 71 1.t..a nt1 AL J. I I.

110 wm :1.10 Au i101to. IS 1' LoNue tl a oIa 1Is Jzon tIf tI tio I 1 A It lOl taa. 101. 111 lo' roO JIaII ott I10M. 3 101Ic.

I. 101 rtITIa sa It. Ii Uf1ir KKr1l91 IIIIl 10 n. 33 IWf 91 rt I. I.

iu 11. not. Tra f.1 15 Ill' 4 443 11 100. :1" or. 19 1t6 It.

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TUIW i IarI1 1t. :0. 8t I rO6IItt i I I. I. I U' Sd tie J.

11Io71 I pa" I u' 7 T' I-- LBATh1K I GujiJu ie a Ure gfd7 it I cting TC SIrtvt. TWO VWO TNoCA. ri. TeG D11D TICMab Qu 4 nL wCHTER rw ior b' ANGLO EGYPTIAN tbed DlM 4m1r. I LA3a.

Ju. tu daiiid 1 at ta WTI PA4 L47p1 o' at I I' Vi par pa 0 I RIlaw1 7a4 2 Iuso TjUUL ra mrl. l. tIy I agu. flaako.

Li4 Lat4. La Aa. Lya. M4i. a Ma a a Psi ka.

p. bZS7. tbI i J2 2.sa 14 lad aid ri w7zI- pa t4 Ooaiaat 1QxcaYgtiaSLEC. ria14 js Lnoiiaas a 4. do.

u. sad a1jjd4 WIrti 24III th. LT aMsr BANKoI P2ZID uc3zuD L331o. CAPITAL a. ji ftcaa3 iwar yea EthITo t4ypsId a R111f I LIii 115000000.

la 44 ak a BYaath at I. aim. tIat assaa. 1. fr.

I I Ioiig IazIfl a i I. atr. h1u. 7E ks THECOMMERCIAL LQ. ti 1.

Z4a3 h1ui uaM dbWd z1D4 I A 1 AMti segue4 aSOIu.t 1UAN mt tte1 ae Otn It. tMI. rouNDw-iM. EE I 23 EC. a a iven ai rra1 he 5 ii tl.

real th a 3 real pa a. Insc bed 1922 auc- iaid I I NewSouth Va1e 111 mil- 21 welt I I4 14S3S 4S445 14raaI S7145fluU 274 lIancbuteS 4175 4IS 01 laud. 41L44 4OIUaLba t175o I4di4 Jt547 iJCui 2A34SIs rewaIt joflaooth 19O rspcct agaiwt fiveper de- in cases Britich ti of Auurance i 60 irn nninta ssurance th aa ii 1o ew a 57 was 11. Ill. exrbangt.

nominally rmer 45L lOu. Lrosa I. oflh 6 61. 17. IlL 44 Igcr 1S.

obe1 ad Sa r. otnt prings 33 warn 71 eat t. cLan ar. atoctiwa. igna Is paying bosinu Scheme 4.

A 1 3l LbqT iu4 54. 1 1l I i I. t4' I beeln tI1I.4 5. ftet 4 I 1 1n I It. Trans S3 1' 1 4 DO.

ls I 1 5. VIE. 14 A I. I hi 1i a. A.

1es LS 1921. WI I pb. si 1I 21t4 41 45. 1 Buadi. 6.

ata. 1 tk. a ic. vr tk. Is iI COLats tipk tuar.

5I 4s 65 2. 48 I. I 5 II3. sItIs 4 V. I Gat Z' 416 E1itft kupes 1 a 43 1j CNfl ulet11ts 53' lvd.

4oi I. 3 4dz 53. 1 57 asIt 1 1eo 60's ifltT 3t p2 Is 15. beb. t7nW ILa 0 TaP B.

1 8 trO. ittu zb. GOVEL3T flb 55 S1 ath Ijel. 4tI J7T. Wa 11.

41 J4h. le-7. 4 flee. 5th 10. 5 Is Is 4.

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4 I. I'- 3e.tt 311 Ir I. 3 t74 l. 4' Qi 4 I' 1th. I' 9O IEo 4.

l1. tin. ia. s47te4t5z1 .3.52 t. iJI 11i II.

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aJarrb Vt 4 511 apeTown4 34 6. 5. 211 dmuton 4s 75k aJo euv9. 4tt. 4T.

lit4 0 Sneacg Airs. 7S a Ij- 15 1 4 41 1913. tIc. 97 isit. katevkMo.

1W. 7Vt 5. 1554. 54oiu IiMM414 ILt U1a. 341.

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