The Observer from Adelaide, South Australia, Australia (2024)

January 1, 1921

Publication:

The Observeri

Location:

Adelaide, South Australia, Australia

Issue Date:

Saturday, January 1, 1921

Page:

33

Extracted Article Text (OCR)

THE OBSERVES ADELAIDE SATURDAY JANUARY 1 1921 Miwrf to wafataiag fate to tte kfab art Gecnga ow quota B'XKS 5 io Palmer 0 14 0 5 nr 0 15 axiooo 0 3 1 10 riaa 9 talk KO a ehaags 0 II 3 Commercial 9 18 4 ft 10 DEECTIVE ORIGIN rrevkoualy operation oa aecoeat of the Treasury had been practically non effectiv for and the 10 10 0 3 9 0 5 0 9 4 0 0 IV) io 0 83 106903 9UO 5 At Mw 51 6 8 10 10 13 3j 10 8 if 12 373000 73000 PORT ADELAIDE AMtvn 11 8 3 If MNIffiON MILLER BLOMO Govern! lha mOtav will to Mt at liberty to get to bnsincaa direct with tteto friend oa this JAMIS KILU Bsoafty Oe tan MM OiiMik Imtei B14er Saith red Cri agwMk WstaiUa M08 Bto linMmlli Adelaida StowCto Cwuftisy agreta (tor 4 Hagrid 8886 Otere Rdrey Ostag Co agtata Member 88 atari MT7 HWw HiHiwsi ata Biwiastli A 51 8230V) SWM Senia 0 pe HM 876 pc 878 pe teroL 176 pc pram 10 pe prtax toe fegaa Meibeanw Mona Melbwsrua WaadUla eaatm Slate December 23 tala London ata Antwerp PaJertso Meitaom Detwtaw St cloaely aerutinto Bank rate and December ffl It is difficult to make a eimilap affective coaa parison between bank and other invest ment stocks because of capital changes but the following give some idea of the move ment in respect to bank shares which broadly speaking have depreciated more or lea in harmony with tto increased retnrn from inveaaaenc 1 3 5 10 A'l' lsiile Auitnbuia Atrtfraliin of Cite 150000 ioaM jwmroo snw 40000 friOOO 83123 cm Shaketa tori Bjol ara itoe Grtic Sate Loiion Ire ton pr Volton crd Cowl'll HmthtT A Mar rev pref owl rtef Drlgety Cor Da'aely 8 Co or iturea Duncan fracer Smith and Trustee and tarentor Ex Trustee and Aracy East End Varta LOUR TRADE WITH ENGLAND lour trader in London are anxious for a variation from recent methods in dis poning of th Australian product ollow ing in an extract from a letter received on Wednesday by an Adelaide milling firm from one of its London correspondents: am vtow taitrv Usm fpAm aahw re I WW VmtM esvte yvll of Adelaide (Mr letter and also from other letter received hat it was in time from Australia that it in more than pro advaatareef She exists of a fund apis be handled by the Australian Wheat in connection with Commonwealth loans Beard in London We tixxerelv hope that i but that Austrn MrscSiw a Marino M38 Jfcweatae 8118 taw Ip Comtkmy Mint Hunks acta CMerd WelUagtsa A ata A Mure anuria temkarta KM Kuymias Rtawy KM taitk Ca agesta rember Mentna Tm Hickey Lendan Geerge Wills ata CO agent Oomam ASM Martin Mataa Commaa wa rtb Use agtnts Uiimb Ctatia 30M Singipcre British Imperial OU Vc mnany agata Wild Wav U8 twU Tmaaais WiLH Co agtat December 28 Oorio 1303 Thorpe Newcastle 0 ler ltd scent December T7 Anrinlbrook 1802 Jailand Sydney flMBnflmalth Um 'PmtA Muta Id 478 Ttmotky Delage Bay Wbrtam Board treats mold TmussU I Meaawiw Adelaide Cement ord Adelaide Steimrhip Shakes Lrii Bafir' Executor tatle Kart Ooton Pjhtier a Pnwtoa ord Duncan rawr Eider Smith Co Executor Treater Hag End Market Adelilde Eketric on) Goode DurrMit' pref Huddart Parker ord Howard Smith ord Lion Brewing Malcolm Reid Metter Ltuitod Heid Brother Qneetaata Pine ord 8 Brewing paid I Woollen con VMan Lewis Wallaroo Mount IsE ertiliser Thought are now directed to the future and although in various directions the situa tion is not at the moment hopeful more distant view gives rise to optimism The State is gamering one of the target wheat harvests on record for which a minimum of 5 a bushel will be secured and possibly 76 or 8 a bushel At the lowest price mentioned therop will result in the circu lation of at least £3000000 about half of which will be distributed during the second half of January In addition there will be the proceeds from wool and other prodoct Exportation of wheat will be proceeding actively from the end of the month on wards and a gradual easing in the mone tary position is looked for in the course of a few week Undoubtedly the depression iu Government stock ha contributed to the weakneas of other investment Loans hare fallen lecite large parcels have been thrown on the market (chiefly by Svd ney) ubsequeni to the payment of the half interest an December That selling appear to have spent itself Over the holidays and early in the new year there will be accumulated fund for rein vestment and taking all the factor into consideration those closest touch with the position are looking for a firmer market for Government securities in the near future The view i fairly genera! that the course of other investments win approxi mate to the fluctuations in war saq peace loan BAXK RATES AND CHARGES The banks are inz overdraft charge Quoted by the banks doing buaioess in Adelaide Dim count 6 to 7 per eeot according to term overdraft 6 to 8 per eeL Three Months at rate 3) peg eent per annum six months 4 per cent per annum 12 months 44 per rent per annum month per rest per aaaum Interstate exchange rates are un altered Victoria per eent New South Walm per eent (except Broken Hill per cent) Queens land to 1 per rent Tamtania a per sent New Zealand per cent Water Perth sod southern tosnx per cent goldfield to 1 per eeat Nor thern Territory 1 percent In exceptional ease lower rate are accepted Exchange rate on London are quoted by the associated bank in Adelaide as follow but they ar more or lea nonanal owing to th serious depiction of fund in London: REVIEW THE WEEK The Observer Office Wednesday THE POSITION INVESTMENTS The year now storing has been oue of the mat active oa record for new flotations (opeeially in the eastern States) and for capital clmnge by old established firms and for best part of the 12 months it wa Tnonibl for a lang amount of business on the Stock Exchangee of Adelaide Mel bourne and Sydney or that reason the recant restricted turnover and relatively weak position of many stocks and shares stand out prominently Primarily the change ha been brought about by gradu ally increasing stringency in the moneymrketa du in no aosll part to overtrad ing and to th neeaaity to bring abouta adjustment of import with the value ta fresh that is export for which ush credits will be received and not ship ments in satisfaction of old contracts as forxampe the wool and wheat deals with the Imperia! Government There have been other factors meh a stiff increases is taxation in New South Wales ailing of Australia securities by London holders fol loving upon discontent with the policy of th Queensland and other State Labour Go vernments and recurring industrial eriae The income of ODSil investors have been Somkirti Mribowne Tmooian Melbourne December 17 Itemlia Melbourne December 88 CM sis Mdbmroe OVERSEA MnPPINC LONDON December 81 At WilMdre from toy ta Web Lawton At Bikara tram AostnlUn port At CoriMhri trcei Wellington At Marten total Pert ine ata remant a lottttaam or Hoonah Iran Uvtrpool ata El LOXDOX December 88 Al Weipara from Australiaa porta: Ctaatatan Importer trem Geelong Sydney ata Jfoweutle At from Awtrallan porta for London At Voneower Tobiti from toaev At San Crocker (four a ta fm Adetoide and Newcastle At Oriombo Maatua tram Awtralue porta fay LOftlfa*g At OilcutU Chindwart from Newcastle ata Pristane At Saoqunlmlr from Newcastle or Ruahine from London LONDON December 23 At Rhnmohire from Sydney anl New feuUnd port foe UE Mamari from Welling ton few London Karawea from Wellintrita for kmdta At Iquluul Geonte Hita (4 a teraue) from scale At AntoLgasti Md vrrton frxn wceotle At Car drisla fnm fljdney or Canadian Proapertar fmm Via rw winnnaaa iram or Intern LONDON Dreember 23 Port Calaiu (from Port AWakk 36) and Sitorbondo a Port Malwi Sai led ar Graintoc or lrenntlr Holt Bank Vikin Star ata Cornwall RHEB (Above cumme*r level) TUESDAY December 8M ContmonwaltbjBank fltEtralia BBAD Oma smnr OKN OR AU CAAMCB General Banking Business In tbs Prlusipul Ototasa Tuww st duatotata aw Rutosta (ftawBrttstoi) LMdss savings Bank Department THE BRITISH SOTGOODS POSITtOM Our cable mosmgec recently briefly noted the fact that The Manchester Guardian had analysed the postion of th British coft good trade and had found that compared with March there had tn 4) irrtincn been advance in prices 18 line baved bo change and 18 only showed reductions Th full report of th investigation is now to hand There wa every iadmtioa in March that although grumwkly speaking drapery good were more than thre tine dearer than just before th war price would ria still higher Tbs country was hi the midst of a big boom in trade the market of th world were short of every thing manufacturers books were filled up to weU in the autumn and bought montha before at lower ruts wars being retailed at wriow totow those at which simitar articles were being ordered by the retailers fortoture delivery Th situation has changed greatly since then In pise of a trade boom there ia widespread de pression with much consequent short time sad unemployment Orders have fallen off from abroad a well as from home eun a oners The inmeaingly adverse rates of exchange on th Continent and a growing belief elsewhere that price have begun to fall and are likely to go oa falling account largely for this Manufacturer and whole age deaiers mwt have money with which to bee thrir burinames a great deal more than formerly owing to ths hifltor coat of and a credit is mare difficult to obtain many of item have been compelled to eat profit and sometime toell st ka In unloading portions of heavily accumulated stocks To sates ex uct th touatolder has benefited for sHbough in teMy tam th prKci of raw material hare nsen substan Board eonirmsd would arg upon Australian teiDers to try and get some ar rangement mad wtorebv ths Wheat Board wilt execute seders for from the mill with which we have had direct con nsstioa before mairol was taken over It must be obvious to Australian toiler that the present method non Meutifleutiou of mill brand is working greatly to tbs pre judice of th Auatrahaa flour trade here what we want is the closest connection ean get with our former shippers at yaur ride and hence if the business mnstbe don through th Wheat Board we nvula urge upon the Australian millers moat strongly to do gH pourible to gt arruga meats mad whereby they ean offer their brand direct to their former agents even if sueb offer mart eon through A Wheat Board here Dveweher SB Ctevmle 11729 NeteaMe Uverpta) ata Ca sgvwts BABA Deoator St BUTTER AND BACON An optimistic view of the future of the butter market is held by Mr Elint director of A Mill Co Limited colonial produce salesmen of Londou wno i a visitor to Sydney in connection with an Australasian tour Mr lint was a member of the Butter and (lieere Import ing Committee constituted bv the Ministry of ood for controlling the distribution of butter and eheeae during the war and also a member of the advisoyy committee of the Ministry ot ood for butter and cheese The committee will continue to act while batter i controlled is very fine to know io the circ*mstances" mid Mr int to a Daily Telegraph represen tative "that Australia ia now having such a Productive aaaon It ia to he bnneJ that as much butter as possible will be rent from this side because in England they are exceedingly short in fact for a long time we my be said to have been butter 1m a can be imagined when the ration was at the rate of 1 os per head per week The ration ha been raised during the last tew wrex to 7 os per bead weeky but even that is still cutting it very 'short' The estimated pre war consumption of but ter in Enaland the visitor explained 4 weekly for each person The opinion was that it will be quite a long time before supplies at that rate will again be forth coming The feet is there is a srirld'a snortage or butter and as far as England is concerned it cannot be made np until some of the older producing countries be gin to export again The ahortage at pre rent io principally due to the cemation export from Siberia and Mr Elint says it may be many year before that vast coun try regains it former position as a butler exporter to England The actual position in Siberia as far a dairying is oineerned is an unknown quantity There ia also a shortage in supplies from Denmark Hol land and rance Although Denmark has Ricked up wonderfully in production she a such a daxnand for her butter num other countries that the quantity left for England is much smaller tlian in pre war days A for the maintenance of the oversea demand Mr lint regard the prosjwete as very good "At the same time" he adds "1 do not think we can look for higher prices a'though they should not fall from present high levels to any extent except perhaps during the ringusn summer when the home pnxn tion and Irish butter are on the market Of course a great deal depends upon the industrial position At the prerent time labour seem to be assuming an unreason able attitude in asking for more money and lea employment While there would only be sufficient butter for the wealthy or better off classes iodnetrial and trade de pression would have it effect on prices" A strong note of warning is sound'd by Mr lint Sn connection with the boom in other part in the extraction of by pw duct from milk "I would advise all to go lowly" he my "with the production of dried akitn nijlk because the trade at the present time is a limited one in tlie old country But what I would advocate a the best adjunct to the dairr farm i the Big There is an unlimited demand at ome for good bacon and I understand tbit the demand for it in Australia ia also very good Therefore the dairy fanner should do everything possible to increase the output of baron and ham Pigraiaing undoubtedly appears to me to be the most Profitable Wav of trtiltain the skim milk and butter toik and there need be no fear ot over production becatiae when the de maad here is overtaken England will take an toe oacon tnat Australia can send her My experience is that the bacon turned out in Australia i of first else uimui quality and there is no reason why Aus tralia shcw'd not build up a permanent trade in the export of this product" Mr lint does not fear margarine as a competitor of Australian butter Although there is an enormous consumption of mar garine in Great Britain producers here he i convinced need not have any fear that margarine will ever displace good quality better The greaibuJk of the people of England will be only to glad to get back to butter as soon ss supplies be come available The outlook for cheese is fees encouraging than ths prospect butter Concentration upon hatter bacon io Mr lint's otrong tip to Australian dairy farmer tiaJy reduced the finished artocles do sotting in of depreciated stock 'Some timntpitr reduction owing to th con ago it was announced that a risking fund of antersble advances in rxgee in every pro one half I per cent would be provided rem of manufacture higher rent and rates i for ssoh a purpose and is undmtood trjnJPort taxation fseU that the sudden steadying in the ytrocres epMflBS lsrea SMvsmewtat the beginnir of tbs week foctora it difficult was due primarily to Government baying altogether to accourit foc the fixed belief this cannection it noteworthy that the tn an avalaortte of falhng prices wrtlnn the Government selected a mast opportune mo Apart from th oeca 1 meat to operate and the action bad th de suHial forred resltsaton of stocks du to isired result at a relatively slight outlay nd 4 teBdency wms Market opinion that the Government had i JPBato ths average on thio occasion particularly rood advice 1 VWMtefr Ubl Ilf VUffaUCr I rwkK varao vui wear out quieter oat coat loss at the oslsrt it is hard to find eri Arne to support it The ederation of 'British Isdoirtries in a statement upon th i future of wages and prices recently de (clared that rin existing circumotaaces the 'only effective meam by which prices can retMKca ana tn real wages or laoour (improved is by working the exietiag instru I meats of production st their maximum Iprereure and so increasing rapidly as Dooflle the mass of comimoditic to be bought The tendency at the mosaent owing to the lack ot orders is to work the existing instruments production at their minimum pressure and so keep prices up Is ths linen industry Irish growm are said to be serioualy eoasiderisg the curtailmeot of flax sowing next rear the industry in Ireland is raising a fund of half a million sterling with wheeh to kelp firms through the period of financial stringency and it io reported that British rench and Belgian spinners of flax have agreed upon a hat of minimum prices for their ya which is to remafa in operation until April Just ax retailers are complaining of tbs cautiousness of householder so wholesalers are eom plaining of the cautiousness of retailers and manufacturers of the cautiousness of whole sslers The problem ia resolving itself into I one of how long eaA will be able to hold out Im danger tht too tang a delay may result tn a sudden rush of orders and that this may force price upward again It ha been alleged that wholesalers and retailer are not buying freely at the moment because they are hoping for Ger man goods to arrive in sufficient ouantities and at prices enough to force down the price of British manufacturers Th ro has been soute agitation lately in favour of kgrilat ton which would irwiet upon uch gxxis being marked "German made" Sotn mnufactnrere however are opposed to this on the ground that it would adver ttae German production too much and it ha been pointed out that after all Ger many is for from being in a strong a com peting position a the United States or example while Germany erot England 5dW7 dozen pain of cotton hose and half hose in the first seven month of this year the United States sent 12963)6 dozen naiis Generally epeaking indeed the trade neem determined to have as little ae possible to do with anything in the nature of control When quite recently there was talk of a Government hosiery'' scheme with a margin of profit limited to 124 ner cent the textiie trade section of the London Chamber of Com merce atronglv and unanimously depreca ted it and instated that trade competition miv lie better relied upon than method1' to secure reduction to a satis factory baata of prices" MUST ECONOMISE Speaking at a htneheon tendered to him in Sydney by bankers and others Mr 0 Williams who recently retired from the poeition of general Australian mana ger of the London Bank of Australia Limited and is very well known in Mel bourne made reference to the present financial position He empkwreed the ur gent need for economy in public end pri vate life Australia be said had not reotiiaed that the war meant the destruc tion at capital end because she was spared heavy strain at the outset and had net to pay high rate of interest she had launched out in expenditure until her bor rowing an her increasing load of taxation had to be met with enforced restriction It eould have been better for even body had abe realised at the outort what waa involved in a world crisis Mr William luiid tliat th action of the Bank o( hng Icud when war broke out in taking up the whole harden of th bill which had been drawn upon London had released millions of money and had made our task in entering th war such easier RUBBER RIGHT DOWN If the nriro of wool fallen th de cliue relatively is hardly comparable with that in ths rubber industry (says The Argus) serious i the position that it bare been agreed by 70 per cent of the lead ing companies under British control to re due output by 25 per eent in th hope thnt such action will rcault in the harden ing of prices The outlook for th industry is of importance to a considerable number of investors in Australia a these have either been associated with the formation of companies to cultivate plantations in Malava or New Gaines or they have bought thares in compame having lwad offices either in London or tbe East The general conclusion among sellers ot rubber goods is that the consumption of rubber use been stimulated as the result of the fall in prices So it ia held that tbs de cline in price of the raw material is aacr able to greatly increased production owing to a number of plantations in different parts of the world ooaiing into bearing The estimate is made that at the end of thi year there will an swimulatioa of from 35:000 to 40000 tons of rubber It is this increase in stocks that is respon sible fi the present record lan range of prices for rubber Uelstaa AartnlMts 1 Osmmsreial pro Oswarrial eta Jtatisssl ent mttaaal ort Me Brat Yales aa aw ntml 55 pvevraare and so increasing a rapidly as a aa1al riK lank 11 BE aw BRM V8 rewWmsm New Boatii Wl tee tee taoeaeta by trews which tan aeretatated sdjtatmest at guetetisna The 88ms ot tbe London Bank (Wcb 1s being riken ever by the 1 8 A Bata) are reWotn exchanged and because of tbe dttaenlty af abtaia in quotations they hare bora omitted or the owns rerere 8B A Bata shares sre ret given As indicated above the ytsr been markable for the number at reconsteuctmn of old eatibliihed companies In the ease of th Adelaide Electric and 8A Ga this has meant the subdivision of tbe t6 shares into shares ot denomination of £1 each There were quite a number of bonus issues a th result of th capitalization of re serves and also itaues of parcels of reservehares at par or at a small prrenture comparison with market oootationa This affected rates for tuch lines Harr Scarfe Limited SA Ga Trustee and Wik ox Mofflin and because in those iretanoes movements would bs misleading tlie atooka are not included in th folow ing which shows rises or falls in prices for Uic ARGENTINE WHEAT Cable advice received by Lindley Walker Co operative Company limited Mel bourne from its Liverpool agent under date December IS states: Latest news of the Argentine crop is favourable It is understood here that supplies ot wheat in the United Kingdom are sufficient for re quirements till the middle of April renc is equally well situated bnt other parts of Europe have only a scanty supply Buyiag Telg treuofm 9f pc prvm On demand T8 yc pmu day 8 pe pms days 8 pe diaet to dtaet daya 30 pc diaet tto daya U8 pc duct hard by tsratisu to mk say dseot re tan from any but the assut WiaHt in dustrial stocks In ths aue at nr sod peace loans there hre been th bogey of repudiation at for sad exteemren tbs du dts ad th aasaasity to reitiis Rpon loans financed by th baste Th result has been an al! round and bewvy deprecia tion in rates for Commonwealth stocks varying from about 4j per mti for th 5 per cent redeemable 1923 to 8 ocr cent th cam of th 8 per rents on IK7 Ths Btovemsat for th year to indicated below and Monday's prices are givam also because they represent tbe lowest point BUYING IN COMMON VVEYLTU BONDS In dealinr with the depreciation ot Coat monweadth loan on Dee 23 th President fh Eicfintt Orrl Atanfc i such aa tboa recently experienced ttet the 'tebl the flour trade ia your count rv will i iv 1 i I 81 wita WtaHWti wvmikii mmoosw uyhim ub JriUW'AVU tolAJVTrVIY uvpv bU umm hmucaom mt tail win tw INVESTMENT STOCKS Market for local and interstate invest ment bare closed over the holidays There was moderately free selling of Com monwealth loans which suffered serious depreciation but steadied appreciably on Tuesday and Wednesday of last week oa Government buying They closed thus: Sper cent due 1923 £88 10 1927 £87 5 per cento redeemable 1927 £85nd 1923 28 The Second Peace Ixan fell to £90 126 and £4 June inte nwt closed at £91 5 Latest qnotatiou the hat dividend rate per cent per annum including bonuses and the paid up capital of th chief Sooth Australian companies (and a tew other active induttrial stocks) and the various banks doing business in Ade laide are appended To arrive at th return on latest market prices multiply ths paid up value of the stock by the dividend do ojvius tns reran oy in Hoc SbippiB I aassssasBss UXtetawtMBasretaBitata tatami un rimuMwta YtiOUB up ta 4MM Uta New End Dec Dec 1M8 22 pc 1925 87 SU 4( psa 1927 86 87 5 pe 1927 9M 85 5 pm 923 96 8H 84 6 pc 1930 90) in Government securi End Eta End 1918 W19 1 89 tail 4 4 7 0 lit 0 0 MS 0 0 6390 0 094 9 14 0 1 0 ft 8 10 1 ft ft 11 8 4 17 81 13 ft 8 I ft ft 7 8 18 ft 38 ft 84 6 88 8 8 11 ft 18 0 ft 18 0 ft Dtoro Ealla 3 0 8 4 10 I I 0 8 1 3 I 0 5 10 3 8 1 9 ft ft 0 7j 8 9 0 0 Vnctianged 8 0 8ft 10 0 8 8 0 4 0 mi lee Jtoomo 1 0 ft Otcnmcrrijl prrt 8J173O JO 4 5 14 0 Cer uu iai ord 05f iso KX JMJOOft JO IS 0 Kdiotul pn ft JI 13 0 Nation! ord 5 9 1114 NJi Wa) 4 nnw 5n io 35 8 ft I nion 2na 3 4 12 8 0 Victoria pref 418 7O 10 7 17 8 Vi toHi ord JC1J50 3 7 4 0 Vt RIOL'S AciUiile fement Wf 15000 1 0 Jft Adrian! Cr nrent ord 110745 1 7j 1 0 3 Ade aide Eh 'trie pjf K0 Oto 15 Ada's irte Electric prrf 50(Xn 1 8 0 10 0 Adelaide Eki tru ord SJOnin I 12 Id Mthi ie Hat Co 1380 13 ft 11 1 12 Adelaide niit and Pr Htnce 'O'W 10 9 Adelaide Rtw Nail and Mire 00000 1 14 0 detaid' St'im ihrp Co Snl3u 1 7) 9 IS 1 A Sandford and Co 85000 1 15ft Ickb! or ll igtitat Ih jrije is rrlt'cal 9 am 24 teara ft la ft fat Cretegat 81 0 4 9 ft 3 Wii Wag 80 0 8 0 Denlliauin 88 ft re iay M0 Mooltmein 18 ft a 4 Balrinold 13 ft tew tow MUBmindi 0 ft 4 9 08 Morl 1 0 0 4 Jfamoi JO 0 0 (Ilg) 0 5 Barwo 5 19 3 Brewarritw 0 7 0 rrwg) 0 7 Bourke 40 0 6 4 (r) 0 10 I tooth 00 84 ft 4 ft Tilru 0 0 8 0 I Wileannla M0 6 0 1 lleiiindie IT 0 norcarie 86 0 Veatworth 81 ft 17 ft Albtry 14 0 10 10 0 6 Wahgriyah ft ft ft Btaiaca ft Bwaa Hill IB 0 Button 88 0 18 4 ft 10 Overland Corner 14 0 Morgan ft 13 ft Renmark 81 0 14 8 Tstau 0 ft Cinue Durrant and Co pref 163000 1 0 15 3 Harria Brarfe Ld pref SOO OOO 1 ft 0 3 Rorria Scarfe Ltd urd l04)850 1 12 0 J8 ft llulikii'a Muter Pod) Builder 130 ont 1 0 18 ft Hudrirt Parker pr( 500000 1 ft 0 17 ft IbyiAvrt Parker pref 0MOOO 12 8 10 Howard Braith prf 500400 ft 0 17 11 tfcward Smith Xd 1300400 I 10 1 10 ft Liw Brewery 71244 1 10 0 13 11 Malcolm Reid 37300 1 10 ISO Mcttero Ld erd 197197 1 13a Qwen bnd Pine 1400ft 15 1 4 Qutenatond ine 75000 1 10 0 Bvid Bnw 35000 1 JO 10 0 8 Gaa 700VI0 1 4114 St Btvvfna paid ttoono 8 hi IM 8A Brewing con J300U0 1 10 0 17 ft '8A arwnra' ap i ninn 319884 1 8 10 0 8 ft Woeilea CU I pel! 11 904 1 10 18 8 8 A Woeilea Co ram 24898 1 ft 14 8 Vivian Lewia 25060 ISO UalUroo Mt Lyrll ertilixrr Co 388 90ft 1 ft 1 ft 6 WMtraiia Timber 880to I IS 18ft Wdewc Mteia 3300 1 88 i 3 ft 33.

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