The Guardian from London, Greater London, England • 14

irma Manchester Monday, November 19, 192a AMERICAN MONEY STOCKS. AMERICAN COTTON. AMERICAN PRODUCE. LIVERPOOL COTTON. Reaction Under Liquidation, th Easiness of Securities, and Poor Dry Oooda Advices; Bally on Trade Buying and Sullisb.

Spot -Hews Futures 185 to Points Ziower Spot 10 Points Lower, at 34.T0c. NEW YORK Saturday. WHEAT. Cash market c'osed steady, lower to higher: No. 2 -ed winter HSVic No.

2 mixed Vhirum 106'ic. No. 2, hard winter 116-- No. 1 Manitoba It MAI7.K easy, IJc. lower: No.

2 mixed 102 Jc, fx.b. ew York. THE DISTRICT BANK Tie District Bukia Co.lt d. Ejtaklisktd 1329. m- UeadOgict; Spring Gardens.

Manchester. 343 Brosckn chisfy in tk North-aeilerm CouMtieu Current Accounts conducted on Usual Terms. Deposit Accounts Opened with and Upwards. Interest allowed 03 Daily Balances. The COUNTY BANK The Manchester Ccu.nty Bank, Ltd.

Incorporated 1862. hEAD OFFICE: 55, King Street, Manchester. FOREIGN 59, King Street, Manchester. Liverpool 53. Dale Street (foreign Dept.

attaches). Av.d over J53 I cues 13 white clipued f.o.b. OATS sieady at ic. lecliae Now York. American Spot Prices Raised 6T to 51 Voints; Fully middling, M.Sid.

American Futures Steady, 28 to 6 Points Signer Excited Market, with Heavy Buying Followed by Uq.uidatlon, and then Further Buying Trade Interests Eager Purchasers Egyptian Futures Strong, U5 to 80 Points Higher Heavy American and Trade Buying. Liverpool, Saturday. Saturday is again living up to its reputation a session which, is unusually active and variable. Overnight the American markets gave us Utile encouragement for a further advance, lie. dearer: No.

3 Western 78tic to.b. RYK sieadv. New York. New Yobs, Satukday. An unsettled feeling was again noticeable on the Stock Exchange, with business mainly professional.

The opening was barely steady, with some outside liquidation caused by the weakness of foreign exchange and fears of unfavourable foreign developments over the week-end. Professional operators took advantage of these conditions to make selling drives in various directions in the effort to uncover stop-loss orders, using for their purpose reports that new buying of steel products was slackening and talk of a further curtailment of production after the turn of the year. Some bull support was encouraged later in the session on the theory that the foreign situation was so bad that the next turn must be towards improvement, but the rally was poorly held owing to the resumption of scattered linuidatkm. and BARLEY quiet and unaltered for Canadian feedine at f.o.b. FLOUR steady at late Tates: spring clears fo.TO.

winter ilia'ehl5 -9C; Miin-apoiis patents 45.00. bakers' clears 4.8d; rya flour unchanged at 3.85 to $4.35. DAILY GRAIN MOVEMENTS (in thousands). Same This This Last heat Tu-dav. lastvenr.

weet. ftpnuin "maxceesteb guardian" sveclkl kepobt. New York, Satubdat. Although Liveriwol advices continued highly encouraging from the speculative point of view, a reactionary sentiment was evident in this market, many leading conimissiou-houses now advising caution on the bull side. The continuation of yesterday's late realising movement, in conjunction with strong Liver but the further drop in sterling exchange to around 4.30 brought iu American buying in 1,643 1,223 .204,438 228,065 Atlantic 1,161 1,305 1,070 MONEY STOCKS.

Exports 4J4 Maize MANCHESTER TRADE. 10.221 5,345 2,693 4,464 7S pool cablegrams, caused irregular movements 54,045 42,020 78,909 3,700 474 80,111 126,111 29,834 24,508 to market prices or to their estimated value, but it is stated that at current market prices and on an estimate of unquoted investments, the company's investments show an unrealised profit in addition to the realised 'profit shown in the accounts. Gresham's Law. We have received the" following letter To the Editor of the Manchester Guardian. Sir, Your financial editor to-day quotes the change of currency in Danzig as practically giving he lie to Gresham's law.

He quotes the law thus: "A bad currency drives a good one out of circulation." This in itself is not an exact rendering of Gresham's Law. In any case, it has always been assumed in the operation of the law that the bad money was capable of the same purchasing power as the good. Such is far from being the case so far as the mark is concerned. It has, to all intents and purposes, in Danzig lost all its purchasing power; but not because it has been driven out by good money. It was the very fact of its lack of purchasing power that brought the good money into existence.

Put gold back into circulation in this country on its pre-war scale without legal restriction as to its use, which restriction is a method of checking the otherwise certain operation of the law, and see what happens to the good money. Yours, 4c, W. A. S. 15th Xovcmber, 1923.

Our correspondent seems to have misunderstood us. We were far from giving the lie to Gresham's Law. We merely pointed out that the application of that law is limited, a point on which all economists' agree, and we employed the example of Danzig's new currency to illustrate that fact. We mar refer our correspondent to an article on "Double Currencies appearing in tlie current issue of the "Manchester Guardian Commercial," which deals more in detail with the limitations of the law in question. Receipts, West.

707 702 Atlantic 2(1 2 the close was barely steady. The sales were at the outset, prices at the first call being 18 returned at 390,000 shares, iuakfhg for the week; against 4.330.0ai last wppk and Exports 240 Flour Shipments. points higher to 4- points lower. A fair amount of trade buying was noticeable during the 6,170,000 last year. The average price of 20 course of the session, but' it was insufficient eateni tio zsi Keccints.Atlatittc 6a 74 614 t0 175 12,163 f.918 2,675 to offset liquidation, and iu the last-hour Exports 26 i2 representative railway stocks shows a decline of 0.58 on the week at 79.80, while the average of 20 leading industrials is 1.74 lower at 89.65.

A year ago the respective averages were 86.10 and uats tradiner active months showed a setback of 17,331 8,329 2.530 99.348 19,930 14,545 25 to SO points from the earlv level. The large quantities here. In addition to this, there seems to be no decrease in the demand for actual cotton by Lancashire, and to-day's business, in forward deliveries especially, has been very large. There is no doubt that wide outside speculation is tending to accentuate fluctuations in the futures market, and a point has heen reached where danger signals should be hoisted. To-day's spot sales' were estimated at 5.000 bales, including 1,400 American (200 for export), 1,000 Egyptian.

2.S00 Peruvian, and 100 East African. For American the market was quiet, and quotations were advanced 57 points, with the exception of middling, fully middling, and good middling, which were raised 52 points: fully middling American 20.81d. In Egyptian a good business has been done, and quotations were advanced 150 points: fully good fair Sakellaridis 23.75J. East Indian quotations wore raised 25 points: fully good fair Tinni- Receipts, Wet. 543 738 Atlantic 124 68 Exports 9S 83 4,110 ...108561 543 6,618 186 b33 selline was influenced bv a combination of SD.OD.

The money market was inactive, with call rates nominal. Commercial natier MmainpH at MANCHESTER. Sat.ciiday. Tiie gvucrul situation in our market does not improve, although day. by day throughout the week cotton luts continued to advance in price, the position of producers has not become better.

Of course, where spinners or manufacturers havo cheap yarn or coUon bought they do not ieel much, anxiety, but, where trading is from hand-to- niniitir snips llilVC to bl! LOVCfCd- Wlieil LARD eaiv. 15c. lower for both nrimf. Western steam. unfavourable factors including the easiness of securities, the unsettled foreign political conditions, the continued demoralisation of ster at $14.50 to S14.60.

and Middle West nwt, at $14.35 5 per cent to 5 per cent, for prime names. i-J VEX COFFEE. FuLurp- miened at a rierllne ninic and showed an easier liudmume tbranzhuui; owiu ta local sellincand nnur Kimnnrt. I'tin clstj ling excuauge, ana me aDsence ot any improvement in the dry goods situation. It was reported that Fall River mills will curtail production" 60 ner cent, commencing next week.

Van. V. .1 I. 41 eierucg exenange continued weak, cable transfers showing a further appreciable decline at 4.28g. Francs and lire, however, rallied to 5.24 and 4.20 respectively.

Silver was quoted c. higher for foreign bullion at 63ic. The weekly average bank statement shows a reduction of SS.000,000 in loans and increases of 54,100,000 in the aggregate reserve and of SS90.00D in the excess reserve. steady. 6 to 10 puinti lower.

The sales were 18.000 Closing bid prices: December ii.S6c. March S.4Sc, May 8.02c., July 7.88c, September 7.66c. Cash cotltM steady: Hid No. 7 lie. to 11'sC.

and Sintcs No. 4 14'-. to SUGAR. Sales rr.mp.nj.. velly nominally 17.75tl.

American futures opened at 13 to 25 points CANADIAN PREFERENCE. (From our. Financial Editor.) SJ, Qeptnpll Avenue, Telephone, C- lojid. Wot, 2567. London, Saturday.

In the House Commons on Thursday Mr. Baldwin, commenting on the statement that you cannot give a preference of value to the Dominions unless it be on foodstuffs," aid: is not wholly true. A preference on such articles as I have indicated might, not be of much value to Australia or the Cape, but it would be of substantial value to Canada, and might lead, or help to lead, io a considerable development in that country." And by "considerable development" Mr. Baldwin explained that he meant development of manufactures. This statement will repay examination.

Ljr total imports from Canada during 1922 amounted in ralue to 54,895,000. Of this total the commodities included in Mr. Baldwin's list of food imports to "be admitted free wheat, flour, mefet, bacon, cheese, butter, and eggs amounted to 31 millions, nearly 60 per cent, as follows mi ui uic feessiuii iue xeceipi, oi bullish spot advices encouraged more support and brought about a partial rally in prices, but the close was irregular, at declines ranging from 6 to 20 points, with August, exceptionally, marked down 185 points. The sales amounted to 200,000 bales. The buyers included Messrs.

Anderson, Bachc, Gwathmey, and Hentz, and advance, and immediately mined further shipn.tnt, 400 tous at 4V. and 500 tons at 4 1516c. ptr c.i.f., and Brazilun 1,000 tons December sniu-jnent, at to, 4 15-16 per c.i.f. Kiw sugar flit 11 AC i strensth under excecdinslv heavv eeneral buv To-day. Frev.

day. Montreal on London Cable ing until 37 points advance were quoted. Tlie pi lniber 5.38c, Maich 4.54c., May 4.43c.,! unooKea-ior improvement in the early stages caused the necessary execution of ston-loss METALS. CotlTMr- rnnnniin.l iic. i i a me aeners Jiesers.

jsona, nutton, Jlunds and Post. orders, which added very considerably to the iiiarket firm, with a teudenvy in the early davs ot ivllc. but the enhanced level, incnfhvr i.v. Port receipts for the current waplr aro expected to be about 3CO.000 halps. unsettlement in Kuropean political conditions, brought contract demand.

It was not tmtil the Javtuarv position had touched within 1 point of 20.50fl. that liquidation set in. and an equally 219,000 last year, and the amount to be brought made, their lot is not enviable. Onu LieurSj. however, of souio spinners who aro well bought in cotton and who avo disposed to break away I'rcni the Assoriution because they say they can sell to profit if they work full time, but cast's arc rare.

Meantime, thc number of looms standing uueuipluyeu shows little diminution, and it may be.iakcn -as about a third or quarter of thc while in Blackburn, Danvcn, and Burnley. Certain makers of Calcutta dhooties sold sonic weeks ago and are engaged until -May. ami as they covered by buying yarn aL the tiiiu their posiliuii is enviable. There scents littic possibility of the present crop of cutton being large cnuuh to go round, amr to add tu the misfortune the fall in the American rate of exchange is so great that the cost o. the raw material is luueh enhanced.

All this is most unfortunate, inasmuch as the i innrkots rf Citli'iitla ami China arc show iettn5is wsLunaieu at Dates, against. firmnesrJnrM. T5e we.ek Pronounced and under continued active buving-on the part ot metal at one time showed Transfers Exchange on London, sight Do. cable transfers Do.60 days' sight (Pri mc B'k's) Do. Grain Bills tight Do.

Do. 7 Do. Paris short sight Do. Italy Cables Do. Amsterdam short Do.

Christiania Cables Di. Srccbholru Cables Do. Copenhagen Cables Do. Prague Cheques Do. Berlin Short 0-00 Do.

Belgium Do. Switzerland Do. Spain Do. Austria Do. Hungary Do.

Jugoslavia Do. Greece Do. Argentina Do. Bin The rreathjr in the cotton belt is reported as fottowa: 4-363t 4-38ia 4-28le 4-3058 4-283a 4-3078 4-25a 4-281b 4- 27TB 4-3058 4-27SB 4-2978 5- 24 5-22 4-20 4-H 37-00 37-05 14-44 14-45 26-16 26-27 16- 81 16-95 2'E9 289 4-45 4-44 17- 30 17-33 22-90 12-87 0 0014 0-0014 C-00C54 0-00054 10111 1-0115 1-5 1-52 31-01 31-43 8-60 8-65 PfJ A Atlantic States. Central Gulf.

Southern Gulf. FitrnTki nTi tho 2' news rrom SP Pronounced weakness ol foreisn exchanco lo-flav. Ifpst. Tn.ri.i- VMt thrift 3SSS5 larger ja. temp, to se.

S2 52 56 58 rapid setback of over 30 points took place. Large trading in all positions continued, and later Tesulted in recovery of 15 points, final rates being steady, from '26 to 6 points net advance. Tlie Egyptian market has been even unusually active for Uicsh days, and violent fluctuations have taken place. Heavy American buying was accompanied by London and local purchases of considerable volume, and. after variations of about 45 points, the tnavket finally closed strong, 115 to 80 points net advance.

American (Old Contract1). Basii Fully Middling, Low Middling Clause. ictuy. tfo oo 4 42 "TAP" RATE RAISED AGAIN. Lombard Street experienced easy conditions, balances being "available towards the close of business at 1A per cent.

For the renewal of old day-to-day loans the charge remained at 2j per cent, but there was plenty of fresh credit available until Monday at 2 per cent or less. Weekly fixtures were continued at 2j per cent. The higher average discount rate paid by the Government for the last issue of Treasury bills was followed by an increase in the rate from 2g io 3 per cent. Parcels of the new bills changed hand- at 31 rr "thcloheToSe J'er. Clear.

Clear. vni-u -a trans, spot, aini Ileromher ti- The. futures u.arW. nneneri i in ine tiy part ot lha week. East.

St. Tjvui uiut jiiuur iu iwinia lover, near months ad- 6.50c, but a BUbseouent reatin hiK. on nrm cabled advices fmin ijt the Jlfl oHmfa. srrVl.5 MJiera. at Imports from Canada in millions "Wheat Fiour Bacon and ham Cheese Butter Eggs Oxen for food me au aii-rouno oecnne occurred under liqitida-iion.

the easiness of the Stock Exchangre, the unsettled foreign situation, and poor ronorts from Ht- fnni. noor at 6.37 ic. pec nio spor. market showed 13.8 5.3 4.9 4.4 1.5 .5 .6 London parity Closincpriccsbid nnoness. and althouoh not Tery he wet.

io-iay. rrev. tlay. a rally Riihsequently ensued on buving by trade interests and encouraging spot news. The market closed 9513 96U TiiiDLatei: 661" 57 isainiaiiiea with orders, the has' SStii ff 'JHL.

irrogunr, witii August 185 points down and other options 6 i-j 20 points lower on the dav. 168 144 mg on the recent basis of J5.50 ner box 8212 7034 Close. Prev. dav. Advance.

Decline. 20-58 20-40" -18 20-44 2024 -20 20-J2 20-12 -20 20-23 20-01 -22 20-14 19-92 -22 19-99 19-76 -23 19-85 19-62 -23 19-63 19-37 "26 19-35 19-09 -26 A brokers quoting 3i to 3 5-16 per cent for the February maturity. Not much business was going on in the discount market, and rates were steady. The working quotation for three November Deceinlier January Marc April May June July foffnd -having Northern ivir has stimulated Benerallv showpd biisiiief. months' commercial drafts was 33 per cent, a ing signs of a desire lu operate.

It would bo useless tu speculate as to what an enormous trade might lie done if cotton stood at one-half or one-third uf its present price, but. no one could anticipate such an advance as lias taken place. Cloth and yarn stand now almost at famine prices, and some merchants, remembering what tuuk place after the culminating point of the boom, arc indisposed to do niucji trade, and are refusing anything but the most "gilt-edged business. More buying lias been dune in yarn during the week, but this docs not represent the purchases actually made in cloth. Sales of tho latter have usually been in stocks prices below the cost o'.

making to-day. Even such trade is welcome to many manufacturers, though tho future may -inspire feelings of apprehension. To-day's news of a further advance in New York yesterday has (inly tho effect of raising quotations, but on Saturdays one does not expect lt hear of much trade. LIVERPOOL- COTTON" ASSOCIATION'S SPEMaL-EEPOItT. NEW TOKK.

Saturday. nguic wiiiuii aii represented tne market for 334 23 139b 6OI4 167fl 28l2 5514 10112 18 Atchison, ToiiekR, and Santa Fe Baltimore and Ohio Canadian Pacific Chesapeake and Ohio Chicago Great Western Do. prcf Chicaeo, Buck Island, and Pacific Chicago. Milwaukee, and rit.Paul Chicago North-Western Erie Do. 1st pref Great Northern pref Illinois Centra! Kansas City Southern Louisville and Nashville Minneapolis, St.

Paul Missouri Pacific pref National uf Mexico 1st pref Do. 2nd pref N.Y: Central ami Hudson liessemec rails Still -inuuaiu The fnllowine; arj tl.e highest and lowest quotations for American futures duri-ig; tlie day iwo moiinis lulls, whilst six months' were ouoteri 3j per cent or a little below that. Quotations: rrJ lull 00 f'lC SDOt rfOSed a lrws nt in mnlMi I lC3ia 271,5.., 15SS 7014 1911,3... 3016,6... 11E716 21 3U2 3i2 15.

the South, (ialveston has been marked down 15 points. lures 2 noinf. Highest. Lowest. clc'? sieadv- with flned full hnther to 8 mini is lower.

Cloiinc nrices r-r, in the south 9.62',-k-. to 9.75c.f ol. WIIIIP Cifinnih i i ude in tanks 20-65 20 54 20-50 20-38 pot 11.50c. 11.70c, May 11.52c. March Highest.

Lowest. 20 06 19-73 19-46 19-22 Futures: December 11.86c. June 11.85c. Hank ami I)eit rnuknf Knglanri rnte (since July 5, SPOT QUOTATIONS FOB MIDDLING. Market Discounts.

Per cent. SO-day Bank 35i6 338 3 months' Bank-bills 3i January 20-49 20-18 Freights per 'or extra 1923) 4 loose at rcomary wts mzs March 20-30 20-00 JJVI" ad. 4 months' Itank bills 33a 37ie flankers' deposit 2 5 months' Bankbllls 35a 1 Brokers' doitfisit call 2 15 The first four-named commodities aro by far the largest individual commodities exported by Canada to this country. Raw Materials or Manufactured Articles Let us pass on to the principal items included in the remainder of Canada's export's to this country. They are as follows Imports lrom Canada in miUions.

Maize Z2 Apples 2.0 Refined sugar 1.7 Oats 1.6 Barlev 1.1 Soft deals and planks 2.4 Wood pulp 1.3 Hides and skins, undressed 1.2 Motor-cars 1.3 This list gives us a further 15,000.000, making with the foodstuffs which are to be duty free 46.000.000 out of the total of faalveston 33-55 13-70 Now 33-75 34-00 Brokers' notice 2Ij 3 months" tmde bills 4 41j 4 months' trade hills 414 4I2 .25 20 50 40 27 3 H2 10034 10554 51S4 4l5a 76i4 35i4 66ls UaM 32-70 32-90 Mobile ivnn xz-iyi Busilicas before nct-n November 20.60 58 65 56 4 9 6 8: December 20.38 40 50 42 39 46; January 20.26 7 6 8 30 29 32 5 4 7 8 7 8 40 2 38 7 40 38 9 40 4 6 9 7 6 7 4 2 36 5 3 2 4 2 3 0 26 4 2 3 4 8 7 9 30 white, Dinonins trano bills 4ij a Iiay-tn-day loans 212 II2 7-day market 213 Treasury bill av J3 11712 123J8 6CSis. Sr 771a barrels 814. Pipe tfiJ2 Savannah 33-13 33-CO Norfolk 33-25 33'25 New York 34-70 34 80 Memphis 33-75 33-75 2 3 2 28 30 27 6 4 8 7 6 7 4 2 Treasury bill rate as under: 10 20c, 18 22 3 4 7 9 30 1 29 8 7 9 8 6 7 9 30 29 7 6 7 8 5 4 7 9 30 29 8 7 6 5 6 50 10C58 614 151 130lB 7 8 7 8 9 30 2 4 5 2 3 4 5 4 29 8 7 30 3 1 2 4 3 4 3 1 27 8 7 8 9 8 30 3 4 3 6 3 2 3 4 3 2 1 2: Fclirnarv fiVw1 60 TURPENTINE steady, without change at 97 'c bid martet showe.l Bl. Ln1s 34-00 33-50 Augusta 33-25 33'25 Houston 33-40 33-40 Little 33-75 33-75 33-00 33'00 07'2 14454 7112 4 918 2378 133b 6OI4 171s 2634 56 1021a I8I4 88I2 2712 4 15B lOUs 10534 5278 415a 77 3512 664 8658 3034 713., 3254 12l8 9814 578 5034 54 12312 4912 37l2 14 14 127 22 12U 5J78 128 635B I8OI2 143a 71, 32i2 172 47 3H2 1013a 341a 93U 1185a 62 1C912 ZU.S35: March Z0.05 ID 07 13 5 7 8 20 18 20 18 1 3258 1218 975a 5634 501 20 5 6 30 26 5 8 5 4 13 06 3 6 7 9 10 Receipts Gulvciton. 12.0OO New Orleans, 5.8CO 141b 1137s 665i6 627is Moliiie, 200: Savannah, 3,000 Wilmington.

800; early anil 3 2 3- 2 OB 756 5 1034 13 2 09 10 05 4 9 9 7 6 5 8 9 10 09 10 1 2 1 3 4 5 1 09 12 4 3 5 3 2 3 0 1 5 5 7 6 8 6 5 7 8 6 5: Mav 19.83 5 7 90 1 2 4 6 a.tioo other ports, 1O.0O0. Interior: Memphis. M'2 influenced ud; St. 900: Augusta, Houston. 21.000.

WI4 1235a 57516... 4918 ale: Oalveston, 5.000-; New Orleans, 700: ll.iltas stock and 1 ln 5 6 1 90 2 1 20.06 6 2 0 2 19.98 9 Memphis, Augusta, Houston, aonoik and western Northern Pacific Pennsylvania Reading Southern Do. pref Southern Pacific Union Pacific Do. prof Waliash pref American Agric. Chemicals American Can com American Smelt, ami National Biscuit American Sugar Helming Amci icau Telephone Bethlehem com.

Copper Oil Baldwin l.oco Brit. Amer. Tobacco nl. (bearer) Central Leather Cons. Gaf inew) Cum Prcdncts ltelinlng Crucible Steel General Electric General Motors Merc.

Marine cfm Dn. pref United Fruit Pan American Petruieum iloyal Dutch Petroleum Shell Tmnsjmt-t Co StudcbnkerCorp Uuitud States Ilubltcr United States Steel com Do. pre! Utah Copper Western Union Telegraph NON-FERROUS METALS. With the exception ol electrolytic copper and Un, metal prices iu this section lost ground an balance last, week. Dealings iu tin were i-xrceriitiely heavy, totalling, roughly, 5,500 tuns in the standard market, which in the earlier part of the week was exritcd.

with nrices rising to tho extent ol 8. JO), a ton to 223, virtually in all positions. This figure was also realised at Singapore, where smelters had another opportunity to sell very freely, thanks to the reappearance of a heavy American demand which n-ai presumably accelerated by lha considerably reduced rale ut the dollar exchange- Leading professionals absorbrd Kund lutes lrom day to day. and made an attempt tu hol.l Ihe market, near the higher level. Thc pace, however, had been rather too hot, ant this to precipitate profit-taking on a large scale, which, ccmbiticd with a spell of.

bear selling eventually led tn a substantial rctrugrade movement 'down to abont. 216. At thin level new ball buying cama forawTd freely and tbe market started upward once mure, the feeling towards the close being again quite strong, rrinre especially for forward dalivery, which was raised to 218. 15i and thus stood at a. premium of 7s.

6.1. a ton. The net gain for the week represents 3. 15s. Io 4.

2s. 61. a ton according -b position. The trade demand from America was reported very active, and buying by home and Continental consumers has been fairly brisk, the optimistic views mostly expressed as to (he possibilities of the market, in the long run being -rather an inducement for users to keep them-selves fairly well stocked. Tinplate makers particularly are protecting their needs in anticipation of a heavr outlet (or their product right into next spring.

Figleatt and spelter dropped about 10s. a ton. A triking feature in copper was the marked adranr noted in the price ol fine copper, so that the xaaroin NEW TOKK FUTURES. Closing Ilar.ee of Calls. 363, 141S 125 2134 12 571g 12712 ,14 I7i6 1457a 255i6 14 67is 14S34 7334 206B 20.0 19.94 83 0 19.77 6 7 81 0 79 8 9 80 1 77 6 3 5 3 4 84 2 0 2 79 80 2 5 6 0 4" 6 8- 7 4 0 2 4 6 5 6 5 Julv 19.29 40 35 6 40 2 4 5 6 38 6 40 36 5 3 1 5 0 29 2 3 5 8 31 0 27 9 32 5 2 3 1 5 7 6 5 6.

Value 11 30: November 20,56. American fNcw Contract. Based on 1924 Universal Standards), Basis Middling, lw Middling Clause. (Representing all prices in last 30 seconds' trading. Trie second and fourth columns would have been called the closing prices if the old system bad been maintained.) 111 169t.

I4I4 Tlireo nimt lis 99. 4s. 101d. 3 p.c. per annum.

Owing to a good demand on behalf of the Indian bazaars ami China banks and only limited supplies offering, the silver market was strong, both spot and forward prices being raised 7-16d. per ounce to 33 5-16d. and 32id. respectively. Gold was nominally unaltered at 95s.

3d. per line ounce. Sterling Still Lower in New York. During business hours the York exchange rate went to 4.29J, and finished 1.1 cent lower fur the day at 4.3C. French nd Belgian francs recovered part of Friday's the Paris quotation receding to S1.40 and the Brussels quotation to S5.40, while Swiss francs were letter at 24.85.

Italian lire and all the Scandinavian countries moved against this country, but German marks were nominally two billions worse at 22 biilibns to the pound, and the currencies of Rumania and Serbia were not so sood. but Spanish pesetas and Dutch florins, together with Bul-garian levas and Greek drachmae were better. J-ntnh Aiueiifan exchanges reacted iu our except Valparaiso. The rates given in the following table are t.iosa current in London 011 die various centres, except in the case of Lishnn, Alexandria, the South American, and Far iastern eentres. where the foreign rates on London are quoted 34-21 E3ia 7 November December Sim! i Tbpve lb? closing level owing Io the firm new of Livemool and WinnipeE.

hut the rally vis nrorlv maintained mviNK to the eCfs uf unolv over thc event La iucreSS in teliesa wlU P'W't any benefit to prices for the pretctii cioii. support -vas also dUccuraited by the dullness of the exnort demand. The close "barely steady MAIZE I oDened barely steady, lie. lower to unchanged ftat Mi Und" and that farmers will sell as soon as hu.skmg is comoleted. A rally later, due to bear covering, was followed by a fresh decline pwine to the absence of speculative buyinZ.

the close bemsr easv. at a fall ol fcc. to stc closiiiir nrices-Iernber May Jufy 72c. ii oi'rt an? unchanged, and alter decliniuz slicttly omoc lo accunuilatmg stocks advanced moderately on the outlook for an increase in the feed demand in view ot the cheapness of the article compared with maize. The market subseouently eased off un'ler realisations, and closed barely steady, lie.

higher to lower. tlosilus Drices: BARLL.Y. Futures nominal. Decline. i.09,000,000.

Of the nine commodities con- tained in it the first five are also foodstuffs. They include refined sugar, on which there is already a preferential duty, and apples, on which a preferenco was offered at the Colonial I Conference. Our imports of canned salmon, amounted in 1022 to a mere 300,000. As to Mr. Baldwin's intentions witll regard to maize, oats, and barley, he has not yet given us the slightest indication.

One may remark that, besides being used fo.id. maize and oats are important feeding stuffs, and that a duty upon them will therefore impose a further burden upon poultry, dairy and live stock farming, which, as it is, is "to be deprived of the protection of a duty on eggs. butter, cheese, and meat, without sharing tho bounty on arable land. MotorCar5. January Prev.

day. 18-14 16-83 16-03 15-68 Advance. -21 -06 -06 -06 Close. August 18-35 September 16-89 October 16-09 November 15-74 Business before nmiii 16 25 8 6 20 16 22 16-0 15-98. 34-21 33-70 33-83 33-95 33- 98 34- 04 33-78 33-53 30-00 28-10 27-10 August.

18-35: Sen 17-G" 34-25 33- 77 3383 34- 00 33- 98 34- 08 33-78 3365 30-00 28-10 27-10 Prev day 34-27 34-27 34-30 34-27 33-90 33-85 34-00 34-00 34-20 34-15 34-18 34-18 34-27 34-21 33-95 33-95 33-77 33-70 31-85 31-85 29-25 29-25 28-25 28-25 Lowest. 31 172 6714 575b 461 365i6 31ia 1173 1007a 34IB 9212 1333b I1E58 717i8 6II4 1C912 5" 8 30 26' 8 2D 18 13; Nov. reoruarv April May June July August October i- iSi, 'c- lcwer at oSvsf. Fulnres easy at The onemnir a cteadv Hi, LIVERPOOL PROVISIONS, Satcbdat. UI.i5'nSUi,h,gl,ir' nd auri" 've "Hi ot the nI "2s oed an tendency under the influence of firm Liverpool advices, the firmness of the hog icry little variation from recent features was dis- Highest.

November December January February March May July August 34-50 34-03 34-26 34-35 34-25 33-74 nrVi ij i.dter. nowever. tne lall in grains led to reali-iiii, and the close was easv. with lard November Jnnuaiy February March May June July Augiibt 3400 33 70 silo 34-35 34-00 33-53 cio.cn 111 tr-aay bacon market, the tone ot the trade relnaintMt; generally quirt without, however, any further Sive-way in prices. Fair quantities uf Irish and Dnnisii uiicnangea to points lower, ribs 2, down, and Z.

iwiitts lower. i losing pnt-e lrn November 13.40. January 12.00. 11 B9i BiL- are hand at 98s 103--. and 10Of.

to 104. respectively, with Canadian Wiltshire hold at 90s. to 94s. For American meats the general feeling has -not unproved, increased Atlantic shipment to this port for 9 45- Pork Idry-salteil. clear bcllie-): November 10.21).

10.10, Man-h 10.20. UACON steady and unailerel. Hogs sieady. unchatiKM to 5 nolnts. higher.

Rxeipts at 15 prliii-ipaj Western en- Par of 1 Egyptian deliveries, basis F.G.F. Siikellaridis. Close. Prev. day Advance.

Decline. Xovemlwr 23-25 22-10 1-15 December. 23-20 22-10 1 10 January 23-15 22-10 1-05 February 23-21 22-16 1-05 March 23-30 2225 1-05 April 23-33 22-28 1-05 May 23-35 22-30 1-C5 June 23-37 22 30 1-07 July 23-40 22-30 M0 August 23-40 22-30 1-10 Septomlicr 23'40 22 30 I'M) Ociolicr 21-90 21-10 80 Nov end er 21-60 20-80 "80 Bjineis befrre noon: NurembT 22.95 23.24 lurniilicr 23.30: January 22.90 23.0 10 05 22.90 5 75 23.10 5 20- 15 20 23.0 22.95 85 23.0 10; March 23.0 5 40 50 45 25 10 On 23.0 10 5 5 05 23.0 22.95 5 5 5 23.0 15 20 5 30 5 25- 30 25 0 15 05 23.0 22.93 23.10 5 20 6 30 25 30 Mnv 23.30 25 23.0 22.90 23.50 23.0 22.95 23.25 35': July 23.0 5 15 20 5 30 23.0 30 OS 23.0 20 30. Value 11 25 November 23.10. Transactions in 100 hales only (American), or 60 bales only (Egyptian).

Place. Exchange. N.tvenilicr 17. November 16. ii-'o-W sillcc novemner total 2,061.000, atZaillSt J.

74.1. flnn tnr Ihn coma lin. Jd3, Lciiuil; IU IlirLlltT tpilPI neiS OI tOUC. CIrar I-eDiej. however, are liii taken up more freelv SEW OH LEAKS.

Saturd: between this and th value of warrant metal widened again materialtv. whilo the official quutatlon of wire bara rose at one period to 69. 10f. This wbs brought about bv the further advance in American prices to about. 13Sc.

f.o.b: and alio to the considerably lower rat of sterling. American trade reports, raaraaver, were more-encouraging, indicating that domeslio consumers secured increased flipntiliei. which, togelher with the improved export should help jn cherking further increaes in preducerk' stocks. Market optimum lately, which was translated lnlo an intent waive of nnr speculation, wan not only hased on the relalive cheapness of the metal but also on the assumption Ihat fundamental conditions are slowly improving, while American producer seem, a little more rnnmlcnt of. the progress of.

the outlet that, the restocking experienced on the part of consumers, awn only on a moderate scale, may prove about sufficient to restore equilibrium between supply demand. Dealers at the same Km-, however, hold that the rise lately has been uniluly rapid, which may more reserve airmngst buyers. Stindard copper earlv in the week- rota 'V4- IOs- months' delivery, put tne whole of the improvement quickly flsxled out dna to easer realisations, and on some bear selling, notwithstanding. the much higher coil of electrolytic, prices closed 25t. lower on balance.

Leading dealers, miwever. am once again disposed to lend support at the reduced level ol prices on the Idea that American producers will show more-resistance alter Iheir recent good Manufacturer copper, such, as strong sheets, rods, and flafc tw.toms. were all raised 3 a ton (n sympathy with fise India. lor and yellow r'ew York Then wo come -to the partly mamum lured and manufactured articles. A las on deals and planks will clearly tin nothing to help tho building industry, which is Miffering sa severely from uiiemploymi'iit, or tax on undressed hides and the Ipatlier industry, or tax on wood-pulp tin printing trades.

Whatever their exact classification may be iu the Protectionist Domesday Hook, it is obvious that they are important raw materials from the point of view of tho industries which use them here. Finally, came to the single'examplc of an important 14-161h-. 12.00 'to 12150: lighi i '-non on me c-ioseil uith a sieady tone al 25 Mont 4.3134-4.3353 4.40-4.41 2s. 2d. ior tne nest meats, with the relativelv low prices ol 68s.

f. 76--. repeated for 14-2011). Cuniher- Mexico Paris ihe tut les jnarUrl. nflMr l-anriul, lose! session lands still bell tco n.owly, and are in fair offerine at 1A Q4.

1 -1 Saturday, vi llr.AT. Liverpool advices and a demand for Msnitcoa niaile the tipenlug steady, with nricss unchanced to 1c. steady at 14 to 24 joints loss on tho da 4.293-4.30l2 4.38I4-4.38S4 2s. 2d. 81.40-82.40 95.40-96.60 24.85-25.91 2Msd.

33.37-33.50 3i.37-33.39 nignrr. nut. a lurther plisht improvement was followed by a. vj w.in oilier tciccuons upnciuinc; recent Wiltihires 30s. to 84..

and short clear hacks tn 8S. Hams ste-idily maintain recent prices on light offerings. Longs 114s. to A.C. 115 81.10-82.65 95.00-97.00 25.84-25.91 21isd.

33.50-33.55 33.52-33.54 Ciencva LIsNm Madrid Barcelona 4-862S 2458d. 252212 25-2212 25-2212 53l4d. 25-22t2 25-2212 25-2212 20-43 24-02 24 02 24-C2 1D rrup movement and tne WealCCfS- Of forPltrr, Pcpliaiin a. or SKIT QUOTATIONS. Good mid.

Low mid. flood onl. -87 30-75 26-75 35 12 31 00 27 00 10 ar.u era stiniess lZZs. to lZ8s. Shoulder: niarit-t.

again on a demand lrom ihippers to fill toi.nage before the close of navigation. The close was To-day Previous day Nnme. 111 umireii onerinp at steady prices. Squares 68s. to picnics gzs.

to ess. I-urci on spot in only limited Oecembr 92i.JMav,'71. 37. billions n) mid very firm at 6d. to 1.

per cwi, further uertui Ihtilajic.it Prague Vicuna Moscow nuvamy. American rained in boxes Quoted 86s. to 15-25 hi 1 lions In) 75.000-90.000 148U-14834 i 300.00C-310,OCO 9500 NEW ORLEANS FUTURES. losing Range of Calls. (System as- in New York.) J.ii1 art.v, unchanged, to ic.

higher, and eased off afterwards in sympathy with Chicago anrf support. A rally was caused later by the steadm-ss of 87s. 73.000-90.000 150-150 300.000-310,000 8,650 uneese continues much firmer on dearer c.i.f. llouu.to advices and freer demand, and further advance quoted uneat. ann unsettled, weather, hut Ihe market declined nsra'ri bulls realism? and rinsed eav at a lews r.f To-day.

JXU issue lor nnest Canadian. White at 107s. to 109. and 33-54 S.92S 1 40J nz 38, Dscembrr 361. May eoinuTNi iov.

to Ills. Butter: A verv firm 'one Warsaw witn sparin" cUering of One ms. Prev. 33-78 33- 88 34- C9 33-98 33-50 7.600.000 sellers 8.C00.CO0 sellers ill. 6212-1 1.6312 11.6212-11.64 33- 73 3384 34- 04 33-95 3345 December January March July 33-62 33-87 33-85 33-83.

33-30 fiiue. io U4S. in.n to lQS. 33-63 33-80 33-80 33-23 I Zeiland 208f. to ranatipn 190s.

to 194s, Copcnb Stockhnlm 29.79-2887 25.54-25.55 29.9230.28 25.50-25.62 genuine manufactured article exported bv Cnunda to this country motor-cars on which sho already has preference of one-third of the Mi-Kenna duty of 33 1-3, and that though Canada's motor industry is largely the product of United States capital ft is true thar in the" remaining 9 millions or so of miscel- hill eons imports from Canada aro included rertain other manufactured articles iron and steely goods, for example, but tliev are of relatively small account: so much that; in tii? list of important manufactured articles imported, into this country given in per cwf. quift'y stcatlv. Irish 27. tr 18.. Stjirs- 16s.

t'J 17 and Polish 2043 12107 18 159 18-159 18159 25-2213 25-22i3 25 222 25 2212 110 25-2212 I Tanadian 17s. 6d. I 13j. 3d. It 13s.

llclsiugfiintj Imports. Sales. Gt. Britain. Prev.

To- this To. Total day. week. day. week.

140C- 10323 10323 2500 4544 4544 1000 ICO 5000 14867 14867 6d 120. pe: GRAIN MARKETS- MANCHESTER, Saturday Highest. December January. March. May July Quotations.

Lowest 33 92 nereinber 34-02 January 34-23 I March 34-10 May 33-65 July American Brazilian Peruvian Egyptian Sudan West. Indian. East African, West African Australian East Indian, Ac 33-53 33 63 33-78 33-73 33-28 Alliens Bucharest. ronr.t-jfi.lc Sotta D.A. tel.tr...

Ijirrt (per Bai-vn (per I12HU Irish 9B.0 10? 0 rrnne estem steam Itierccsi Nominal. 47-58-1. Ii.A.90dys 4758d "whitakers Almanack' tlm nr l.in ItECF.IFT.-5 AT AND EXPORTS FROM AMERICAN PORTS (in thousands ut bales). Total Uaulsti 33-Olb. nvenuta 100 0 104.0 Swedish Dutch Nominal.

Canadian Wiltshire cut 50-75 lb. average 94,0 American Wiltshire 45-701t. A mrlcan refined 281h. pails Nominal. American refined 2.281b.

boxes 86fl 87 0 Cheese Finest White Canadian 107.0 109 0 16.38-16.40 163ls-1637a 277-2B2 375-390 835-845 76O-80O num. 480-520 397gd. prem. 4W32d. 413I5d.

38-70 9715J2 Is- 4i6d. Is. 431j2d. 2s. 3l2d.

2. 31d. 3. 334d. 2s.

4lisd. 2s. 27ad. 16.47-16.50 16234-163U 281-286 370-385 810-830 780-800 num. 500-540 40d.

8X pmm. Holiday. Holiday. 38.90 971Sj2.i. Is.

47jd. Holiday. 2. 31i. 2.

33iI. 3s. 3l4d. 2s. 41i6d.

2s. 234d. Canada does appear even once It i iiV.Mda'jU-impossible, of course, to refute Mr. Baldwin's I T.T....V cautious claim that a tariff "misrht. iri yaiparn-'- Tl HhAT.

Thc ton- market ruled Arm particularly tor Can-idian on a further wic ia tli. nerving exchange and oflera l.y shipucri-. Sprt were Hriiilv lield vesterday's full rates, and c.i.f. parcels of 'Manitnbus and Iliver Plate were generally 4jd. per garter dearer.

At the advam-e only quiet, trade was concluded. On the spot No. sorthern Manitoba (old found sellers at 10s. and new at 9s. lid.

No. 1 Manitoba in the afloat positions was quoted at 44s 9d and would pcnsihlr come at 44f. 7Jd. FEEDING STUFFS. Thc market, ruled steadv at full currencies.

Business transpired iii 2 Canaila Western oats ex elevator at 320' and now held lor 3d. pec quarter advance. Same day- This Last. car. Sid.

16d. 513-33 S7lj 21. 24(1. Total since mhav Finest coloured 84.0 I Canadian 1C9.0 111,0 SPOT QUOTATIONS. nECElPTS- To-day at Gulf.

Do. Atlantic Total Week-Gulf avenure 80,0 help to lead, to a considerable development B01 of industry in Canada if it were high enough. HonffKonf Ord. (i.O. due wouia oe interesting if would his ideas on the subject a little more in detail.

F. G.O. 19-01 11 155 oil G. 21-OV 45 on L.M. 19-51 105 off F.G.M.

2136 80 on F.L.M. 2001 55 off M.F. 21-66 110 on Manila 24-066a Singapore 24-58d. American lB Oln t.e 255 of! Mid. American 20-41 15 oft 18-51ii F.M.

20-81 25 uu uo. Atlantic Total At Gulf ports since Aug. 1 Atlantic ports -since Aue. 1 Total Interior (4 tmvus) EXPORTS Finest, coloured United States Nominal. Finest white United State Nominal.

Butter (per 1121b.l. Danish choicest. 220.0 Irish creameries. 194 0 198 6 Australian Nominal. New Zealand 208,0 210 0 Argentine Nominal.

Canadian 190,0 movements: of steamers. (Lloyd's. Telegrams.) ALBahTaZ16A' Bue" Ayre Southampton, called rrld Alexandria 17. ied Bahia 16. Ar uit15- Manchester, arrived New York 18, Soulhampton 16.

OTOLYCOS, Liverpool for Yokohama. left Shanghai 17. Buenos Southainpxu 16. "AbAHA, Brisbane for London, left Port, Sudan 16. BANBURY CASTLE, for Mauritius, left Cravetend 17.

BARRABOOL, for London, left Sydney 16. SitisSS' "cm Avonmouth, arrived Barbadoes 16. BERENGARIA, tor New York, leit 8rt5nvpton IT. rived Adelaide 16. 4.

arrived Bombay 10. lelt TW" Bay 16. left Colon 14. lor Clyde, lelt Marseilles IS. CITY OF CALCUTTA, ior Karachi, left zjrnrpaol 16.

CTTY OF EXBTHB, from Liverpool, arrived ifirVobi 14. ST'iK, left KaracM 16. CLAN AOFARLANE, Liverpool for Belra, left Delagoa CLAN MACINDOE. for London, left Port Said 17. EVaw UP'X- A4en 16.

Lmdon 17 'rWn rrfTl Eart CLend MML51'' Tnticcrln for Dunkirk, left Graves. S22SS5.ri.,llne lor London, arrived Port Sudan 16. for London, left Hr3l 16. "EvANHA. from London, arrived Yokohama 15.

'f Bl-ir. left Gravesend 16. fSrvpt iV "ived Colombo IT KuBYPLUS. for Glasgow, left Singapore 16. clenamov Tenerifle.

16. imivvui-Vi' Ior "Jon. left YAohama 14. Cakutta, arrived Hnll 16. 'eft Swansea 16.

t' "''on. Jflt Shimonoseki 15. jwiHi iPa? arrived Bombay 16. IFTVAK' Jrom Arthrir 16. Yk-'nved Southampton 16.

ATivAn? hr I-ondoo. left Port Said 16. i A II A.N ADJ. Calcntta. left Gravesend 17 Sa3Slgffi 1I6tP0KTER' arrivew Pi1-Callao 16.

Tm feft Montreal 16. saenaw l0T Krch'. arrived Malta 17. Bambar. arrfrad Hnll it Soviet roubles to the chervouet'z.

Lonoc-n rates on centres named. week. week. 1922 3.1921-2 26 22 39 13 8 12 6 7 34 34 45 20 26 22 39 13 8 12 6 7 34 34 45 20 2.664 2,418 2,533 1.975 682 6C9 530 727 3,338 3,027 3,063 2,702 39 34 30 19 6 22 13 17 20 21 19 17 42 21 fi 23 13 17 20 21 19 17 42 21 721 59i 63fi 551 1,326 1.2H4 1,599 2.210 1,921 1.92) 2.150 To-day Great Britain I November 17. I November 16.

Long clear. 2B-3S lb. average E5, 0 90. 0 Cumberland cut 24Clb.nvenute 74 0 820 Clear bellies 14-20 lb. average 68,0 76,0 Short clear backs 760 830 SbouldersN.York cut U-141b.

av. Nominal. Shoulders square cut 12-161b. av. 680 73,0 Shoulder Picnic 62,0 660 Hams (per 11211).) Long cut 12- 161b.

avenue 114 0 1180 A.C. 115,0 120,0 Skinless average Nominal. Brazilian Spot Quotations. M.F. Fair.

20-31 21-21 20-31 21-21 20-31 21-21 20-31 2I-ZI 20-21 21-C6 G.F. 22-06 22C6 2206 22-06 2156 I neus I per Pernam Parshyba Maceio Ceara Sao Lisbon Rio Buenos Ayrcs, Irish hen 434.l.-5d. The Gold Fields Report. The directors of the Consolidated Gold Fields of South Africa, who a few davs ago declared their first dividend for three now present to the shareholders their report for the year ended June 30. From this it appears that the realised profit for the year amounted -to 227,429, acainst 68.027 for comment, ac Total Week Great Britain Do.

Continent, ic Total To Gt. Britain since Aug. i Egyptian Spot Trading Values for Liverpool 270 290 Nominal. Nominal. 17.6 18.0 Nominal.

Nominal. 13,3 13.o 16,0 17.0 BANK RATES. Irish dnck Continental Canadian Egyptian Chinese Polish States sc. since AUK. 1 Total England tinted States Fed.

lies. the ni-vioui voar ami lfV2 fias fnr France bxrrft skinless 14-161bAverage 1220 128.0 ended June. 1921. The balance brousiht in ImDorts. LIVERPOOL, WHEAT.

The further lireak in American exchange rates, with prospective lighter shipments, the firmnr-As of the market, and ci.f. parcels s.r jl-jut 3d-per onarter dearer, but with a 'tuiet demand, husir.er.s was restricted to No. 1 Northern Manitoba ianilarv at 44a sellers No. 5 Northrn llanituba November 15 Orcr-mbor 41s. Cosafe afloat 44s anrl lately railed 44s.

chrice while Karachi Novemh.r 43-. uitli 43s. 3d. bid, Australian early Deccnilier 46., first half January 45s. and Jamuirv 5s.

3d. parcels in quiet demand, but flrnier, "holdrrs in same cases ask more money. VVhear futures opened 3d. to Id. per cental dearer, and further ijains established during early trading on shorts coverira; and good buying.

At tlia advance the market became quieter, and some realisations led to a reaction, the market closing quiet, Jd. per cental dearer to unchanged. Sales 50 loads. December 8s. Hid.

to 8s. March 8s. 8Jd. to 8s. May 8s.

7Jd. Closing: December 89. March 8s. May Ss. 7d.

3IAIZE. Spot parcels firm, with a fair consumptive inquiry. Shipment parcels inactiTP, but steadv, Iliver Plato November-December offered 36s. and December-January 36s. October-November 36s.

and Eessarabian November-December 36s. 9d. FLOUR firm, with a moderate demand. The Liverpool and District Millers' Association have advanced tbe price of straight run 6d. per sack, to 36.

OATS neclected and nominallv unchanged. MAIZE MEAL African afloat sold 8. lis. 3d. Current Quotation Fair.

G.F. F.G.F. Good. Fine. Ex.

Fine L'pper 22-35n 22-95ii 23-15 23-15 23-60 23 85 Sakellaridis. 22-70n 23-45n 23'75 24-45 25-45 27-55 Bruwn 22-35n 22-95n 23-15n 23-60n 24-05n East Indian. M.G, G.F. F.G.F. Good.

F.G. Fine. S'Bne. Surtee 17-95 18-35 18-75 Broach 16-05 16-45 IS 85 17-25 37-65 No. 12'25n lj-35n 13 35n 14-35 14-85 15-35 Kbandeisb 12-85n 13-35n 13-85 14-35 14-85 Bengal 32-10 12-50 12-90 13-70 14-10 Scinde 12-00 12-40 12-80 13 "20 13-80 14-00 Tinnivelly 17-35 17-75 18-15 4 per cent, July 5.

1923 4J per cent, Feb. 23, 1923 5 per cent. Mar. 11, 1922 .108 percent. Oct.

8,1923 5 percent. July 11.1822 4 per cent. July IS. 1922 5J per cent. Jan.

22, 1923 9 percent. Sepl. 2.1922 Si per cent, Nov. 9, 1923 5 per cent. Mar.

24. 1923 8 percent, 27,1923 4 per cent, June 22, 1923 5 per cent. Nor. 14, IS23 Friday. This week.

This year.Lastyear 543.739 458.053 5,891 9,167 Netherlands Belgium Austria Sweden. bpmin Finland Calcutta. Imperial Bank of Bacon A Hams 1,806 9.769 barrels Lard tons 45 S2 Beef tierces Butter packages 5 Cheese boxes '20 NEW YOKE, Saturday. The Financial Oironicle pulflislies the following rjraniary r.f its rerx.rts rccei-ed from corrcajtondentii in cotton-srowinff States The weather has been generally favourable in most parte of the belt. Good prcsrress has been made with neld-work and picking.

There has been very little rainfall. The week's plantation deliveries amount to 321,000 bales. gainst 315,000 bales last week and 304.000 bales last year. Tt-c quantity of cotton now on shipboard but not yet cleared amount to 77,000 bales, of which 23,000 are tor Great Britain, 6,000 for Germany, 10.000 for France, and 20,000 bale for the rut of the Continent. The same authority makes the quantity of cotton 40.190 2354 156.006 414,763 40373 5.775 223.114 377,956 lrom the last account was and, after provision' for the dividends on tho first and eeoond preference shares for the year and the dividend of 6 per cant, less tax, on" the ordinary shares now recommended, there will remain 41,740 to be carried forward.

The assets of the Consolidated Gold Fields Com-, pany, it may be recalled, consist almost entirely of its holding of the share capital ALEXANDRIA FCTTJKES. Sakel. Asb. Sakel. Sakel.

RAILWAY TRAFFIC RETURNS. Ash. Feb. Swansea ior alM Mn Jan, Mar. ov.

Dec. Vesteiday's close 41-70 38-90 oeo lb. Liverpool 16. 38-60 42-25 40-ift 43'5f The following traffic receipts compare with those ol the touespondioe period of last year: Inc. Dec.

oraugnt into sight since August 1 as follows: or iew ousouaatea uoid fieias, JLimited, and it is to the report of this company, which 40-00 40-30. To-day's opening. This year. last year Bom bar. arrived GmfJSSv4 accompanies the Gold Jields report, that one Delhi Umb.Klka(Nov.

11-5 s.m. Do. 42-00 43-25 43-60 144 Ci '( 44-25 144-651 44-90 45 80 40-60 SltiaCHav Adela de 16. NYANZA tr tS8 Pewng 16. viSt-.

Loflon, left friununosekl 16. AfBtregate port receipts Net overland Southern ennanmption Sales. 3,213,000 180,000 1,274,000 908,000 Bales. 2382.000 347.000 1593.000 945,000 Do. 12-5 p.m.

Do. 'close 4100 OROYA. LivVrrI IU- 45-S3 41-80 45-95 d. s. "Wheat (per lCOtb.) ex store) Australian 19 0 10 No.

1 N. Maui- tnba 10 Zi 10 Do. 9 9 uiicritr siajcks Tutal in sight to date Brought into sight during week Northern spinners' takings since August 1 Z. Itcceivcd after Liverpoui's close, Doubttul. SPAIN'S FOREIGN TRADE.

INCREASED IMPOSTS OF MAXUFACTUBED ARTICLES. In forwardiu to tho Department of Overseas Trade -statistics regardins tlie foreign trade of Spain iluring the first sis months of 1925. the Commercial Secretary at Madrid (Captain U. de B. Charles; points out that the comparison between the current year's figures and those- for the same period of 1322 gains added interest from the fact that the Anglo-Spanish and other treaties we're not in force at that time.

In his review of the figures, he states that the total increase- in the imports of. manufactured articles amounts to 245 million pesetas, but that, owing to the fact that no trade statistics by countries are available, it is at present im d. s. d. Peas (per Japanese eri.p 23 10 24 0 Mnire (jer lOCIh.) Plate new 7 9 7 9j lVhite South African 7 11 8 2 Yellow Round ij.575.0a0 423,000 593,000 5,567,000 438,000 726,000 81 9 42 35 37 40 Plate 9 0 Flour der 2801b.) Patent 37 6 Bakers 34 0 Straight 36 0 Manitoba, pats.

36 6 FUVsfSl 'tt Port BaW 15. pobt; uu.NTEB. Ior Newcastle, Australia, lelt Ciavesen' PBKiDEST OARFIEXIV lor New OrarefeDcI AMBRE. for Pemambaeo; left Swansea 1 SETOVflS'-e ImT? isfc, JSl Gaheston AMERICAN COTTON STATISTICS. BECEIPTS AT UNITED STATES PORTS.

South 7 Oats (per 3201b.) Canadian 28 Chilian 23 Biver Plate clipped 26 29 0 LIVERPOOL WGAT IMPORTS. There was a considerable falling off ia the (applies ol beef imported into Liverpool during the past week from overseas ports, bat there were a few more sheep and Iamb carcases and dressed meat in boxes. Five steamers arrived with freights as follows: Tlie Westmoreland, from New Zealand, with 21.069 sheep and lamb carcases, 11 carcases ol veal. 1,970 boxes of meat, and 1,298 qrs. of beef; the Medic, from Brisbane, with 1,666 carcases of lamb; the Mostlanrier, from Quebec, sritb 3,428 boxes or meat; the Celtic, boa New York, with 14,383 boxes of meat: and taa.

Samaria, from Boston, with 77ft Beans (per 1121b.) English, 10 7J 10 0 must turn tor detailed information on the operations of the year- Iu this a fairlv full The Lancashire United Tramways receiuls tor the week account is given of ihe position of the various i November 13 were 2,763, a decrease'of 1Z3. miniujr and other companies in which the I Xew Gold Fields Company is interested. Jt MA.vcHESTEit HllE AXi skix, Friday. Hkles (de-is pointed out that tho improvement in i nd heifers 901b. and upnurds.

anst mining conditions in South Afrit, which took SSStS place towards the middle of 1922 after the first second 6id. 491b. and under, arst end of the itrike, has continued, and has Cn oib. nd upwards, nnt 7jl, resulted in a consfderaWe all-round reduction 'gZfSJtnSfeg tcSS in working costs, though, On the other hand, trrejulan. soosd fid.

per lb. Horse hides, 22a. the average price of gold obtained during the B- "i 6i- J2 1 iw. A tu tan: first 9 id-, second under 91b first Tear namely, 90s. la.

per ounce was lid. lojd second 7d. caaaiues. first 6d, secondjd-: lower than in the preceding As tip, first 5iL, sreoed 4Jd per lb. Headless 2d per lb.

tyotuyIs the industrial holdings on the other ettnu SneeP Wool siina. 12a. 6d-. lis. regards xne manstnai noiaings, online owier Sl 7L 7, 4j, 10Li 5 scotch sheep, 8a.

hand, little improvement is reported owing 65. 5s. 4s. 2d. Welsh sheep.

4s. to the continuance of the eeneral industrial 3. 2s. hogtr. 12s.

lis. 7. 6s. jico rv5 mc s.l.vrr.arl 5L. 5., 3s.

Is. Scotch hoggs. 6- 7L, Sj. depression. A sum of 182,033 was charged 4v lod id.

itonel against profits in order to reduce the holdings Bones, marrow is nd roegfc 6d. per score. AUCTION SDM11ABY: TODAY'S SALES. Imports oi Grain (in Wheat. Hatze.

possible to state at. all definitely from what of meat making a total ol 22.725 sheep and Iamb car- Flour. Peas. Beans. L455 9.274...

622... 1355 700,716.. 62.755 1860... This 284,795 141,999... This ITS 56..

Last -otxcMcx 01 vcat, vajjjoi no ies ox meat, ana 1298 qrs. of beef. Compared with tha preceding week, these figures show an increase ot 6,163 sheep and Iamb carcases and 7.224 boxes oi meat, and a decrease of 766 live cattle and 81,502 qrs. ol beet. countries the increased imports of manufactured articles have been received.

There is a large decrease in the imports, of foodstuffs i.e., SB million pesetas which is undoubtedly due to the prohibition of the importation of wheat. Spanish exports of manufactured poods since 1323-24. 1922-23. 1921-22. 1920-21.

Bales. Bales. Bales. Bales. Ang.ltoS0T.16 I WjOOO "i83 J00 Last week.

319 500 25800 170,000 217,000 Nirvember 17...... 34,000 45100 19.000 33,000 November 1819 30,0001 24.000 3L0O0 November 20 35VJ0O1 42X00 64JXX) November 21 32.000 22J000 33J)0O November 22. 31.03 15J000 24J00 November 23. 46 AGO lfijOCOj 41.000 Total week. 219JXCI 138.CCC 226J50O Int, last 339J00 3E3JC0j 3a2JC0j.

271J3C0 Total emp. 11.494.72&S 11355.180 al Londoe ial Insurance CARLISLE, Sitttrday. Small supply of oats forward, and a quiet demand, resulting in trade being done at unchanged prices namelv, 8s. to 83. 6d.

per cwt. tne a ate wnen tne oelluzerent countries re INDIAN TREASURY BILLS. newed their pre-war activities, have continued to and this i3 believed to be due, amongst Tenders for one crore of rupees six months' biP.s were opened on November 14. Tbe total payable on raw materials: the lack of eood tecoerea wu at us.97.l0a. and above, aggregating Bs.98,10.000.

were accepted iu. iue in. ineaor iiie average rate AUCTIONEER. -DESCRIPTION OF PROPERTY. Loaded Fonotfed 1S61 ASSETTS EXCEED Rra.

Ade'at aasl Gaasral KsBiasas. ArpwaUons lot Agencies rnvrted. Liberal TermT Vtad OSIet: KOYAL LOUDON- HOUHB-i iXPOEIS AKD STOCKS. PUCE OP SALE. A'.

TrcrMehald Stores. Baildins. HUE OF SALS Kins COTTON CULTIVATION IN AUSTRALIA. Cabled advice has been received by Austral Development, from the British Australian Cotton Association. to the effect that the total of Australian applications received to date for American-type cotton seed represents Showcases, Counters, Ac u.

m.ciw Lciiuc. wan jti.7i,iui. op. per. cent, equivalent to a discount rates of 4.8109 per cent per annnm 0.

transport from the factories to the ports; and 5) to the fact that Spanish manufacturers' do not understand, the value of combination in manufacturing competitive lines. Although the deficit has increased in quantity, the proportion, gives an excess of imports over exports of 50.56 -per cent for 1S2S, as against 50.5&-per cent for 1922. outstanding increases are in manufactured goods imported and is the agri Intermediate bilk for six months are offered for sale up to; Thursday, NoremVr 22, at ArtiugsUll and Hind Bradsbiws John Bi tenia a BUI ud'Ca Street, SUnchester 11 Bradshiwi, Whitwonh Street 11 11 Sew AEiioce KtiffneeriTig Wcriu, Esdea 12 103, OarcJj Street Eeclef 2 per-cent. August to NoTember 16. 1923-21.

1922-23. 1921-22. Kxporta. Bain. Bales.

Balei- 715J0OO e08j900 WJX Continent UnBfffi 1J94XB 1.173JX0 At porta 8M.0OO 13M.OO0 IntertoT. 1,451,000 1.497,000 1920-21 -Bales. 565X100 824,000 1,333.000 Hones. Cobs Plant and Machinery Hrd-and Soft Felt Bat Pilot and Mirhiniry BoitfsboM Fanitsi Tendera win be received on" Friday. Notetuber 23, for lakhs six monthi bills far iaaua o.

115,000 acres. Germination is good throughout 0. O. week- bejrinnina; Saturday, Norener 14, on the tame cultural products exported. 1,313,000 Queensland, and prospects are favourable.

COJ3U1UOUS-as DCIOTC..