pluses which proprietors have been accustomed to expect of recent years. The Southern Pacific is not at all likely to reduce its regular 6 per cent., and, as the shares stand within a point or so of par, the rate is tempting to the speculative investor; while the gloomy folk who foresaw a reduction in the Atchison dividend from its regular 6 per cent. have since become confident that the company can keep up such a distribution without any difficulty. Hence this type of share is being picked up upon any setback by shrewd people who are not afraid to wait for a profit, so long as they get a good return in the meantime and with quite reasonable security. The market tip is to buy Erie Common, the old story being revived that the company is likely to resume dividend payments on its first preference shares, which have gone without any return since September 1907. The latter certainly seem to offer inducements to patient holders. The crack in Rock Islands has affected the Continent badly, the shares being popular in Amsterdam, Hamburg, and other centres. But it speaks volumes for the strength of the market as a whole that it has been able to withstand such a shock without more than temporary discomfort. ANTOFAGASTA AND BOLIVIA RAILWAY. The sensation of the week in the Foreign Railway market has been a remarkable spurt of over 12 points in the Deferred stock of the Antofagasta and Bolivia (Chile) Railway Company. At one time buyers gave up to 172, and the jobbers in the market rushed after anybody who they thought might have stock for sale. In the ordinary way a somewhat difficult security to negotiate, Antofagasta Deferred became of a sudden a lively buoyant market, and it looked as though part of the buying was on behalf of people who were short of stock. It seems that the Brazil Railway group had sold a block to a finance house, which was apparently wanting still more. The reason for mentioning it now is to recall that occasion was taken here last autumn to point out the intrinsic cheapness of the stock, which at that time stood about 157. Details were given to show the progress which the undertaking had made and the prospects that stretched out brightly before it. These prospects are in no way dimmed, and the outlook is certainly cheerful, in view of the probable increase in the April dividend. At the same time the investor who has a profit of anything like 10 per cent. upon his original outlay is not likely to go far wrong by taking it; so that, although quite probably the stock may go better, to the happy purchaser who bought it some 14 points lower down the hint in season may be dropped that there are other good fish in the financial sea, and that, according to the Stock Exchange apophthegm, nobody ever went bankrupt by taking a fine profit. It must be remembered that the big rise in Antofagastas a year or two ago was due to buying by the ubiquitous Farquhar group concerned with go-ahead American enterprise, and that they acquired a big line at fancy prices. LEOPOLDINA. Quite one of the biggest rises among Foreign Rails has been that in Leopoldina stock. We pointed out the excellence of the position when stock stood around 65. Since then there has been a recovery of about ten points, and the price is being freely talked to over 80. During the past year the company's gross receipts increased by about £180,000, but the directors have recently adopted the policy of putting large amounts into the property in the guise of working expenses, so that the working ratio seems higher than one would expect. There is no reason to suppose that this course will be found to have been abandoned when the report appears in May, and it is quite likely that the amount saved in net may not be much more than £75,000. The increase in fixed charges will be about £16,000, so that if the dividend were increased from 4 to 5 per cent. the profits would be divided up to the hilt, and this policy there is, of course, good reason to know the directors have no intention of pursuing. The general estimate in the market is that the dividend will be 4 per cent., with substantially increased amounts set aside to strengthen the position. The outlook for the current year is, we understand, distinctly bright. In contrast with some other parts of Brazil, the Leopoldina zone seems to be steadily developing, and we hear good accounts of the coffee, which in these districts is likely to yield a larger crop. LA GUAIRA AND CARACAS. A little railway, whose securities have been improving with other foreign rails recently, is the La Guaira and Caracas. It connects Caracas, the capital of Venezuela, with the port of La Guaira and has an important and varied traffic in both goods and passengers, while its down-goods revenue is largely derived from coffee. We called attention to the excellent prospects last summer at a time when the shares were unduly depressed owing to the appearance of ex-President Castro in Venezuela, which made investors uneasy. The "revolution" fizzled out, but La Guaira and Caracas 10 shares had in the meantime been depressed to 9. Recently they have recovered to 10, and in the market they are viewed favourably owing to the fact that the gross increase of £5,250 for the past year makes it practically certain that the 8 per cent. dividend paid for 1912 will be repeated when the report appears in April. The interim dividend declared some weeks ago was 3 per cent., or the same as in the previous year. It will be remembered that last spring the results were a record, net profits increasing by £14,000, of which £9,000 went to strengthen the reserve. So that had they not decided to pursue a conservative policy the directors could easily have paid a much bigger dividend than 8 per cent. In recent years substantial sums have been put into the line, which is in good order. Having regard to the early opening of the Panama Canal, which should result in the steady development of Venezuela generally, and the port of La Guaira in particular, the outlook seems hopeful, political trouble apart. It is worth noting that the 10 shares rose at one time last year to 10, and may reach that figure again before very long. CUBAN PORTS. It is a pity that the Cuban Ports business has become such a political affair in Cuba. Had it not been so it would have been settled long since. But there are two parties fairly evenly divided in Congress. One supports the President in his desire that no bona-fide investor should lose money over the arrangement, while the other is anxious that the amount to be given the Common shareholders should be much less than the President thinks fair. Both parties will have to be satisfied if the arrangement is to pass Congress by the necessary two-thirds majority. Hence the delay. We understand that the Congress Committee which has been considering the matter has submitted definite proposals to the President, who may of course not approve them, and the representatives of the Cuban Ports Company in Cuba will also have to give their sanction before the scheme is finally introduced to Congress. It may therefore be some time before we know the gross price to be given for the Common shares, and out of this, as we stated some time ago, there will be fairly heavy expenses to be met. The position of the bondholders is of course quite different. That was settled long since, and "par" in Government bonds may be considered reasonable enough as an exchange. But in the circumstances there is no inducement to buy the Common at its present price, which is only slightly below what it was before the rumours of the intentions of the Cuban Government to cancel the concessions began to circulate. BRAZILIAN TROUBLES. Just when things seemed rather better, and it was hoped that the worst of the immediate troubles in Brazil would be averted, came the news of two failures connected with the Brazilian trade. One was that of a well-known house, involving liabilities of nearly £1,500,000; the other, that of a bank and finance house of old standing, brought down partly as a result of the other trouble. It is not improbable that, as a result of these failures, there may be other difficulties and much mistrust. There is no doubt that much stringency exists, and that Brazil has over-traded and been grossly extravagant. As a result the country is paying for it. Brazil is a country of enormous prospects, both agriculturally and commercially. Her possibilities are many, her interests important, and with better opening up of the country, the influx of capital and the attraction of population, and with reasonable energy and honesty of administration, there is a big future. But the present is still full of difficulties. THE RUBBER REVIVAL. The rubber revival is satisfactory. The improved methods of handling rubber will be something to the good, although those for preparing it for the market may not be so good as they might be. The latter system suggested is perhaps too complicated. But the development is on sounder lines. And with a better trade demand, rubber is certainly in a more satisfactory position. As usually happens when prices are low, manufacturers held back. They have since been forced into the market. The recovery in rubber is, of course, of great importance to Brazil. There, too, methods of collection are unsatis factory, inasmuch as the middleman injures the industry. If he were eliminated, say responsible authorities, the prices paid for hard fine Para are quite sufficiently remunerative to bring great prosperity to the Amazon. It is not that the wild rubber cannot be collected cheaply. If the Government honestly took the matter up, and honestly carried it through, the industry could be established on a sound basis very speedily. Fortunately for the plantation industry, there are too many "on the make" in Brazil to render this task very easy of fulfilment. FINANCIAL JOTTINGS. Excellent rains have made a great difference in the Australian situation, and there seems little doubt that the Australian land group should be doing well, and consequently that the general commercial and financial conditions in the Commonwealth should be improving. The maize area in Argentina is substantially larger than was the case a year ago. The condition of the growing crop to date is excellent. A big record total should, with any reasonable fortune, be secured. Argentine railway proprietors will be watching the maize news with interest, for current traffics are very unsatisfactory. Apparently there is to be a big impetus to commerce and agriculture in Paraguay. The Farquhar group is contemplating a big system of narrow-gauge railways, which will be taken in hand in all probability very soon. It must assist greatly to develop the country, which has many advantages and has been unduly hampered. Peruvian Corporation issues, so far from being depressed by the news of the revolution, actually seemed to like it. The firmness of the market was indicative of the feeling that the deposed President was not particularly well disposed towards the Corporation and foreign capital. There was thus the opinion that the change might conceivably be one for the better. There is a feeling of some uneasiness in regard to the Japanese position. Financially, Japan has a long and difficult row to hoe. That she will default, nobody in responsible circles believes. But her finances are in a tangle, and confidence is not encouraged by the unnecessary juggling with figures and the desperate efforts made to put a good face upon affairs. But Japan simply cannot afford to default and sink to the level of a Central American State. How devoid of speculation the markets have been through the recent movement may be gathered from the deadness of some of the sections, such as Americans and the oil group, which would certainly show activity in the London market if there were any general speculation going on. Consolidated Goldfields of South Africa shares have recovered from the lowest, with other Kaffirs, and the interim dividend came as a surprise. Some market men had predicted that Goldfields had reached the end of its tether as a dividend-payer. But these fail to take into consideration that in the Rhodesian interests and those in America there are earning possibilities developing, which should within the next two or three years bring in sums sufficient to compensate for declining earnings elsewhere. Quite a sensation recently has been the recovery in Great Cobar shares, which were attacked vigorously by the "bears" on the general disappointing showings and the reconstruction fears. The possibility of avoiding reconstruction was the cause of repurchases, which caused a big recovery. Still, the position does not seem very cheerful, and the market is not now a happy one. There are two schemes before the board: one involves reassessment, the other does not. There seems to be little doubt that a new issue of capital will be made in the course of the next few months by Vickers, and probably we shall not have long to wait for definite news of it. The reason for the issue will be the big commitments of the firm, there being many orders of magnitude which will require an increase in available working capital. The great armament firms are, in fact, doing well. Egyptian securities had been unduly depressed. All the luck has been against them, and the expected revival in the country has been long in making its appearance. But, even having regard to adverse happenings, it was clear that values were unduly low. And this has been recognised by the recovery that has taken place. Easy money will greatly assist. It is said that among other recommendations in connection with the Consolidated Diesel Engine Company the shareholders' committee are recommending a severance from certain important interests, a consideration being received by the company for such severance. need a If you the best tonic! And the best tonic is Sanatogen! That has been proved beyond the shadow of a doubt. It was proved at the International Medical Congress last August, when a committee of the cleverest living physicians gave their highest possible award to Sanatogen-and only to Sanatogen-among all other tonics and nutrients. Do you fully grasp what this means to you? Where your health is concerned you cannot safely experiment with inferior or doubtful preparations. If you need a tonic, you need the best tonic! You need Sanatogen! It is the only thing you can depend on to bring about a real improvement in your health, and especially in the health of your nervous system. Send this coupon now for a Free Sample and a Booklet explaining the many uses of Sanatogen. (Of all Chemists, from 1/9d. per tin.) Free Sample. A. WULFING & CO., 12 Chenies Street, London, W.C. Name. Address S. 199/642a. BEST NEW BOOKS. O MOTORING. 66 NE of the most useful accessories for the private garage that I have come across recently is the All 4 jack," which has no relation to a popular song, but is a simple and effective contrivance for raising a car from one to four inches It consists of two FRENCH CIVILISATION IN THE from the ground with the greatest ease. rectangular steel frames, which lean against the car's axles at By PROF. A. L. GUERARD, Author of "French Prophets into an upright position and thereby lifting the car bodily. A of Yesterday." Cloth, 12s. 6d. net. The Nation says: Since Mr. Bodley's now classical work, which covers different ground and is written from a different standpoint, this is the mot important book on France that has appeared on either side of the Channel; its knowledge, its insight, and its freedom from bias place it in the first rank." THE GOVERNANCE OF By SIDNEY LOW, Revised edition, with a new Intro- "Mr. Low's analysis of 'The Governance of England,' as it now presents itself to the eve of a well-informed, but, nevertheless, external observer, is acute. dispassionate, nearly always suggestive, and very often illuminating."The Times. chain, which is adjustable as to length, connects the frame bases of the "jack" and prevents their slipping apart. The great advantages of such an appliance are many and obvious. In the first place a car so hoisted relieves the tyres of all strain, and when one reflects upon the number of hours in which every car is standing in garage or motor-house it is apparent that a very considerable tyre economy is achieved. Then there is the prevention of further damage from contact of the rubber with oildrippings or dampness on the floor; while the facilities for replacing tyres, general examination of mechanism, adjustment of brakes and gears, and effecting other overhauls are multifarious. This "All 4 jack" has a guaranteed lifting capacity of 5,000 lbs., and is marketed by the Napier firm at the small price of three guineas. A most industrious and informing newspaper discussion is at present the recipient of much space in the columns of the tech IDYLLS OF A DUTCH VILLAGE.nical Press. It concerns the legal status of the motorist in By S. ULFERS. Cloth, 5s. net. "There is a beauty and simplicity about these Idylls which will readily hold the imagination."-Morning Post. "No one can read the first ten pages of this book without pushing on to the very end; no one having reached the end but will bless the day when he began it."-Evening Standard. By the Author of "How to be Happy though Married." STILL HAPPY By the Rev. E. J. HARDY, Cloth, 69. The author writes: This book is not an apology for marriage, because marriage needs no apology, but it is a protest against condemning it untried.' THOUGHTS ON CHRISTIAN By the Hon. ALBERT S. G. CANNING, Author of "Macaulay: This book is a study of the development of Christianity and of its relations to morality, politics, and freedom of tho ght. Quotations are made from the works of distinguished writers of very varying opinions, and their views are commented upon and discussed. CHATS ON OLD COINS. By FRED W. BURGESS. With about 200 Illustrations. In this work the author presents in popular form the more interesting facts about coins which should be known to every collector. UNWIN'S 6s. NOVELS. THE ROCKS OF VALPRÉ. By ETHEL M. DELL, Author of "The Way of an Eagle." WESTWAYS. By S. WEIR MITCHELL, Author of "Hugh Wynne." THE MARRIAGE OF CECILIA. By MAUDE LEESON. (First Novel Library.) THE THREE TREES. By GUY RAWLENCE, Author of "The Romantic Road." HUGH WYNNE. (5th Impression.) By S. WEIR MITCHELL, Author of "Westways." relation to the law on manslaughter. The subject originated with the publication of an article in the Solicitors' Journal, in which the writer laid it down that "if a motorist runs down and kills a foot-passenger (1) when talking to a lady-passenger and not looking where he is going; (2) when his car is so constructed as to be a dangerous thing' or 'nuisance' and liable to skid on a wet road; (3) when he is on the wrong side of the road; and (4) when he is exceeding the speed limit, in each and all of these cases his unlawful conduct renders the accident culpable homicide." This is a very sweeping indictment, which appears to be deserving of some consideration. On the first count it may be remarked that one can enjoy the conversation of a lady or any passenger without of necessity turning one's glance from the road, and that any car-driver who is not; conti nually "looking where he is going" is fully entitled to such pai ns and penalties as his very reprehensible negligence may engender. The second point makes a somewhat slighting and certainly unwarranted. aspersion on the skill of motor-car designers and constructors, because it would be a very difficult thing to-day to find a car in any sale-room in the country-except perhaps an auction-room for the disposal of obsolete types-which is so faultily constructed as to be a "nuisance" within the legal meaning of the word. The question of the “wrong side of the road" is more complex. We all know that it is at times practically impossible to keep on the left or near side, and I do not remember any case in which a breach of the general rule has been followed by a prosecution. It is morally certain that no properly constituted tribunal would convict a motorist on the mere charge of driving on the wrong side of the road, especially in the absence of other vehicular traffic or injury to life, limb, or property. Concerning excessive speed, this very prevalent practice is of course a statutory offence under Section 3 of the Motor Car Act of 1903, and so, incidentally, is the driving of a car without a licence. While, in the event of accident, it is generally held that excessive speed is an aggravation of the offence, it is no valid defence to submit that the car was travelling at a rate below that allowed by law at the time of any such mishap, and there is more than one judicial dictum on record in which the principle has been laid down that a due and proper observance of the law in regard to speed is no indemnity against the result of negligence or recklessness. It therefore behoves every motorist to take the greatest care, knowing full well that possibilities of accident surround him at every moment, and that unless he can present a very clear and convincing case in selfdefence he may find himself accountable to the law for one of the most serious of crimes known to the Statute-book. "There used to be five hundred thousand horses in London, now there are only sixty thousand. Every horse you take out of our cities is a diminution of sickness and the death-rate." Thus Sir John MacDonald, the Grand Old Man of Scottish automobilism, at the inaugural banquet of the Edinburgh Show. Mr. Charles Blunt, who has had a dozen years of motor experience, is now associated with the Oakland Company in Shaftesbury T. FISHER UNWIN, 1 Adelphi Terrace, LONDON. Avenue, who handle the excellent car bearing that name. D. M. "A Really Practical Institution."-"The Garage," Dec. 27, 1913. THE BRITISH SCHOOL OF MOTORING Coventry House, 5 & 6 Coventry Street, Piccadilly Circus, W. An Indispensable Institution FOR ALL CAR OWNERS AND Prospective Motorists. LEARN TO MOTOR ECONOMICALLY by driving scientifically. Expert opinion and advice on every make of car given to LADIES AND GENTLEMEN undergoing practical INDIVIDUAL TUITION under the "Car Owner's Course." One inclusive moderate fee ensures practical instruction until the pupil is satisfied of his efficiency. There are NO extra charges. TUITION arranged to suit convenience of Ladies and Gentlemen with limited time at their disposal. OPEN DAY AND NIGHT. We consider that the School is genuinely carrying out its claims, and that the instruction is of the most thorough and practical character possible."-THE GARAGE, Dec. 27, 1913. Send P.-C., mentioning "The Outlook," for Free Booklet to B.S.M., 5 and 6 Coventry Street, Piccadilly Circus, W. Telegrams: "Motoschool, London." Telephone: 4522 Citv x. STRAKER SQUIRE "In a word, the 15 h.p. Straker-Squire can now justly be considered to be the best car of its power and rating on the market to-day."-Society Illustrated, 1/3/13. "THE ROLLS-ROYCE OF MODERATE PRICE." S. STRAKER & SQUIRE, LTD., 75 SHAFTESBURY AVENUE, LONDON C INSURANCE. CLERGY MUTUAL ASSURANCE SOCIETY, 1829. The ONLY Life Assurance Society specially for Funds: Bonuses already allotted: A CANADIAN OFFICE-A BAD PRACTICE-SOURCES OF PROFIT. ANADIAN life assurance companies multiply apace. During the past year an exceptional number of new insurance offices have, we believe, been started in the which Dominion. The colossal business done by one or two of the older of the Canadian companies is an incentive to enterprising bodies to cut in" and secure for themselves LOW PREMIUMS.-LArge bonuses.—aBSOLUTE SECURITY. some of the public patronage going. Take the figures of the Sun Life of Canada for 1913, which have just been issued. The office continues to pile up its record, and last year its new business exceeded that of 1912 by nearly a quarter of a million sterling: Its premium income amounted to £2,281,051; its funds total 11,343,115, showing an increase of £1,410,682 on the year. The aggregate of its policies in force is no less than 41 millions. Well over half a million was received for annuities, that being, it is said, the largest ever received in a single year by an office within £4,676,274. £4,810,459. Office:-2 & 3 The Sanctuary, Westminster, S.W. No Shareholders. No Agents. No Commissions, BRITANNIC the British Empire. When we look to such figures as these in Assurance Company, Ltd. Canada and associate them in our minds with the vast insurance business done in the United States and Great Britain, we get an idea of the extraordinary popularity of insurance in the English-speaking world. The millions upon millions' entrusted to insurance companies as provision against death, or disaster in some form or other, mean that the business of insurance has become, to the financial operations of the world, second only in importance to banking itself. Not so very many years ago quite a number of people still believed that a life policy was in some way or other ominous of early death. The prejudice has been entirely broken down. The reverse seems now the order, and people understand that by a perverse but not unpleasant law insured lives live longest, though naturally the companies themselves argue that annuitants enjoy the advantage; but that of course is their diplomacy. We might imagine from the published returns that everyone to-day was insured to the utmost. Yet every annual statement goes to show that the margin for expansion is incalculable. Insurance propaganda brings in more and more recruits, and there are many who every few years, when things go moderately well, add to old or take out new policies. It is not always convenient to pay the premiums perhaps, but it is recognised by most men nowadays that the premium is an excellent way of saving money which would certainly not otherwise be withheld from the general expenditure. Unfortunately insurance returns do not necessarily mean that the self-imposed obligation is observed quite as loyally as it should be. If we could look into the books of the insurance offices we should find that many a man who has taken out a policy on which a few years' premiums have been paid has availed himself of the facility the document affords to borrow money on it, either from the office or from some other source. He is then saddled with both the premium and the interest on the loan, and except in the cases where the accommodation is merely temporary he handicaps both himself and the estate he leaves, should anything happen to him. The practice is, we understand, growing, and it is one to be deprecated, because it hits the true principle of life assurance hard. At almost any legitimate cost the policy should be kept unmortgaged and intact. There are occasions of course when to raise money on a policy is entirely wise and proper, but if a man, as we understand is the tendency, is going to rush to it for relief at every temporary tightness of cash he is no friend to himself or his dependants. Astonishment is often expressed by those who have no knowledge of insurance matters that the profits shown are so great. The explanation was very neatly given by Mr. Geoffrey Marks, the actuary and general manager, the other day at the National Mutual meeting. The National Mutual valuation yields a surplus as big as ever after writing down securities and making all sorts of allowances on account of depreciation of rents and property. This surplus is derived from three sources, said Mr. Marks: (1) the excess of interest earned over the rate they assumed they were going to earn; (2) the amount by which the mortality was better than that assumed in the tables on which liabilities under contracts were estimated, and (3) the amount saved out of the loading allowed in the premiums for expenses and profits. There one has the whole story in a nutshell. Underestimate your interest earnings, over-estimate your responsibilities, and live accordingly. That is the way to the prosperity of which every efficiently controlled assurance company is a fine example. In round figures the National Mutual effected profits in the last quinquennium under these three heads of £350,000, and was thus enabled to make so splendid a bonus distribution and to hold out the promise of its continuance. ESTABLISHED 1866. TWO IMPORTANT ANNOUNCEMENTS. I. 2. The Annual Reversionary Bonus in the ORDINARY BRANCH (Immediate Profit Class) has been increased to £1 12s. per cent. per annum. A Cash Bonus at the rate of £5 per cent. upon the Sums Assured under INDUSTRIAL BRANCH policies of 5 years' duration and upwards which become claims by death or maturity during the year terminating 8th March, 1914, except in cases where additions have already been made under the terms of the policy. J. A. JEFFERSON, F.I.A., Secretary. Chief Offices: BROAD STREET corner, BIRMINGHAM. Prudential Assurance Company, LIMITED, HOLBORN BARS, LONDON. Invested Funds exoeed - |