The success of the new-issue movement is a sign of the times. There have been quite a fair number of successes in the higher grade of these emissions, and they speak convincingly of the large amount of capital that awaits investment and will to a considerable extent come to market when conditions are more hopeful. With trade declining the world over, vast sums must find employment, and the projected new issues will not be able to cope with the movement. It must mean a levelling up of securities of good grade, and with us it must mean a good market for the best home securities. SOUTH AMERICAN BANKS. Naturally the commercial depression in Brazil, Argentina, Uruguay, and other South American countries has affected the profits of the banks operating there to some extent, but it says much for these great undertakings that as yet their shareholders have scarcely had to suffer at all, while their sound position was never more pronounced than it is to-day. In the circumstances therefore it is not surprising that astute investors are buying South American bank shares, anxious no doubt to participate in the coming revival at the least possible risk to themselves. We give below a table showing the dividends and how prices have recovered from the lowest of this year as the result of this steady buying: It is perhaps surprising, in view of their importance to the future of the Buenos Ayres Great Southern Railway, that more has not been heard recently of the progress of the very interesting irrigation works which that company is carrying out for the Argentine Government in the Neuquen district. Some idea of the magnitude of the undertaking will be obtained when we say that the canal which is being constructed from Chelforo on the Neuquen River to Lago Pellegrini, a huge natural basin in which the water will be stored, is nearly 120 miles long, with a breadth of 169 feet at water-level, or 40 feet broader than the Suez Canal. Then again there are the works in connection with the cascades, the power from which will, by the use of turbines, generate electricity to be used to pump the COUNTY FIRE OFFICE, LIMITED. water on the lands situated too high above the canal to be irrigated from it by gravitation. The B.A. Great Southern has been at work on the irrigation scheme for about two and a-half years, and we hear that rather more than half the work has been completed. The cost to the Government is estimated at about £800,000, not a large amount seeing that about 250,000 acres of land suitable not only for wheat, maize, and linseed, but also for fruit-growing, will thus be brought under cultivation. The importance of the work from the point of view of future traffic for the railway is obvious. SAN PAULO RAILWAY AGAIN. After dipping to 237, the price of San Paulo Railway ordinary stock has recovered to 242, and there is moreover a look of hardness about the market which argues a considerable anxiety to buy the stock in the face of a limited floating supply. Seeing that it was in this paper that the information first appeared which had the effect of hoisting the price a full twenty points, it is only fair to say that news continues to reach us several times a week, but a good deal of it is conflicting. The original statement, to the effect that the Brazilian Government would buy the San Paulo Railway Company at a price which would represent about 300 per cent., payable in Government bonds worth around 98, is not the fantastic fairy-tale which it has been termed in some quarters. Doubtless the project has been hampered by the crisis in the affairs of the country. How this operation is in the circumstances to be brought about is the point over which there is so much variety of opinion. It would not be fair to divulge more exact details of the scheme, which But its authors have still under serious consideration. holders of the stock who may be tempted to sell at the current price are at least entitled to know that well-informed guesses are in the air which couple the operation between the Government and the company through the instrumentality of a new undertaking altogether. If the recent developments in the country cause this project to be abandoned, then there may be developments of another character, also not unfavourable to the company, as has indeed been explained. OIL MARKET STRENGTH. It has been pointed out here often enough that the prospect of improvement in the oil market had reasonable ground of expectation, and that it required but a little interest on the part of the public to start all-round buoyancy. Although conditions might well seem to be adverse to any Stock Exchange activity at the present moment, yet it has come about that oil shares are the centres of pronounced animation; and the strength of the market looks as though it were going to last for some little time. The rise in North Caucasians rests mainly upon the assumption that the company is going to pay a handsome dividend. Estimates have gone up with the price of the shares, as they always do. A month ago the cautious folk calculated that half a crown a share would be all that holders could safely look for, but double this amount is now prophesied freely. Nobody however knows what the directors are likely to do, the only certainty being that they will have a large disposable balance with which to deal. Spies Petroleum advanced to 25s., so that those who acted upon the hints given in these columns have nothing to complain about. The buying of Spies has been widely distributed, the shares going into the hands of people who are likely to pay for them in the majority of cases. In other words, the purchases have been on account of the speculative investor, rather than on that of the gambler for differences; and this being the case the strength is not likely to ooze out of the market on a sudden. In fact, to hold the shares now for 30s. and good dividends would be no indiscretion. Talk ran vaguely a little while ago about a probable increase in the dividend on Burmah Oil shares. This time last year the company paid a final dividend of 3s., making 20 per cent. for the year ending 1912. Last November the interim dividend was increased to 1s. 6d., and this has given rise to expectations that the final dividend will be at least 3s. 6d. a share, making 5s. for the year, though some expected a materially better result. The Shell Company has already paid two dividends of Is. each in respect of the current year, and the market is looking for a final dividend of 5s. in July, making 35 per cent. for the year, against 30 per cent. a year ago. The company pays its final dividend together with the first interim dividend for the next year, so that a distribution of 6s. per share is thought likely to be forthcoming. More sanguine expectations are entertained in some quarters; and, having regard to the huge profits which the big oil companies must have made during the current twelve months, it is of course quite possible that there may be something to relax stringency and set free the banks and others from big better in store than the estimates just outlined. A PROSPEROUS TRAMWAY CONCERN. In recent years the Calcutta Tramways Company has made really remarkable progress and net profits have more than doubled since 1908, while the dividend has risen from 4 to 9 per cent. And this in spite of the competition from municipal ferries, which the directors have met by increasing the efficiency of the service and plant by judicious expenditure. The latest report that for 1913-is certainly the best in the company's history, traffic receipts and dividend both being a record, although the comparison was with a year when receipts were swelled owing to the Royal visit to India. There is one factor which may have some effect on the receipts in the future, and that is the transfer of the capital to Delhi; but this should be more than offset by the steady expansion of Calcutta, which will still remain as important as ever from a commercial point of view. The securities of the company are well thought of in the market, the 4 per cent. debentures being quoted at 972, while the £5 five per cent. cumulative preference shares stand at 53. Both are sound securities, but there is not much room for appreciation at their present level. The £5 ordinary shares are of course more speculative, but having regard to the progressive nature of the company's business do not seem overvalued at 7, yielding just under 7 per cent. Two BARNATO COMPANIES. In the newly awakened interest that has arisen for the outcrop and deep-level shares of the Kaffir Circus it is natural enough that a fair part of it should be turned to the companies acknowledging Barnato control. It has been axiomatic for some time past in the market that the management of the Barnato undertakings is good, although the group is not, for some things, altogether liked. To this day there are many people who remember the early days of the Barnato Bank, and the consequent disfavour that fell upon the other things connected with the name of the firm. To-day however such shares as Knights (Witwatersrand Gold Mining), Consolidated Langlaagte, and Van Ryn Deep rank well in market estimation as well as in expectation. The Knights Company has the comparatively small capital of £475,000; all but £5,375 is issued. There is no debenture debt. The property, permanent works, buildings, machinery, plant, etc., stand in the balance-sheet for the moderate amount of £266,221. At the end of December the company had £262,000 cash, on deposit, at the bankers, and so on. It pays half-yearly dividends of 5s. per share. Working costs last year Working costs last year averaged 14s. 9d. per ton, and the working profit came to nearly IIS. per ton. The market estimate of the mine's life is fifteen to twenty years. At 3 the yield on the money comes to 143 per cent. Allow 5 per cent. for sinking fund, and the result still leaves the shares attractive-looking in quiet times. Were Kaffirs to become popular, Knights might reasonably be expected to reach at any rate £4 a share. Van Ryn Deep has recently distributed its maiden dividend of 7 per cent. The company was in the thick of the Labour troubles last year. The original dispute started in its district, and echoes of it continued to worry the company until early this year, when more satisfactory conditions supervened. The feature of the Van Ryn Deep is that its milling tonnage of 1 million tons has an assay value of 10.1 dwts., with a probable recovery value of not less than 35s. per ton milled. The outlook here seems therefore decidedly promising, and accounts for the market price of 2 for the shares. They are of course more speculative than Knights, and at present yield much less on the money, while the capital is £1,196,892. In a good market however the shares have much to recommend them. FINANCIAL JOTTINGS. The news from Canada that the Canadian Railway Commission has ordered substantial reductions in freight rates has upset Canadian Rails. Of course the Canadian Pacific is in such a strong position that it may bear the reductions without serious inconvenience, but other lines may be badly hit. There is some evidence of improving conditions in Canada, for which, without doubt, the successful placing of many new issues during the past year or so is largely responsible, by tending commitments which were hampering them. There seems to be some reasonable hope of further more satisfactory developments. The trade returns for March are useless for comparison, for last year they included the Easter period, and so the increases in both exports and imports are pronounced. As a fact, a close examination, allowing for this comparison, shows that the export trade is not too flourishing. It is Just as preparations were being made for a substantial Chinese loan under the powerful international control of the Five-Power group, which would assist China and at the same time secure adequate control for investors, matters are complicated by talk of a loan for £6,000,000 to be raised by a French bank. said that this is partly to relieve the bank by replacing sums already lent to China. But these less responsible loans do not tend to bring China into a reasonable frame of mind as regards financial safeguards and sound administration. For which reason they are to be deprecated. Mexican situation brightened. For, although there are uncerThe American market would almost certainly advance if the tainties about trade and the earnings position is not too good, and although there is still the uncertainty as regards the InterState Commission and its attitude towards railroad rates, the market is in an oversold condition and a better tendency might easily become pronounced. Brewery issues are no longer the attractive market they were, and with trade falling off in the country there may be less to commend them. Undoubtedly the brewery group is in a better condition as regards management and economies of administration. Consolidation of interests is one of the great hopes of the future. But the market has now enjoyed a big rise, and in the ordinary parlance "there is nothing much to go for." One of the hopeful factors touched upon by leaders in the trust group has been the fact that with ordinary luck, political and otherwise, the end of the long period of depression has been The first three months of the year see prices of highgrade securities held at a substantially higher price than was the seen. case at the end of December. And there is reason to look for further improvement. This is a great point in favour of the banking, insurance, and trust companies groups and other big lenders and investment interests. Much interest will attach to the expert report on London's electrical developments and schemes dealing therewith, which will be before the London County Council next week. It will be interesting to see how far the Council is prepared to act in concert with recent financial proposals. London. Instead of treating rubber on the plantations themAn interesting claim is put forward by a rubber group in selves, this group is prepared to receive the latex in London from the different plantations and then treat it at one central factory. The claim is that the process will secure absolute equality of grade, and that the rubber is in no way injured. It will be interesting to see what comes of the suggestion. Hopes are expressed that the Yorkshire coalfields trouble will not be prolonged, and that consequently the railways concerned will not suffer much as regards traffics. But there are rumours of railway labour unrest in one or two directions. The rubber auctions were satisfactory, and although the "bear" position has given some strength to the rubber moveenough that this does not explain all the strength. ment as a whole, the supporters of the market contend reasonably MOTORING. HE Royal Automobile Club draws the attention of its Germany, Italy, Belgium, and Switzerland, while inasmuch as the representatives of the last-named country will be using the Argyll single sleeve-valve engines, it may be said that Scotland. Tmembers, and incidentally that of all motorists, to the also will have a wee finger in the international pie. A splendid fact that large bodies of troops will be on certain roads at night during the Easter season. The routes between London and Bisley, Aldershot and Brighton, are particularly prominent in this connection and demand the exercise of special care. Very attractive and remarkably comprehensive is the programme prepared by the Brooklands people for the Easter Monday meeting. There are no fewer than eleven events, the first of which a private competitors' handicap is timed to commence at noon. The lightning handicap for cars capable of a speed of ninety miles an hour and over should provide some thrilling sport. Among the entries are such approved fliers" as the 89.4-h.p. Benz, at the wheel of which will be Mr. L. G. Hornstead, of record-breaking fame; the twelve-cylinder Sunbeam; Mr. Hancock's victorious Vauxhall, which is now in the possession of that brilliant young Cantab, Mr. J. W. Read, who, as I mentioned in THE OUTLOOK a week or two ago, secured the first hill-climbing contest of the year; another Vauxhall of 23.8 R.A.C. rating, entered by Mr. N. F. Holder, who has named it "Blue Streak "; and Mr. Percy Allen's 60-h.p. Thames, which is a veteran of some five years' running. In the 75 miles per hour handicap the Hon. Lyndhurst Bruce will try conclusions on a racing Vauxhall, while Mr. R. Robertson-Shersby-Harvie proposes to give himself a doublebarrelled chance in various events by means of a 15.7 Calthorpe and a 38.8 Itala. There are a couple of motor-cycle races, and the day's sport will conclude with the Easter aeroplane handicap, which to many will be by no means the least fascinating feature of the day's doings. Saturday, May 23, has been selected as the date for the holding of the annual Aerial Derby, or circuit of London air race. In addition to the Daily Mail Gold Cup there will be a cash prize of £400 for the winner, and a valuable trophy presented by the "Shell" motor-spirit people will also be on struggle for road-racing supremacy may safely be predicted, as France among her dozen candidates has three Peugeots and three Delages; Germany has five Mercédès and three Opels; Italy three F.I.A.T.s and three Nazzaros; while we have three Vauxhalls and a like number of Sunbeams to do battle for us. Among the drivers will be seen three former Grand Prix winners, in Nazzaro, who will steer one of the cars bearing his name; Herr Lantenschlager, at the head of the Mercédés team; and Boillot, who on a Peugeot proved the winner on the last two occasions. For our own Tourist Trophy race, to be run in the Isle of Man on June 10 and 11, the entries number twenty-four. The latest comers are a D.F.P. representing France, a Sara from Belgium, an English Crossley, and a "dark" competitor nominated by that famous old-time and all-round sportsman, Colonel A. Rawlinson, of Gordon-Bennett and polo fame. The other competitors comprise three Humbers, three Vauxhalls, three Sunbeams, two Stars, two Straker-Squires, for England; three Minervas, for Belgium; three Adlers, for Germany; and one Martini, for Switzerland. An appreciative private motorist, who writes that he keeps no driver and uses a Straker-Squire light two-seater, has tabulated his experience during four years, in which time he has covered 25,000 miles on Avon tyres at an average cost of one penny for every five and a-half miles. This certainly is a performance alike eloquent in testimony to the excellence of the famous Straker-Squire "Fifteen" and the equally British Avon pneumatic tyre. "To drive out of a carriageway or unfrequented street into busy traffic without the greatest caution is not," writes Mr. Henry Sturmey, "merely inconsiderate; it is positively dangerous." Quite so; and yet how many motorists of our acquaintance habitually offend in this particular? Why a man who is in all other respects a gentleman should act in something very like the manner of a cad when behind the steering-wheel of a car has always seemed to me to be one of those perplexing problems which, as Dundreary would have said, "No fellow can understand." "A Really Practical Institution."-"The Garage," Dec. 27, 1913. THE BRITISH SCHOOL of MOTORING, Ltd. 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 City x. Ο INSURANCE. MARINE INSURANCE-THE NATIonal Mutual. F the many difficult forms of assurance, fire, workmen's compensation, marine, the last mentioned is perhaps the most difficult. The outside world hears little of it, but companies which go in for marine risks undertake responsi Prudential Assurance Company, LIMITED, HOLBORN BARS, LONDON. bilities which are a constant source of uncertainty and anxiety; Invested Funds exceed An accident to a workman may to some extent be prevented £85,000,000 £100,000,000 INSURANCE OF BUILDINGS AND CONTENTS.—TO OWNERS by care and foresight, a fire may be avoided by the same means, Claims Paid or if it breaks out may be got under control and losses minimised, but no human endeavour will stand between an insurance office and a devastating storm. When we know how difficult fire offices have found it to gauge contingencies we easily see how imFossible it is for the marine offices to do so. A blizzard such as that which worked havoc on the Great Lakes in November last, or that which cost seventy sealers their lives last week, may upset the calculations of the most expert of underwriters. Recent reports from America and Canada have shown how the disaster on the Great Lakes turned marine profits into deficits for more than one company. With these things in mind therefore it appears all the more remarkable that the competition in the marine insurance market should have become keener in the last year or two. Competition has indeed prepare reports for the protection of Owners in all parts of the Kingdom. elected to turn what might be made a reasonably protected line of business into something very like a sheer gamble. The problem was tackled on sane lines by the underwriters a year ago, and modifications were introduced in rates and conditions which would have placed the business on a much safer footing, MANY BUSINESS PRemises, Town Residences, Country Mansions, KNIGHT, FRANK & RUTLEY Offices: 20 HANOVER SQUAre, W. but cut-throat competition has gone far to defeat the policy of UNION precaution. Mr. Mountain's speech at the meeting of the British. Dominions General Insurance Company a week ago afforded a certain amount of inside information as to the steps taken in the hope of placing marine insurance on a safer basis. The British Dominions at any rate has profited by experience and has CASTLE managed to increase its marine premium income whilst decreasing LINE. its liabilities. This is precisely the object aimed at by the London Underwriters Committee which went into the question. It has to be borne in mind that, apart altogether from the special uncertainties of marine work, economic conditions have been against the underwriter in recent years and are not likely to improve with the advance in the cost of raw material, wages, and docking. The invasion of America by a large number of English and Continental insurance companies who, having put down the heavy deposit demanded by the laws of the United States, are eager to secure business, and the taking up by the American fire offices of marine insurance, following the example of the English fire offices, have all tended to aggravate the rivalry. Much of the underwriting in America, says Mr. Mountain, is in hands which have not had much experience in this branch, and as a result rates are being charged which cannot possibly leave a profit. The British Dominions is to be congratulated on its determination to take no part in a wild scramble for premiums, which seems only to challenge "rude Boreas" to do his worst. Whilst some of the scramblers will bring disaster on their own heads, they will not seriously affect a well-placed company like the British Dominions. South and East Africa ROYAL MAIL ROUTE. From London and Southampton. FOR SOUTH AFRICA FOR EAST AFRICA via the Suez Canal. DESIROUS OF SELLING WORKS OF ART, FAMILY JEWELS, Old The fiercest competition in the life department beats in vain upon a company of the standing of the National Provident. It improves on its own record, whatever the stressful struggle going on elsewhere. Last year it issued policies for £733,175, EXECUTORS, TRUSTEES, SOLICITORS, AND OWNERS WHO MAY BE which is not only more than £50,000 in advance of 1912, but the biggest in its history. That history is a guarantee that new business has not been taken without careful investigation. The premium income at the end of the year showed an advance of £6,000. It was moreover not merely in new business that the National Provident scored in 1913. Mortality was so favourable that £158,000 less than was expected had to be paid outa substantial amount to be added to the profits of the quinquennium. When to these features are added economy and a net rate of interest of £4 1s. 4d. earned by the company's funds, premises in all parts of the country are held as required. the policyholder may regard the prospects for the next valuation with confidence. To-day the institution is earning a rate of interest per cent. more than was earned ten years ago: on its KNIGHT, FRANK & RUTLEY'S SALE ROOMS, 20 HANOVER SQUARE, W. are Open Daily to receive goods intended for disposal. Auctions of Estates and Town Properties and Sales on Owner's BEST PRICES Given for Current Literature in all funds per cent., as the chairman explained at the general Branches by HOLMES BROS., 4 Manette Street, London, W. (Many meeting, means over £16,000 per annum, and accumu lated over five years the amount is nearly £100,000, all of which years with Mrs. C. Hindley of Booksellers' Row.) of course goes to swell the surplus. On the last occasion, in November 1912, £856,788-or 34 per cent. of the sum received in premiums during the five years was returned as profits, and a million sterling may be the available surplus in the interval ending in 1917. BOOKS, ANCIENT AND MODERN, BOUGHT, SOLD, AND EXCHANGED, Monthly Catalogues Free. THOMAS THORP, 93 St. Martin's Lane, W.C. [And at READING.] COMPANY MEETINGS. LONDON AND LANCASHIRE LIFE ASSOCIATION, LIMITED. THE Fifty-first Ordinary General Meeting of the Proprietors in the London and Lancashire Life and General Assurance Association, Limited, was held on Tuesday last at the Cannon Street Hotel, under the presidency of Mr. Vesey G. M. Holt, the Chairman. The Chairman said: I feel sure you will wish me to express, on your behalf, as well as on behalf of all connected with the association, our sense of the great loss we have sustained by the death of Lord Strathcona. As the Hon. Donald A. Smith, M.P., he joined the Canadian Board so long ago as May 1876, and from that time to the date of his death-a period of nearly thirty-eight years as chairman of that board he took a continuous interest in the welfare of the association. Is it your wish that we should, as usual, take the report and accounts as read? That being so, I should like to address just a few remarks to you upon the report and accounts which we have before us. Referring, in the first instance, to the life department, at our last annual meeting we were able to report that, owing to the acquisition during the year of the Scottish Metropolitan Assurance Company, new policies had been issued for sums assured exceeding £1,000,000. During the year under review we have had no such special circumstances to help our figures, and having regard to the fact that 1913 is the first year of a new quinquennial period, we may consider that the new business done, by the issue of 1,707 policies for sums assured exceeding £800,000, and producing a new premium income of £31,023, is satisfactory. The total life premium income amounted to £414,772 15s. 5d. The average rate of interest on invested and uninvested funds was £4 6s. 3d. per cent. gross, and after deducting income tax £4 2s. 8d. per cent. to The claims by death, with bonus additions, amounted £168,558 18s. 4d., and showed an exceptionally favourable mortality experience. The funds of the life department show the substantial increase of £137,610 15s. 3d., raising the life and annuity fund to £3.807,135 19s. 4d. income. and Directors for their services, which, he said, the shareholders thoroughly appreciated. The motion was seconded and carried unanimously. The Chairman: Gentlemen, on behalf of myself and my colleagues, I thank you very much for the kind expression that Mr. Nicholls has used in putting this motion to you, and I can assure you that our best services will always be at your disposal. The proceedings then terminated. TRANSVAAL AND RHODESIAN THE Adjourned Annual General Meeting of the Company for the year 1913 (adjourned from December 19, 1913) was held on Tuesday last at Salisbury House, Mr. G. R. Bonnard (Chairman and Managing Director) presiding. The Chairman stated that there was no business to be transacted in connection with the meeting, and with the shareholders' permission they would take the meeting as concluded and proceed with the annual meeting for the year 1914. The Secretary (Mr. E. J. Sloan) then read the notice convening the annual meeting for 1914, and also the report of the auditors. The Chairman, in dealing with the accounts, said that the balance at profit and loss account, £35,579, was made up of £14,245 carried forward from September 30, 1912, plus £21,333 as per profit and loss account to December 31, 1913. Referring to the assets of the Company, he said that the principal, to his mind, were the freehold stands and buildings they owned in the city of Salisbury, the capital of Rhodesia, such freeholds representing between one-fourth and one-fifth of the whole city. No doubt they had in their freehold town sites in Salisbury an asset which must prove itself of very great value, and the same must apply to similar freeholds in other cities in Rhodesia. The Company's interest in town stands in Johannesburg were without doubt of considerable value. Every step had been taken to increase the income from this source. Their land interests in the Transvaal were comparatively small, but in Rhodesia they held a half interest with the Amalgamated Properties of Rhodesia, Limited, in some 300,000 acres in the Gwanda District, on which ranching operations had been commenced. They believed this asset would become very valuable, and that its thoughtful developfrom the ranching industry. Turning to the estates in England, ment would ultimately lead to the earning of considerable profits he said that these interests were acquired many years before he became identified with the Company, and until almost the present moment they had been a great burden and constant source of anxiety. Dealing with the Canons Park Estate Company, Limited, this Company had recently, and for the first time, shown a profit. Their interests in it were very considerable, and they now holdapart from an outside mortgage of £14,800-the whole of the issued capital and debentures. The directors felt certain that they now had in this interest an asset which must very materially increase in value, and it was most encouraging to know that they had at last succeeded in making it self-supporting. Its property was so near London, and the facilities for reaching it were now so be able to give an excellent report of its progressive value. The Fred Mine belonged entirely to this Company, and was an asset which offered great promise of revenue. He felt certain that the net profits to be derived from the working of it would alone be equal to 5 per cent, upon the total issued capital of this Company. The cable return for March, just to hand, recorded 1.900 tons crushed and cyanided for a revenue of £4,125. Of this tonnage no less than 1,110 tons of oxidised ore were taken from the dump. The cable concludes: "Mine continues to look well; general developments satisfactory." With regard to the fire, accident, and the miscellaneous depart ments, we consider that during the year satisfactory progress has been made towards establishing these departments on a sound and profitable basis. During the past year we had, of course, again to bear, to some further extent, the cost of establishing these departments; but, as I have already stated, we consider the progress made to be satisfactory, and we are very hopeful that at no distant date these departments will be contributing their due proportion to the dividend of the shareholders. The total income from these departments now amounts to £115.999 16s. 6d., whilst the claim ratio over all is satisfactory, at 50.6 per cent. of the premium In view of the depreciation which, as you all know, has been taking place during the past few years in the price of Stock Ex-greatly improved, that he felt sure that before long they would change securities, and which continued during the past year, I dare say you will expect me to refer to the subject. On December 31, the date upon which these accounts were made up, the depreciation was considerable, but 1 am happy to be able to tell you that a substantial proportion of that depreciation has since disappeared, and at the present moment it only amounts to one-half of one per cent. of our funds, after taking into account the investment reserve; and we cannot help thinking that with the increasing cheapness of money there is every probability that the depreciation will be still further reduced, if it does not entirely disappear. You will, no doubt, like to join me in congratulating our general manager, Mr. Mackay, and the other officials, and the staff of the association, both at head office and at the branches, on the result of the past year's labours. I feel that, with their assistance, the association continues to make substantial progress, which could not be arrived at without great zeal on the part of all concerned. We are also very much indebted to our colleagues on the various local boards for their assistance. It now devolves upon me to move the adoption of the report and accounts for the year 1913. I have therefore the pleasure to move the following resolution : "That the report of the directors, together with the statement of revenue accounts and balance sheet, and the auditors' certificate, be received, adopted, and entered on the minutes, and that the dividend and bonus on the association's shares recommended by such report be and the same are hereby declared." Mr. S. Gurney Sheppard seconded the motion, which was carried unanimously. The Chairman proposed a vote of thanks to the staff of the association at head offices, in Canada, and at the various branches. Mr. S. G. Sheppard seconded the motion, which was carried with acclamation. The General Manager (Mr. W. Eneas Mackay), in reply, said On behalf of the staff of the association I beg to acknowledge with gratitude the remarks that have been passed with regard to our efforts during the past year. I am sure that no effort will be spared on our part to maintain the business of the association in the ensuing year, and to secure for it the best possible result. I think I may say that the past year has been an extremely satisfactory one. The competition does not get less, and, in fact, it becomes greater, but we have a splendid organisation right throughout the country, and I think that we are getting a full share of the business that is to be got. I thank you very much. Mr. J. C. Nicholls proposed a vote of thanks to the Chairman THE FINANCIAL DEPRESSION. It was appalling to think that the condition of affairs he referred to when he addressed them in December 1912 had gone from bad to worse, especially in connection with limited liability companies, whose main investments were in Rhodesia. For the purpose of demonstrating the accentuated financial depression which had existed he had taken out a list of the principal companies operating in Rhodesia, with the closing quotations of their shares at December 31, 1912, the date of their last meeting, and compared them with the making-up prices on Friday, the 3rd inst. the last Stock Exchange settling day. He had dealt with twelve companies, and he found that in no case had the depreciation been less than 25 per cent. ; in some cases it had been as much as 60 per cent., but the average had been well over 35 per cent.. or a shrinkage during the period of over one-third of the quoted value. Before leaving the subject he would like to point out that the depreciation in the quoted price of the shares of this Company during the same period has been only 12 per cent. He considered that such depreciation was in no sense justified. Instead of the depreciation which had occurred since December 31, 1912. there should have been a considerable appreciation, by reason of the fact that the interests and assets of such companies were to-day intrinsically worth much more than they were some fifteen months since. He felt it his duty to give the shareholders of this Company guidance as to the value of their shareholding, and he had no hesitation in telling them that he failed to see why their shares should not be quoted at par value upon the London Stock Exchange, i.e., 5s. per share. He concluded by moving the adop tion of the report. Mr. H. G. Latilla seconded the motion, which, after some discussion, was agreed to. The Chairman afterwards said: You are aware, gentlemen, that this Company took over the assets of three other companies, and, |