1928-12-28 — Page 2

2

HONG KONG AND SHANGHAI BANKING CORPORATION.

Authorised Capa!

$30,000,000

Immed and Pully Paid-up me $30,000,000 Enserta Funda 1--

Burling 0.001,000

$14,000,00

Revere Liability of Propelaton $20,000,000

HEAD OFFICE: HONOXONG.

COURT OF DIRECTONS -

A. H. Complen, Zeg. Chairman.

N. B. Brown, Eıq. Deputy Chairman.

Hon. Mr. B. D. P. B W. H. Bell, Liz, Bandar Lambo, Reg.

C. O. 8. kachle, 16mg,

АКОТ

ДА ХОКОК

BATAVIA

BOMBSY CALCUTTA CANTON CHEFOR

CALOMBO DAIREN POOCHOW SAPIENT

HAM HUBO HAXHOW 11A KUEN HONGKEW. ILOILO

1POLL

J0210-1

KUD.

W. L. Pellican, Esq. J. A. Plurar, Esq.

T.'0. Well, Key,

I. 2. Waita, Esq. Chiet Manager. Hon. Mr. A. O. Hyne.

BIANCHI ES:---

HUSGA LUMPUR

LONDO

1.YONS

MALACCA

MANILA

MOCEDEN

NAGASAKI NEW YORK

PERINO

RENANG

HANODON

SALIHIN

AN PRANCISCO

KHANSUAL

- SINUAPORE

SOURA BAYA SUNGE PATANI TIEXISIN

TOKYO

TSUTAO"

YOKOHAMA

Current Accounie opened in local Currency and ud Dapovite Tired for nyuar. De abuitur jetuds in Loa Sarrener and deling wave which will be quoted on application. Hong kong, Wish Devpter, 19

行銀商工法中

BANQUE FRANCO - CHINOISE pour le

Commerce et l'Industrie (Incorporated in France).

Prince's Building. Chater. Road,

Hong hong.

HEAD OFFICE:

74, Rue St. Lazare, Paris. Capital fully paid up..Fra.50,000,000 Special working capital .Fra.60,000,000 Reserves **

.rs.22,310,000

BRANCHES:

Paris, Lyons, Marzoilles, Saigon, Haiphong, Hanbl, Tourano, Quinton, Hue, Thanh hoa, Vinh Pnom Penh.

Peking, Shanghai, Tientsin, Hong Kong,

RANKERS:

THE CHINA MAIL,

'AUDITORS' DUTIES

AN APPRECIATION OF THE PROFESSION

NEW JOB OF WORK

COMMERCE

AND

FINANCE.

that

FRIDAY, DECEMBER 28, 1928,

80

underwriter in his own

and June of this year;" and, fur-| paper

the underwritingly through one of a small number arranged. for thor, that the total, capital offered was

and of stockbroking firms, and it is for subscription amounted to so. The "arrangement" takes place barred in practice to all but large £29,791,255, the average rate of largely on the telephone; and in the Institutions. The price to be paid. commission being approximately 3] City a man's word on the telephone for there is a price is a promise.

is as good as his bond. Frequently of other Stock Exchange business. per cont.

the underwriter never sees & pros.

A. Curious Feature Rate of Commission

pectus, and cheerfully accepts his But there is no golden rule in It is, of course, a commonplace participation for £10,000 or £20,- underwriting. Skilful underwriters that the more speculative the issue, 000 merely after a telephone call-acquire a flair for winnowing the companies from drifting into in the higher the rate of underwriting a proceeding which to the un chaff from the grain in much the solvency through bad methods of commission; and, further, that initiated Appears appallingly same manner as the Ars or life in- finance. It is perfectly true that since the rate must according to casual. The experienced under-surance auditors are not responsible for a law be disclosed in the prospectus, writer, however, is probably al-aphers. True, there are some who company's accountancy, and the the intending investor is in this ready aware that this particular assert that an underwriter should legal fact that the accounts are the way furnished with an important lasue is pending (although he does never accept participation in any directors accounts, has not to be guide to the standing of the bor-not know its terms) and is prepar-issue the stock of which he is not | lost sight of. · But the inquiry and rower-& sure warning against ed to underwrite "blind," relying prepared to have and to hold as an

report of the auditors of necessity insinuating prospectus language upon the backing of the issue house investment. At the outset of his address to involves criticism where it is call and extravagant expectations of to make the issue go. Even if the i Perhaps the most curious fentura members of the Incorporated Aced for, sand-the-knowledge that the profits, that "may confidently be issue is unsuccessful and he is about the practice of underwriting FRANCE:Societe Generalo, Banque countants Students' Society

Nationale des Credit, Banque "do "The Auditor and the Now Com. accounts stand open to expert expected." For a gilt-edged -issue "stuck" with his proportion of the is the pathetic submissiveness of of itself tended to the rate of commission is normally underwriting, he is probably con- the sub-underwriters--the insur

book-keeping, 1 per cent. to 1% per cent, and tent in any case to hold his stock anse and trust companies in the and instil the principles of sound more rarely 2 per cent. A good as an investment, and with a re-strong grip of the main dnance. The verdict of the Board class industrial issue usually paya aonable expectation that sooner or writers--the issue houses. These of Trade Committee that the audit from 2 per cent, to 4 per cent later the price will go to par. In institutional investors with their provisions of the Act of 1908 had while in the speculative class the euch a case he knows, too, that the enormous fands are the new issue worked well

was a considered commission may range from 4 per issue house will, for the sake of market for the first-class issues. It verdict. Bearing in mind that cent. upwards.

its reputation, support the market is upon their applications that the there are something like 100,000

Cream of the Business

and be ready to take his stock at a issue houses depend for the suc- companies on the register, the The number of firms handling price which, after allowing for his cess of the issue; it is the combined rarity complaint from share- gilt-edged new issues is very few. commission will "let him out" at a weight of their orders and require- holders concerning audits is a For the

most part they are the minimum sacrifice.

ments which makes the market, and proof that the finding was justified. great issue houses of high standing

This is the cream of the busi- if need be, supports it. And yet and of international repute, and neas. In order to enjoy it, the they show no evidence of being they carry on their business in ae- would-be underwriter must get his even conscious of their latent

an "underwriting list." cordance with a code of unwritten name on

power, and none at all of exerting laws. One reads in the morning The avenue of approach is normal it.

Paris et des Pays Bas LONDON:-Midland Bank, Ltd. NEW YORK:-American Exchange Irving Trust Co., Banca Commor- ciale Italiana.

SAN FRANCISCO:--Bank of Italy.

сп

panies Act," Mr. R. R. Coomber the Companies stated that while Act of 1928 has placed some now duties upon auditors as to verifica tion of certain statements in cer- Every description of Banking and tain circumstances, it has not In Exchange Business Transacted. Cor-the main altered the general pro- visions of the Companies Act of respondents throughout the world.

L. BERNIS,

1908 with regard to the appoint Mannger. Hong Kong, 3rd August, 1928. ment and duties of auditors. That is beyond doubt the correct view, observed the "Financial News." In

THE CHARTERED BANK OF INDIA, AUSTRALIA & CHINA.

practice no part of the Act of 1908 has proved more generally success- ful and satisfactory than the sec- Incorperated by Royal Chater, 185tions relating to auditors. Look- ing back over the past twenty .£3,000,000

£1,000,000 years, during which the account- ancy profession has risen steadily ..£3,000,000 in status and skill, as well as in

HEAD OFFICE: LONDON. Paid-up Capital Reserve Fund

HONG KONG SAVINGS BANK. Reserve Liability of Proprie

The Brien af is above limak is

the IRUNGRONG AND BHANDIAL BANKING CORPORATION.

eblued ca application,

FOR THE

LOTS ***

Agencies and Branches:

ALOH STAR

Hulan

TROY

น

& ION BONU BUANGIAI BANKING CORPORATIUS.

A. C. HYNES,

Chief Mangur.

Hong Kong. 18th September, 1927.

NEDERLANDSCHE HANDEL

MAATSCHAPPIJ.

(SETHERLANDS TRADING SOCIETY)

BANEERS.

"

Established 1821.

Hong Kong Ufice :-) Quenu's Road Central,

Authorised Capital

Pald-Up Capital

Be and

Ovildi 150,000,000

{£1,500,000.} Gulidan"

Quillere $2,100,000-

Blond (cò:-(LASTERDAM'},' Busters Hood Oilco:-BATAVIA. BHANCTIES:-Budjarmusia Bandoen') Bombay.

Three

lusta. Chériton, Jeddafi, Member,

·Djokinkursa's' Thu lingua'), Kom Hoka-kadja, Makumar, Medan, Padang lambai Fuksionet - Panang, Pontianak, good, Botterdam) Baranaug

bibog Blugapore, Bouzabal, Soraka (Solo)," Togai, Tillating and Wollertetou.")

(8mtrs),

los bars min dupost boxes to fat

London Bankar National Provide) Bank Ltd.

Correspondents all over the world

Banking beatsons of everyo

description menaced.

Q. STEENSTHA,

Hong Kong. 8th August, 1929.

Manenor,

BANQUE DE L'INDO-CHINE.

HEAD OFFICE:

96, Boulevard Haussman, Paris.

(lay tatal

AMRITSAR

BAMIROK

BATAVIA KIMBIAY CALOUTTA CANTON CAWNPORE CEDU COLOMBO DELHI BAIPHONG BAMBURG

NANKOW

BARBIN

(H. burla)

HÀNH HUN

'

WARAQUI

XL.ANG

BODA

KUALA KANGSAR

Petak (...)

KUALA LUMPUR

ROUND

MADRAS MANILA MEDAN NEW YORK PERINO WENANG

PESHAWAN ILANGDON SAIGON SEMARANG SEBENDAN SHANGHAL SINGAPORE NOURABAYA TAITISO

criticism has level-up

company

UNDERWRITING

PRINCIPLES AND PRACTICE EXPLAINED

GUIDE TO INVESTORS

HONG KONG MARKET PRODUCE.

public estimation, the two facta

In the course of a brief discus-1 which stand out are the increased ston of the principles and practice efficiency of company audits, and of underwriting the Economist the acceptance by shareholders and says that the words "underwriting" directors alike of the obligations and underwriters" are employed imposed. In this respect the Act

on, the Stock Exchange to describe of 1908, when it was passed, was the process by which-for a con- thought to be severe. It laid down sideration known as the under-

concerning which writing commission-the requisite Beet Syloin the matters auditors had to satisfy themselves; subscription Kave them a statutory right of guaranteed. It is the process by to books, documents, and which the borrower virtually minutes; a right to make whatever effects an insurance policy, under inquiries, and call for whatever in which the "insurers" or "under- formation they might deem neces; writers" guarantee to subscribe for sary in order to satisfy themselves that part of the issue unapplied for General that the accounts kept truly show-by the general public.

ed the company's position; and all

P.M.6. TAVOY TIENTBIN TOKYO TONOKAN (Uhuket)

TRINITAD

УЛКОНАМА

ZAUHOANGA

Foreign Exchange

(I'flippine Islandaj

ani

Banking business transacted.

Current Accounts opened and Fixed

access

question.

•

Dejunits received for 1 year or short-round left obstruction and make er periods at rates which will be quot-belleve investigation out of the ed on application.

A. II. FERGUSON, Hong Kong, 3rd April, 1928.

Manager.

THE BANK OF TAIWAN, LTD. (TAIWAN GINKO)

HEAD OFFICE:-Taipeh, Formoss Incorporated by Special Imperial Charter, 1899.

A Real Reform

to a new issue

Sausages

APPROXIMATE

Rutcher Meat.

སྐ

Dec. 21, June; June,

P

RK

under.

RETAIL PRICES.

Poultry.

Dec. 21, June, June, 1928, 1818. 1914.

Eak en fcooking)..

Cla. Cte. Ct.

60 80 31

$ *4## 8 8 8 8 8

888. 19

**********

1928. 1918. 1014.

Cls. Cle. Ca

ish

牛活靶

Ib.

26 24 12

Cuicken

Pila Lut

28

IX

J

Corned

91

23

12

Capons, Small

*

50 29 80

戚 肉:

H

Roast

24

*

Cupone, Large

55

*

LF

Duck

35

22

10

Breast

26

20 18

門

31

•

Soup

24 20 18

Dore

22 each 34

It

Steak

28

24

1+

i per doz. 30

"

P

Steak Sirical

40 90

35

Eggs, Ben (fresh)

新鲜空

34

#1

pti

U

18

Zu

Powis, Canton

96

E

3

26

Brains ....... Tongue, fresh.".

per el lo CECA 65

lu ኣካ

Howls, Hainan

Geenc

BU

M

36

27

गं

Tongue, corned

Pigeons, Cantor

ench 36

Head

阡

,,$1.20

----$1.20)

Holkow

78

"

Heart

1b.

24

18

24

Turkeys, Cock

1b.

68

Hump, Eart

20

18

Fleet

Salpe

Bach

each

10

10 12

П

Kidneys

Pheurent

10 12

pair 2.40

Tall

cách 25

10

11

Liver Tripe

85

Ibu * 18

14

7

It may be asked-and it some-Ballock's. times is asked-is underwriting necessary? Why cannot the com-

pany or the borrower rely upon his general standing and credit for the required subscription, and save the expense of the underwriting com- mission? The answer is to be found In a consideration of the risks and the consequences of

H

-

This was considered unerous, but for company trading it has turned out to be altogether salutary, Thie resultant expansion of limited liability enterprise may in no small failure of a new issue. A hundred degree be attributed to it. That the reform has been beneficial is and one things may occur between now recognised. At the same time, the dates of opening and closing Calven' Hand & Feet. a good deal of the recognition must the lists, any one of which might Mutton Chep

Ler

·49 be ascribed to the manner in jeopardise the success of the issue. which, as a body, auditors have carried out their duties. While

ir

Shoulder

Saddle

44

44

Central Bank in Formosu, *

Great Volume of Underwriting Bank-Nates issued

Average amount Yen. 25,000,000

Having regard to the specialist, the Act safeguarded their indepen-surance nature of the business, it

and more particularly to the in-Pig's Chit(ing) BRANCHES AND AGENCIES:

Yokohama, Kobe, |JAPAN:-Tokyo,

dence and authority, they have noti Osaka, FORMOSA: Giran, Kagi, Karenko, abused either. Much more often is natural to find that the prin- cipal underwritera are the large Keelung, Makong, Nanto, Shin- than not they have used their in- chiku, Taichu, Tainan, Takno, dependence and authority to save investment institutions-the insur- ance companies and the trust com- Tamsul, Toen, Heito, Tnito.

panies. There is also, no doubt, a amall class of professiona} under! writers; but underwriting would Fork Chup seem to be prima facie an unsuit- Leg ablo business, for the private in- dividual. The organisation of in-

Subscribed Capital. Frs. 72,000,000.00 Puid-Up Capital ....Fry. 63,400,000.00 | Reserve Funds ....Fra.102,000,000.00 CHIINA:-Shunghai, lankow, Amey,

BRANCHES;

Bangkok Hanoi Quinhoo Battambang Hong Kong Salgon Cantho Mengtzo Shangha! Canton

Nam-Dinh Singapore Nounen Tientsin Fort Bayard Papeete Taurano Haiphong Peking Hankow Pnom Penh Yunnanfu

Poodicherry

Dijbouti

BANKERS:

Vinh

Singapore,

Ponchow. Swatow, Canton. OTHERS:-Hong Kong.

Batavia, THE BANK OF EAST ASIA, LTD. Soerabaya, Semarang.. Bombay Calcutta, London, New York, Dairen,

HEAD OFFICE: HONG KONG. 10, Des Voeux Road Central, Hong Kong.

LONDON BANKERS: The London County Westminster and Porr's Bank.

The Bank has Correspondents In the Commerds Centres in the European Continent, Eumis, Men- churia, Taingino, Japan, Jalo-China, Blem," India, Philippus inlands, Java, Africa, U.... Australia, Inorasi sllowed on Current Account, and Fized

IN FRANCE: Comptoir National d'Escompte de Paris: Credit Lyonnais; Dross at rates which will be quoted on applica Banque de Paris et des Pays-Bas; Ben. Deposits in You can be accepted. Credit

J. IIARA, Industriel

Commercial; Societe Generale,

ct

Brains

Feut

H

Fry.

Head

Heart

#

#

Kidney.

Liver

#+

"

"

Loin

"

Fat or Lard

*

Heart...,

Kidney's

Liver

##

M

1:4

عمله

ust $1.20 31.00 $1.00

ib. 48 36

44

24

48

20

Për art. 8

ཚེ ཿ ནདི བླ ང ང ་ ཆ་

Authorised Capital .910,000,000 vestment institutions is peculiarly Sheep's Head & Fex. mg per mi 90 Paid-Up Capital

5,000,000 well adapted to enable them to Reserve

1.200,000 practise the art of underwriting. BRANCHES AND AGENCIES:-

Melbourne San Francisco They all possess large funds well Nagasaki Scattle

able to carry the insurance risk, New York Semarang Osaka Singapore Saurabaya Sydney Taipeh

Managor.

Batavia Bombay 'Calcutta Canton Haiphong Honolulu Kobe Kowloon London Manila

Paris

Peking

Penang

Rangoon

IN LONDON: The National Provin- HONG KONG BRANCH: cial & Union Bank of England, Ltd.; 3, Des Voeux Road Central. Comptoir National d'Escompte Hong Kong, 22nd September, 1928.

Paris; Credit Lyonnais..

de

IN NEW YORK: J. P. Morgan & Co.; French American Banking Cor- poration; Guaranty Trust Co. of New York.

on Current Ac- Interest allowed counts and Fixed Deposits according) to arrangements.

THE BANK OF CHINA. 行銀國巾

(Specially Authorised by Presidential Mandate of the Republic of China on the 22nd of November, 1917).

Every description of Banking and Authorised Capital Exchange Business transacted.

Safe Deuosit Boxes to let.

A. LECOT,

Manager.

Hong Kong, 28th Nov., 1929.

Batavia

Nowchwang New York

Buonos 'Ayres

Canton

Changchun

Rio de Janeiro Salgdo

Dairen (Dalny),

San Francisco

Paid-up Capital Reserve Fund

500,000,000,00 18,278,600,00 9,029,425.24

HEAD OFFICE: PEKING.

HONG KONG BRANCH:

Tientsin

Saigon Tokyo Shanghai Correspondents in all principal cities

of the world.

Every description of Banking and Exchange business transacted. Loans granted on approved securities.

SAFE DEPOSIT BOXES to let.

KAN TONG PO.

Chief Manager. Hong Kong, 21at March, 1927.

and, being permanent investors iBacking Pigs, to order. any case, they look upon the under- writing commission as a means of getting into securities "on the ground floor. How great is the volume of underwriting may be judged from an illustration. An advertisement now appearing in the financial Press states that Barbel £821,933 was paid in underwriting Bream commission in respect of now Canton Fresh issues of public companies whose Water Fish.

one Carp prospectuses appeared "In morning paper during April, May, Catfish Codfish Crabs

Nine in a Line

Turkeys, Han

Quail Partridges

38 36

Mesch 14

* lb.

12

令山專業 each

9

Oranges (Canton)...

##. b:

新食得

*

#

Persimmons, Large...##

Artichokes

Brans, Sprost

2 #

10

1995

16

17

14

each 14

ERR

1 HF

៧៖ “យ

ន

|

|

|

ហ៊ឺហ៊ឺ

||

88222119]

10

80

15

14

། ། ། | E8 |༅

།ཋ

།ཏྶ | | ཁ

t |

* | * | | | | | | |*|***ge

Fruits.

Almonda Apples (Californ‣

1:4

Esanas (bride'n)

15

15

E A **** ****

Yo

12

22

6

"

Carambola

ра

-

15 28

18

Cosannuta

18

20

Lemons, China

each 15

10 10

Lemona (America

15

10

Liche Dried

45

10

24

26

25 23

Orzuges

35

Pears (Canton}'

42

00

70

Prabu

26

11

00 70

Plantala

*ach 13

8

Furnels, Slam

24 45

16 12 10

15

Walnuta

T

Grapes

ib.

20

26

Buet, Boat

Vaal

30 20 18

Mutton

Sausages

415 26

80

20

Vegetables, &c.

22

No: 1..

28

1

each

12

2 lb.

G

Fish.

.. Long

8

Best Root...

48

25

22

38

24

12

"

86 23

Cuttle Fish

Dace

26

38

H

Dog Fish Eela, Conger

Fresh Water Yellow

蹣肚 水

*26

22

17

17.

38

12

26

45

カ

Vreg

Garoupa

Gudgeon

Herringe

Halibut

*

62

נג

64

H

20

23 18

.28

$4

75

65

20

24 13

84

62

25

86

20

16' 16

84

82

42 10

16 10.

22 18 18

Roach

Salmón

150

Shark.

Skata

Shrimpa

32

22

78

86

1081

14 10 10

· 32 12 30

64 26

3228

18. 22 18

18

..40

929RRRR ARANADER: 29 * - ***NG

NA

Bitter Squash

12

16

Brinjala, Green

24

16

Red

4

16

27

Cabbage, Chine.....

4 5

D

"

(St)

6 12

27

28

Cane Shoots, bunch ....... Cauliflower (Large)

2

16

(Medium). (Small)

*

each 15

·中鄒 花

12

糯糯榮花

9 0 6

"

Carrots

$ $ lb.

7

e 0

8

Celery, Chinese

10

10 B

分

10

Chillies, Dried

#***

20

24

25

6

18

Red

21

###

18 10 16

予測!

80

Green-

"

***

12 8 12

25

Carry Stuff, English -- MAMM

10 8

20

Cucumbers

2

18

Garl

12

в

6

28

Ginger, Young

10

15

Old

8

10

Horseradish, Shanghai.

8 6

32

21

Indian Corp

36

20

Lettuce ...

Water Chestnuts

13

2

Mandarin. ##EM

܂

Moshrooms, Freeb

149.

Okroes

15 9

20 29

86 30

98 26 46

Onions, Bombay.

Green

Shanghai

Parsley Potato, Sweet

.8

હ

20

8

14 14

Japanese

*American

.10

Pumpkin Radiah

80

Rhubarb (Fresh).

10

Shallots

Spinneb Tomato

35

12:

Taron

Turnips, Punti (Long)....

·Vegetable Marrow Water Cre "Water Lib, Rook"mis

Cabri

Losch Lobsters Mackerel Monk Fish Mullet flystera Parrot Fish Perch.... Pike

Plater..

Pomfret, Des

Pomfret, White

Prawns

Ray

Rock Fish

4, Queen's load Central. Branches and Sub-branches all over

THE YOKOHAMA SPECIE BANK, China, and Correspondents in Europe,

LIMITED,

Established 1880.

Capital (fully paid-up) Yen 100,000,000) Yen 102,500,000 Reserve fund

Head Office:-YOKOHAMA,

Branches and Agencies at: '

-Alexandria

Bombay,

Calcutta

Qanka Peking Rangoon

Fengtian (Mukden) Seattle.

Hamburg

Hankow

Harbin

Hong Kong

Honolula

Kai Yuen Karachi Kobe

London

Los Angeles Lyon!

Manila

Nagasaki

Nagoya

Semarang Shanghal Shimonoseki Singapore Soorabaya Sydney Tientsin Tokyo Talnanfu

Taingtau! Vladivostok

(Temporarily

closed) Interest allowed on Current Ac- counts.

Deposits received for fixed periods at rates to be obtained on: application.

HL. MORI, !

'Manager, Hong Kong, 11th September; 1928.

America, and other parts of the world. London Bankere:-The National Provincial and Union Bank of England, Lid

The Guaranty Trust Company of New York,

New York Bankers: The Irving! National Bank,

The Equitable Trust Company of New York.

Interest allowed on Current Ac

counts and Fixed Deposits. Torms on application.

Every description of Banking Basi-Į ness transacted.

Ex-

Loans granted on approved Becur ition:

Special facilities for Home change.

SHOU J. CHEN,

Manager.

THE BANK OF CANTON, LTD.

Established 1912.

Head Office-Hong Kong.

Authorised Capital (II.K. Ourteney) ...F11,000,000 Paid Up Capita!

Lessive Fund

AHOKER

800.000

Swato,

Canlon, Bhanghai, Bangkok, New York vod Ban Panelsoni

LONDON BANKERS—

The land Bank Filmited, 2

CORRESPONDENTH

In all principal ciles of the World. l'orign change and banking business of erary Emeripilon nanoted,

Belo Deposit Boxer, (various mixan) a) aɛquacly rental at, from 5 to $10.

LOOK POONG SHAN,

Chief Manager. Hong Kong, 19th February, 1927.

ALBERTA POOL

CLEVATORS L

The distinction of being the point in the British Empire from which the largest number of bushels of grain' are shipped direct frons farin to rolling stock balongs to Vulcan, Alberta, on the lines of, the Canadian Pacific Railway. Here is a view of the local elevators, Aino all toldseven of which are of double capacity, Last, year Vulcan shipped two and a quarter million bushels of grala, and indi- entions are that it will exceed its own record 'this year.'

Snapper Boles" Trachi... Turbot

Murtiss, small, tr, weki

S. BARGUEN DERESEFFERSVETILKAMZA GELA DE DE DE MENE- 公班,

Føen 1748 08222861-*** LENS KÉBEN ESKWEILER. BREER -

山

+