COMMERCIAL NEWS

Ashburton Guardian, Volume 53, Issue 15, 28 October 1932, Page 7

COMMERCIAL NEWS

GRAIN AND POTATOES.

THE ESTIMATED ACREAGES. (Per Press Association.) WELLINGTON, October 27. The Census and Statistics Office publishes in the Gazette to-night estimates of the acreages under wheat, oats, barley, and potatoes throughout the Dominion, for the season 1932-33, the actual returns for the previous year being given for purposes of comparison :

Cards were sent out to grain and potato growers throughout the Dominion asking them to state the areas they had sown or planted or intended to .sow or plant this season. Only holdings of one acre or over outside borough boundaries are covered by the above figures.

FIRE INSURANCE. SOUTH FRITISH COMPANY. (Special Cu the "uuardian.'') AUCKLAND, Oct. 27. In the course of his remarks at the annual meeting of the South British Insurance Company to-day the actingchairman of directors (Mr W- 11. Wilson) said: — "The reduction in premiums in the underwriting account i/ principally due to the same causes that accounted for last year's fall, namely a reduction of values, decreased trade and smaller totals paid in wages. An additional factor is the widespread layingup of motor vehicles with considerable effect upon premium revenue from what has become a, very important class of business.

"Losses are less by close oh £IOO,OOO. In this respect it has been a year in which fortune has been kind, besides which a sense of carefulness has been awakened by the necessity! for economy. Easier times had rendered this sense dormant and its revival is making itself felt in all sorts of ways, including the preservation 'of property from loss by fire. "There is a moderate reduction of expenses after having made provision for increased income tax and restoring, for this year, the company's usual contribution to the European staff provident fund. The reserve for unexpired risks is the same as lastyear and the balance carried to the profit and loss . account is £60,255. The income from interest and rents is down by £4745 and members may be agreeably surprised that the reduction Is" not greater. The sum of £40,000 has been written off properties in view of the lower rents not, unfortunately, accompanied by a commensurate reduction of rates and taxes. "The dividend recomemnded, Is 4d a share is the. same as last year, and with a'similar interim dividend paid in April will make the distribution for the year slightly more than the income from interest and rents. The financial strength of the company today reflects the principle adopted forty years ago of limiting dividends to the* income from investments, but •for the sake of the small sum involved it was not considered necessary to reduce the dividend rate for this half •vtear."

1932-33. 1931-32. Acres. Acres. Wheat .. 294,000 280,602 • Oats . 407,000' 364,354 Barley 19,000 27,040 ' Potatoes 21.300 23,786