FROST IN OTAGO.

Press, Volume LXIII, Issue 19158, 15 November 1927, Page 10

FROST IN OTAGO.

DAMAGE TO FRUIT CROPS. (press association teljgram.) DUNEDIN, November 14. The orchardists in the Alexandra district had a bitter experience this morning when a sharp frost was experienced with disastrous results to fruit trees and tomato plants. The heavy south-west gale which swept over Otago yesterday had died - away, and the fruit-growers had a feeling that it might be followed by frost. The night hours passed, however, and all seemed well, but about half past three (standard time) there was a chilling frost Tomatoes in thousands have been ruined, and also the stone fruits in most of the orchards. The orchardists in 'the Alexandra district had, with good reason, been looking forward to a very remunerative season, but in a little over an hour their hopes for prolific crops were shattered.

COLONIAL SUGAR CO. HALF-YEARLY REPORT. The report of the Colonial Sugar Kefining Company for the half-year ended March 31st, shows profits at £476,516, an increase of £68,073 on the profits of the six months ended September 30th, 1326. The increase was wholly due to the earnings in New Zealand and Fiji and other income - * not subject to Federal income tax, wliicb increased by £78,043. The dividend and bonus .are maintained at 10 per cent, per annum and 2J per cent, per annum respectively, and with the increase of £975,000 in the capital, absorb the dividend £292,000 and the bonus £73,125. A sum of £IOO,OOO is carried to reserve, and' £341,366 is carried forward against £330,475 brought into the account. A comparison of profits and their distribution over two half-years follows: Half-year ended March 31, Sept. 30, 1927. 1927. Net profits: From Australian mills and refineries, and investments subject to Federal income tax .. £277,210 £244,154 Earning in New Zealand and Fiji, and from other investments not subject to Federal income tax .. 147,143 232,362

Total net profits .. £424,333 £476,516 IKv., p.c, p.a. .. .. 10 10 Bonus, p.c, p.a. .. ~h 2i Amount of div. .. .. 243,750 292,500 Amount of bonus .. 60,937 73,125 To reserve fund .. 100,000 100,000 Carried forward .. .. 330,475 341,366 The Commissioner of Taxation has decided that the percentage of the dividends and bonuses paid during the 12 months ended June 30th last, which will be liable to Commonwealth income tax is 64. In the balancesheet the item refineneß in Australia and New Zealand shows some increase. Stocks of sugar are down by £289,126. The items "mills in Australia," and "mills in Fiji," are lower. On the side of liabilities the item "sundry creditors" shows the usual seasonal increase.

The suspense accounts are up by £74,437. A comparison of the balance-sheet figures at two dates follows: Half-year ended Alarch 31, Sept. 30, 1927. 1927. LIABILITIES— Capital .. ..£4,875,000 £5,850,000 Reserve fund .. 1,350,000 475,000 Replacement and depreciation fund .. 1,494,051 1,537,622 Employees' provident fund .. .. 29,639 22,130 Employees' benefit society .. .. 14,095 14,4-iS Sundry creditors .. 1,381,035 426,751 Suspense accounts .. 2,761,269 2,835,705 aJcSSJc.*" 3 loS9 •• 735,162 806,991 ASSETS— Refineries, Australia and New Zealand 2,540,090 2 590145 Distillery .. .. 109,955 114*030 btock of sugar, including balance due for sugar as agents for the Queensland Government .. .. 2,438,700 2,149,574 bugar nulls in Australia with working expenses, etc. .. 2,444,232 2,423 071 Sugar mills in Fiji, "' " ' with working expenses, etc. .. 1,3-17,004 1,225,095 btocks of material at factories .. 367,420 383,883 Ucean steamers .. 100,000 100 000 Office premises .. 66,849 66,849 bundry debtors .. 1,685,358 2,014,513 Caßh •• •• 1 ; 539,901 301,484 The balance-sheet aggregate is £11,968,653. The report states that the very heavy rains on the east coast of Australia early in the year were followed by dry conditions in iNoithern Queensland and New South Wales Ram has, however, fallen lately in most of the oane-growing districts, but much damage has been done in this State by frost during the past winter, both to the cron now beincut and to that for next year. In Fiji 3 the cane is turning out over the estimates! though the sweetness is below normal because of winter rains. The yonng crop is 1,5,™?', and , a S° od ,3\ eW » «pecte/ in . 1928. The refinery work has been well maintajned and ln Western Australia, a site has been bought for a refinery. It i 8 thought that this will work in 1929.

DAIRY PRODUCE. Messrs A. H. Turabu.ll and Co. are in ren th f * oll « w >ns cablegram from W ?nst- a ° " dat6d London . Htli Butter.—Danish 108s to 200s (last week 190s); N.Z. unsalted 184s to 188s (IB4b to 188s); N.Z. salted 172 8 to 176s (166s to 1725). Market steady. Cheese—White and coloured 98s to 100s (100s to 102s). Market quiet. Canadian —TVhite and coloured 100s to 103s (102s to 103s).

CHRISTCHURCH STOCK EXCHANGE.

Markets opened firmly without any outstanding feature predominating. All giltod"ed stocks held at last week's closing prices any variation being in favour of sellers. In the stock and bond section, £7OO 55 per cent. 1933 stock was released at £lOl 2s tid buvers wanting more at that price, but no' sellers offered. For 4J per cent. 193S aid 1939 Bonds, £96 5s was offered without a::racting sellers, 5i per cent. 1927-41 Stock was slightly hriner ut buyers £9S 15s, no In the banking section, 100 Commercial of Australia changed hands_ 3t 29s 3d, a rise of ■id "on last reported business, market closing buyers 29s Id, no sellers offering. Bank of New South Wales were firmer with buyers at £44 10s, sellers asking £44 12s 6d, last week sales took place at £44 9s. Bank of New Zealand have declared an interim diviI dend of Is 4d per share for the six months, payable December 3rd, the same as last

year. The shares are fractionally firmer, but no business was reported. Buyers quoted 5Ss Id and sellers 58s sd. One hundred changed hands at 56s 2d last week. Union Banks were quoted, buyers £l3 19s, sellers £l4 ss, and for tho "righfs" (last day

for payment of first instalment 17th instant) buyers' 52s 6d. sellers 53s 3d.

in the miscellaneous investment section, >'e\v Zealand Insurance were slightly easier at buyers 3Ss 6d, sellers 38s 10d. Goldsbrou"h Mort. were quoted, buyers 47s 6d, sellers 48s, and for the new shares in this company 46s 4d buyers, 46s 7d sellers. N.Z. Refrigerating fully paid shares were offered nt 16s 6d, buyers quoting 15s 6d—slightly firmer figures on last week's quotes. The 10s paid shares displayed a fractionally easier market at buyers 7s lid, sellers Bs. Sales took place last week at Bs. Westport Coal Company are quoted cum dividend, and are weaker owing to a reduction in the dividend rate, the company paying 10 per cent, this year as against 12* per cent, last year. New Zealand Breweries "have had sale during the week at 44s 6d, 44s 9d, and 455, which shows an appreciation on previous business. J. Staples and Company arc firm buyers 38s, sellers 38s 6d.

British Tobacco (Australasia), Ltd., have announced that seven shares in the new company will be issued for every five in the old company. On receipt of the news the shares rose to 60s, at which price several shares were made, the market yesterday receding to, buyers 56s 6d, sellers 57s 6d. A sale of Colonial Sugars at £53 was reported—the market closed, buyers £52 15s, sellers £53 ss, this being ex dividend of 25s per share. Taranaki Oil show a rise since before the holidays, buyers now offering 9s, sellers holding for 10s lid. Whitcombe and Tombs were wanted at 67s 3d, but sellers were not tempted. Quill, Morris were sought at 225, sellers holding for 22s 6d.

YESTERDAY'S TRANSACTIONS.

Sales on 'Change—N.Z. Govt. 5$ per cent. Inscr., 1933, £lOl 2s 6d. Sales reported—N.Z. Govt. 5J per cent. Inscr., 1933, £lOl os; Comm. Bank of Aiist., 29s 3d; Bank of New South Wales (cum div.), £l4 12s 6d; Colonial Sugar (ex div.), £53.

LATEST QUOTATIONS.

OTHER EXCHANGES. (PKESS ASSOCIATION TELEGBAMS.) AUCKLAND, November 14. Sales —New Zealand Breweries' Debentures 23s 8d; Commercial Bank of Australia 29s 3d; Bank of New Zealand 58s 3d; Union Bank of Australia (rights) 535; Auckland Gas 22s lOd; Hayward's Pictures, Ltd., 16s 9d; Taranaki OiWelds 10s 3d; Occidental Una United (con.) Is 6d; Waihi 21s-sd. WELLINGTON. November 14. Sale reported—Colonial Sugar, £53. DUNEDIN, November 14. Sale reported:—Union Steam, 20s ljfcd.

SKIN AND HIDES. At the_ Wellington fortnightly sale of sheepskins, hides, and tallow, competition for dry skins was very keen, and prices very firm. Salteds were also well competed for. Pelts were dearer. Hides were keenly bought, cow advancing Jd to id; ox, Jd to id advance. Kip 'were Jd to Id dearer; calfskins, heavy-weights, were Jd to Id dearer. Prices were as follows: —Sheepskins: Halfbred, 9d to 14Jd, fine crossbred lOd to 14d, medium to coarse crossbred 101 d to 13d, short to half-wools 8d to 112 d, lambs 9d to 14d, dead and damaged crossbred 8d to 113 d, inferior and badly damaged 4d to Bd, pelts 6d to BJd, damp, Baited, apd green 5s to 12s 6d, pelts, salted 2s 6d to 3s sd, lambs, salted 2s 3d to 3s lOd. Hides: Ox, extra heavy, 701b and over, 9d to 10jd, heavy, 591b to 691b 10$ d to lOgd, medium 531b to 581b 9Jd to 101 d, light 451b to 521b 95d to IOJd, cut, slippy, and inferior 8d to 9|d; cow, heavy, 531b and over 9d to lOgd, medium 451b to 521b 9d to lljd, light 331b to 441b 9Jd to Hid, cut, slippy, and inferior 5d to lOJd; bull stag, 31d to 6d,| yearlings lllb to 161b lid to 121 d, 171b to 321b 85d to 12id, calf, snperior up to 101b 13d to 171 d, medium to good up to 101b 12Jd to ltigd, damaged up to 101b 3d to 14d. Tallow: Jn casks 22s 6d to 255, in tins, etc., lei !0 is* fid. Horsehair: 25Jd to 27Jd,

Buyers. Sellers. £ e. d. £ a. d. N.Z. GOVT. DEBENTURES— ■I3 per cent. Inscribed, 1939 — 96 10 0 4J per cent. Bond3, 1930 98 0 0 _ 4J per cent. Bonds, 1938 and 1939 96 S 0 _ 5J per cent. Inscribed, 1927-41 98 15 0 6§ per cent. Inscribed, 1933 101 2 6 101 10 0 5J per cent. Bonds, 1933 — 101 10 0 5£ per cent. Inscribed, 1936 101 2 6 101 7 6 SJ per cent. Bonds, 1936 101 2 6 __ COMPANY DEBENTURES—. N.Z. Breweries, Bonds 13 6 14 0 Glaxo, 6£ per cent., 1945 90 0 0 _ Booth, Macdonald and Co., 6J per cent.. 1932 69 0 0 BANKSAust. of Commerce- .. 1 13 9 1 12 11 Australasia 14 12 6 Coram, af- Aust. 19 1 19 3 Comm. of Aust. (pref.) 7 0 ( 0 7 10 Ei, S., and A. (cum div.) 7 11 0 7 13 0 National of Australasia (£10 paid cum div.) — 17 12 6 National of Australasia (£5 paid cum div.) 8-12 0 8 13 6 National of N.Z. 6 15 0 6 18 0 New South Wales (cum div.) 44 9 0 44 12 6 New Zealand (cum div.) 2 18 1 2 18- 5' Queensland National 5 (cum div.) 8 5 0 ' _ Union of Aust. 13 19 0 14 5 0 Union of Aust. (rights) 2 12 6 2 13 3 INSURANCENational (cum div.) .. 4 0 0 New Zealand 1 18 G 1 18 10 South British 2 15 9 2 16 3 LOAN AND AGENCY— Dalgety and Co. (cum div.) 13 10 0 13 15 0 Goldsbrough, Mort 2 7 6 2 8 0 Goldsbrough, Mort (new) 2 6 4 2 6 7 National Mortgage 3 10 0 3 15 0 N.Z. Loan and Mercantile (ord. stock) .. 93 15 0 N.Z. and Biver Plate 17 0 SHIPPING— Howard, Smith 19 6 1 10 2 Huddart-Parker (pref.) 10 3 FROZEN MEATCanterbury 7 17 6 8 2 6 N.Z. Refrig. (£1 paid) N.Z. Refrig. (dbntr.) .. 0 15 8 0 16 6 0 7 11 0 8 1 WOOLLENSKaiapoi (17s paid) 0 8 5 ■ Kaiapoi (pief.) 0 11 9 0 12 9 COALHikurangi (pref.) 0 6 3 0 6 8 Hikurangi (ord.) .. 0 2 9 Taupiri (ex div.) 16 0 ■Weetport (cum div.) .. — 1 16 0 Stockton (pref.) 0 2 7 0 3 9 GASAuckland 13 0 Christchurch (new, 5s paid) 0 6 3 0 6 6 Timaru 12 0 13 0 BREWERIESCrown 0 13 0 _ Monteith'a 0 19 0 New Zealand 2 4 7 3 4 11 Staples 1 16 0 1 18 6 MISCELLANEOUSBeath and Co. 1 12 3 , Aust. Glass (cum div.i 2 10 British Tobacco 2 16 6 2 17 K Colonial Sugar (ex div.) 1 >2 15 0 53 5 0 1 Electro. Zinc (ord.) .. 1 10 10 1 Electro. Zinc (pref.) .. 1 11 10 1 12 3 Henry Jones Co-op. ,

(cum div.) 1 17 0 1 18 0 Holden's Motors 1 10 0 1 12 11 N.Z. Drug Co. 3 4 6 3 5 0 N.Z. Farmers' Co-op. (pref. re div. only) 1 7 0 2 0 0 N.Z. Farmers' Co-op. (6J per cent. Stock, 1 '->- V: N.Z. Fanners' Co-op. — 81 0 0 (6J per cent. Stock, 1935) 78 0 0 N.Z. Guarantee Corpn. 0 8 8 0 8 10 Taranaki Oilfields 0 9 0 0 10 11 Whitcombe and Tombs 3 7 3 QuiU, Morris 1 1 6 12 6 MINING— Alburnia 0 2 4 Mt. Lyell (cum div.) .. 1 7 0 18 0 Ohinemuri 0 G 0 0 7 6 "Waihi 1 1 3