SUGAR PRICE RISE

Press, Volume XCV, Issue 28258, 22 April 1957, Page 10

SUGAR PRICE RISE

Increase Of £3 3s A Ton (New Zealand Press Association) AUCKLAND, April 21.

Sugar will be dearer as the result of an increase in the wholesale price of approximately £3 3s a ton made by the Colonial Sugar Refining Company, Ltd. The New Zealand manager of the company, Mr A. C. Isaacs, warned today that the price will probably rise again in the future because of the high cost of recent puchases of raw sugar.

The new price charged by the company for 1A sugar in Auckland is now £75 10s a ton (against £72 7s previously), including the sugar tax of £9 6s 8d a ton which the refiners pay to the Government on all sugar deliveries.

On the basis of the mark-up of 13.4 per cent, allowed to retailers by the Price Tribunal last week, the new retail price is approximately 9]d per lb, against 8 5-6 d previously. This means that one pound of sugar will now sell for 9£d (9d previously), three pounds will cost 2s 4d (2s 2£d previously), and six pounds 4s 7Jd (4s s<jd previously). As in the past, sugar deliveries by a grocer to a customer and charged to an account will cost fractionally more. Announcing the higher wholesale price today, Mr Isaacs said New Zealand bought raw sugar on the basis of world free market prices. These had soared since the Suez crisis as a result of stockpiling and pressure on available supplies.