THE COMMONWEALTH

Dominion, Volume 3, Issue 906, 27 August 1910, Page 5

THE COMMONWEALTH

A SUGAR OCTOPUS. By Telegraph—Press Association-Copyright. Melbourne, August 20. In the Federal House of Representatives, Mr. Higgs, in continuing his remarks on tho sugar industry, said that sugar cost £13 lbs. 2d. per ton to produce, and was sold at £28. A commission, if set up, could ascertain tho real profit made by tho company. Tho farmers felt that they should havo a national refinery. All the speakers on both, sides of the House agreed that a commission was necessary. All referred to the Sugar Company as an octopus, the only differences of opinion being as to the personnel of the commission. Tho debate was adjourned till Scp-tombe-r 3. The Colonial Sugar Refining Company, was registered in 1887. It has now a capital of and since 1890 a uniform dividend of 10 per cent, per annum has been paid. The capital has been increased on various occasions, the one in 1908, for instance, reverse funds amounting to £350,000 were capitalised, and additional shaves to that extent issued to the proprietors., Tho "Sydney Horning Herald" said of -the company recently :—"The Colonial Sugar Refining Company is neither a trust nor a combine. * 11; iis a single corporation which has steadily grown from small beginnings until it has so far outdistanced competitors as to become tho supreme factor in the manufacture and sale of sugar throughout Australasia. It is an excellent commercial example of the survival of the. fittest. The prices of its shares in the open market to-day give it a value,' in the estimation of the investing public of some six and a half millions sterling. It pays regularly dividends ol 10 per cent., with occasional bonuses in addition, and has reasonable reserves. But although the position is now comfortable it was not. always so. The .history of the Colonial Sugar Refining Company is, largely, the history of the sugar industry in this part of the world. Its, sure establishment was a matter of years of straggle and disappointment." \ LAND TAX BILL. NEW GRADUATED SCHEME. • Melbourne, August 26. ■ In the Federal House of Representatives, tho Committee on Ways and Means, ■as a preliminary to tho introduction of the Land Tax Bill, adopted a resolution setting forth the schedule rates to bo charged under the Bill. v ' Tho schedule.is in a different form to the one foreshadowed when tho Assessment Bill introduced the principle of applying a tax on a scientific . scale. Under tho old scheme it. was intended to go from different rates in jumps oi a penny; in tho new proposal tlie rise will be gradual. For every pound of taxable valuo the tax Will be increased by the fifteen thousandth part of a pomiy. Tho Government claims that tho new scheme- will bo more equitable than tho old. i LEGAL DIFFICULTIES URGED." (Rec. August 27, 0.45 a..m.) Melbourne, August 26. The now land tax proposals have been subjected to sonio severe criticism in tho House, and a number of legal difficulties relating to State rights and Crown leases havo been urged. Minis'ters, in reply, explained tho schedules and methods of imposing the tax.

NOTES AND GOLD. ' SOME MODIFICATIONS. Melbourne, August 26. . , In tho Federal House- of Representatives the J Australian Note Issue Bill passed through Committee. The gold reserve clause was altered by the insertion of' the words "to not less than" instead of "equal to" onefourth tho amount of the notes up to seven million pounds. The Prime Minister (Mr. Fisher) said this would make the reserve practically one-third. . : ■ ' . The section, compelling the banks, when demanded, to pay up to £25 in Australian notes, was struck out. LEGISLATORS' HOURS. Melbourne, August 26. I Yesterday the Federal Prime Minister moved that fho House of Representatives . meets at 10.30 on Wednesdays and Thursdays. '.. ( ■ Tho Liberals opposed tho proposal on the grounds that it is too early in tho session to start long sittings. The motion was carried. SURPLUS REVENUE BILL. (Rec. ,Aug. 27, 0.45 a.m.) Melbourne, August 26. The Senate has .read the Surplus Revenue Bill :v, third time. Tho Bill provides for the payment of a fixed proportion of tho Commonwealth revenue to the States.