SUGAR COMPANY.

Dominion, Volume 5, Issue 1274, 1 November 1911, Page 5

SUGAR COMPANY.

PROFIT OF £288,443 FOR HALFYEAR. By Telecraph-l'ress Aesociation-Oopyrlcht (Rec. October 31, 9.15 p.m.) Sydney, October 31. At the half-yearly meeting of (ho Colonial Sugar Heiining Company, tho report showed that the prolite in Australia totalled .£115,82!), and in Fiji and New Zealand XOo.OOO, to which has to'bo added a balance of £77M?>, making a total of X288.U3 available for the half-year. A dividend at tho rate- of ton per cent, for tho year was declared, absorbing .£!50,000, and a bonus of two s'.iillings per sliare, absorbing .£15,000, leaving /;123,4« to carry forward.

It was stated that the 'heavy rains and Moods iu Queensland and Fiji which had followed periods of exceedingly dry weather had done much damago to tho growing crops. The partial failure of the beet crop in Europe had caused an advance in prices, but it was uo"t in reason to suppose that a permanent advance had been, or will be, established.

The chairman, in moving the adoption of tho report, referred to the appointment of tho Sugar Commission. Tho company in due course would state its views on tho situation, and in order to silenco those who had attacked it would set forth its position more fully than it had yet done. That it should bo compelled to do so was a grave wrong, but Parliaments had now lost sight altogether of the liberties of the community. Tho action of tho Commissioners in refusing to allow the company to be represented by connsol could not bo defended, either by precedent or justice. The Queensland strike had caused a small loss in connection with tho mills, but they wore able to keep running, so tho production, while the strike lasted, was little bolow normal. Although tho settlement affected it, tho company had no part, but nothing could bo gained by discussing tho details now.

Notwithstanding the rise in prices, the company ia June, tho chairman declared, sold to manufacturers their supplies for the year at a rate which, with tho sugar duty paid, was below what their competitors in Great Britain bad to pay in bond.