ROYAL COMMISSION.

Dominion, Volume 5, Issue 1442, 17 May 1912, Page 4

ROYAL COMMISSION.

OM} INDUSTRY OF I Z '/AUSTRALIA. BTATEAJjiN:'!?;'' TENDERED BY THE GENERAL MANAGER OF THE COLONIAL,, SUGAR REFINING' CQMPANTf,' L-1111TED....J • With reference to the., statements now to bji submitted, by': uio relating to tho returns from the sugar industry, I ■would; first say, that if it be desired to verify; the,, figures',given „in 'that respect,, wo wil|iug£b;;filirjuslt;tp;;the;President, of the? Corporation, of i-Accouiitants, 'tho "'information necessary to enable him to certify to tho correctness : of the] figures I now give about tho gross •profits" from our maunfßcturing-a'nd.Tcfin-ing branches, - ■■< '•■ > ■ •■. .'■ THIJ POSITION "OF THE REFINER. As fho ciuestions put in the course of this and the views expressed by some of"fhe witnesses, indicate an impression 'that the margin of profit in the sugar refilling business is unduly large, i I will commence my evidence by stating the'facts in this regard. We.;hHive'in Australia four refineries, the capacity of which is inearly equal to the entire of sugar in the Commonwealth, while'the cost, computodjon our. share of such'consumption, represents some £'■>, to_j£6'per ton of the annual melting for .-home delivery on tho basis;;of the figures for. the last three •years? '• •°" - •••-•■— • In nddition ld'< this outlay/a, ,very-ltirgo floatifrg-capitnl''■ is - needed ■ for - stock- of sugar and materials, book debts, etc. This amount fluctuates greatly in the different periods of the year, but can be, set down as, on the average, between £i and £~> per ton melted, so we are justified in taking ton. of,the meltings as the jpitah in this branch pf oiic" busiue|sT' say,' '-£1,000,000 for a 100,000-ton Teiineiy. -

Considering the nature of the business, tho fact that tho floating' capital is not all turned "over each year, and tho diminution of profit that follows any loss of trade to importers, we regard 10 per cent, on tho 'total fflvestiucnt-r-or > JSX, per.'.'tijn of refined "pisduct—aS,~tho smallest .margin" on .jwhioh tho-business can-be conducted successfully as a separate undertaking. /This- .El per ton of refined product is ,'somewhat less than 5 per cent. on the fgross selling price; of: Hie., sugar delivered, to distributors in ing the last ,<". . V'Pi .Such being tho''-.position, evident that the. Tefiner. cannot mako.i.a k'jargo profit unless by a lucky'.': speculation-':'!!! the purchase of, his. supplies,? andUhis contingency is not 'a, factoriin regard, to our . dealings with the ..Queensland' makers .of raw sugar-because:-their .sugar' is bougjifc on the basis of the. prices realised fipm the reiined prmluct. -

To show tho gain obtainable from this business, wo have prepared the attached statement marked "A" of the'actii'al'sales and of 'sugar and syrup in Sydney, fllcl-bourne,'-and-Brisbane.; for- the. four, years ending 2 March'W'iil, ltfll/ agaihst jvln'cli' receipts'* arc debited;" thd actual'" charges' paid, add discounts allowed, and the cost of tho raw'^sugnr.used .when •calculated at the i;a,t<# jJhul.tq tho.lQueensltaid' manufacturer's' during the four years' in qucs-

Thc debits do not includc-.,aiiyproyision for interest on capital or'for' depreciation of'plant, and. tho-gross profit., left amounts to 1 .iO,s".,'. ; !lid-!per:"toh sufear'melted, from which has to be deducted tho sum now- levied for income and land taxes in connection, with that portion of the businessi l ;-tJiis^.we. ! .sstiip4ite,,.tp...b.o.,ls., in the £% and we thus get 15,5.,,11} d. per ton as the whole return, from tho refining of the Queensland, sugar; in that, period."

t'diir years ;in -question, the value of sugar was, in,our opinion, above the normal' rates (from November, 1906, to Jlarc'hj .1910, eact change in prices was in an upward direction), and the business jdpne.'Was-also : on : ,a large scale, with correspondingly low'expohses.' These eion, price".paid :for tho raw 'it-.'may bd pointed out that thel'iSfs!"paid:for each ,£.. of. advance, in our selfingXiafe's is actually more-than: wo receive;'leeause 'the' advanc'o'is subject, to a discbunt of.5J per .cent., and tho conversion of',Jaw:sugar' of/a. strength !of 94 net titr&"ifttp,,'l'A sugar .0f99.9 net titre. means albss"of..at Jjeast'.G^.p'ercent..' ..

Note.—yi'ith; regard to',tile;-exclusion of tho Adelafde.-'business from, the calcnlation, I should;,state that the .agreement for the purchase of the sugar is based on tho transactions at the other conti'es, for supplies 'imported from Java usually go to Adelaide, sbiiietimesto. the exclu-. eion of Quoensland "sugar., for • many months innsnecessio'u... 11',.'.

In explanationof.'.this. result, it may, be said ivho'have'Scriticised our business ,'aiothods .havc;..faile'd' to inquire how iiiuciy'of 'gross:-.price of sugar" went as ;di3epunts , and'allowances to tho distributors,'; ami' what'proportion of tho total deliveries was sold to manufacturers of jams,. etc., at a low' price under long contracts.'

Tho discounts and allowances amount to about' 5.75 per cent, on the whole deliveries to distributors and mtaileie, and tho latter receive the .varying. ral*s set forth in';-pur-printed lists'whethcr their supplies ■•are drawn, directly : from us or through Jthe wholesale houses.' The consequence of-th».adoption of this system-ii' that rilniostr,. ..the... .entire . .trade. passes through theiwholesale houses, very few letailers dealing first-hand with us. Contracts -with jam-makers, .brewers,; and others'who use sugar in. manufaolnr-' iug processes', are entered into t i.'ach year in June, and apply to 'the-.following' twelve months, the terms being net cash in seven days. The quantity of sugar thus disposed of by us amounts to about 25 per cent.; of our whole deliveries in Australia, and the attached statement marked "H", gives for live years the respective lietiprices obtained by-ns from tlie wholesale trader aiid'froiii fly.- iiiahu-. faclurer, while, for' Comparison, we show 'tho net cost" of similar sugar in London and Auckland under like conditions. '

It is evident from these .figures that firms requiring sugar'for such purposes "have obtained their supplies on very rea-h-onable tends indeed, in 1901, and "again at the cud of 1911. when the European beet crops suffered, severely from drought, and our contracts -had been made before the dry weither set in, Ihey were, (cr a portion of the year, taking from us Tefined sugar at a price below what we would at (lie time have paid for Ilia :av; sugar required to produce it.

As lo the reasons for making sales to manufacturers a I a price lower than that paid by distributors, it may be seid that the need for atfjiiiring .-this business was forced on us when the Australian ■production o'if sugar approached very' closely to the consumption.' b'or some purposes a stiong sugar known as, a-.second white is good enough, and Hie only. ivoy. to ensure the exclusion; of','such sugar was to quote a relatively low price. Moreover, tho larger work of ' HiV r?unorics brought us u small adv.intnje, aid a considerable one to the working staff, so we have encouraged the trade which litis now, as stated above, become of some importance..', There remains for me to odd tii.it sugar refining is wholly a free trade industry —except in Victoria before i-'pilerari.m, it has never been supported by protective duties, and, on flic other hand, these are levied in respect of tlio new plant wo require from time to time, and on the oil, belting, and other material used. Jn proof of this statement. I would point out that in. New Zealand there--i* no duty on sugar, and the refining is fiee from Customs supervision, while ll'n price? charged only differ by ss. a ton from the rates..ruling here when...the -tS Customs duty is deducted. And the ss. fast mentioned is against New Zealand.

CAPITAL OUTLAY ON SUGAR MILLS AND THE lIHTUKN THKHEFKOM. Our experience, now extending over 40 years, luW.'jceu that the sum to be expended in th'e erection of a modern suignr mill, and in providing for the traction of its supply of cane, cannot be estimated at less tha/i £2 lfls. per ton of cane to be crushed in the ordiuary season of five months. It is tho case that one of our factories, built in 18IU-5, when both labour and material were exceptionally. cheap, anil *o situated that the tramway system is en 'a much smaller scale than usual, baa only involved an outlay of £2 per ton, but the first cost of. tho whole of our mills in the Commonwealth has amounted to £2 10s. por ton for a crop of (iIo.OOO -tons, which" is -their capacity in ; a season ,of Hvci'/months;, .:'-,'

■'. There is, accordingly, no doubt that, for our business, the iigure stated above is a fair one, seeing that it does not iucludo anything in connection with plantation work, the items making up tho total being plant and sites of factories, tramways and rolling stock, tugs and punts, and the working stocks of spare machinery and : : material.

."' Now, tho -first point to be considered .when discussing the earnings of such plant is what provision should bo made for its deterioration, and on this subject there is room for .difference of opinion. «We are not aware of any business in British hands where a regular deduction is made under this head from capital accounts such as ours, though in regard to steamers this is frequently done, but in Germany it was, and probably still is, an obligation on companies to make such charges for tho safety of creditors. It can, however, be assumed that all machinery ceases to have a selling value, except for breaking up, when between 20 and 25 .years old, whilo the rails and sleepers of ;'« tramway system in the tropics have even .a, shorter" life. The obvious conclusion, therefore, is that, of the income derived from the investments now alluded to, a sum representing about 4 per. cent, per annum on the original expenditure must be regarded as the proportion of the profits which will, sooner or later, be needed for renewing the plant.

•; On this basis we must regard 2s. per ton cane as the proportion of the earnings of our mills which should not be distributed as dividend, and there must be, in addition, a minimum gain of 3s. to Is. per ton eane even if a very moderate return on the capital invested is to be maintained. Indeed, it would lie impossible,.to obtain shareholders' capital for a new mill in Australia unless a total profit .of, say, (is. to 7s. per ton of cane could bo regarded as assured.

And such rate is to be calculated on the full capacity reached only—according to our experience—about oneo in live years, so that there must be other possible gains to take into account when deciding the price that can be olfered for the cane we buy. These arc present in the chances of the sugar market, and in improvements wo make in recovering more of the sugar contained in the cane.

Vriie former—the market chances—we. are prepared to set against the fluctuations in the crops; the latter we, of course, regard .as our own, seeing that they are the direct result of the labour of the chemical staff, which' we maintain at great annual expense. It will.bo interesting now to see how our figures stand, in regard to the gross profits from the sugar mills in Australia for a perjod of years, and we lake for this purpose 19(16-1910, inclusive, because the price paid for cane during that term was practically unchanged, and because between November, 1!)0G, and March, 1910, there was no reduction in our selling price of sugar. During those years we crushed 2,911,942 tons of cane, and the difference between the expenses of manufacture and .the value of the sugar calculated on the price wo paid the Australian mill owners for their sugar amounted to (is. 4',d. per ton of.cane. But I have shown already in regard (o tho refining trade that tho margin of profit resulting from the handling of this sugar was insufficient' to the extent of, say, Is. per ton /(id. per ton cane), so we-are entitled to deduct this, as weir as -Id. fc.r Income and Land Taxes, and we,then get ss. (id. per ton cane as the gross return. Out of this, as above stated, there should be kept available for depreciation 2s. per ton, and we have left 3s. (id., or 7 per cent, on the capital sunk. And provision has now lo be made for the increase jn the expenses through the awards imposed on us last yoaiv which is estimated at Is. per ton cane, so tho prospect of obtaining a good profit, from the 1912 and, succeeding •crops in Australia is a very.fiu'ntdnc.' ". In. connection with this statement about work, and profit, I submit a. statement marked "O" showing the fluctuations in 'the''crops during the period of teii.ye.'ii' s . If may be argued that our capital <*xpeiiditiire has been too high, and that certain millsin Oueensiaud nave Ifeimcquipped at a much lower cost in proportion to their crushing capacity; but without the details of the expenditure on these, it is not possible for" mie' to argue on Hie subject, though 1 can say definitely that we have been unable to obtain the results we desire, in the expression of I lie sugar and its recovery, at a lower cost than that here staled, tlii: lu>l and largest mill we have erected being a case, in point. .Moreover, it is evident from our outlay on tramways that we give the fanners who grow eane for us-niuch better facilities for its removal than they get from other mill owner.-.

Another point lo which allusion should bo made is (he matter of the investment of that portion of tho gross profit; which can be spoken of as reserved to cover de-

terioration, as the policy-pursued has been one of the main factors in the success of tho Company. We go brick to 1890 in connection with this, because the general strike in that year made clear to us the need for strengthening the position of-the Company by paying off. interest-bearing liabilities to the public, with funds provided by the shareholders. This policy was then adopted, and such debts were gradually thus discharged, whilo the undivided profits were left in tho business, and the expansion of this during the succeeding thirteen years provided an ample, and on the whole remunerative, outlet for the funds thus mado available.

'The otlier secret of our success, if such a term can be applied to the well-known fact, of the adoption by us of a system of chemical control, has been the application . Df this control t0,a11,,p,ur,,' .processes V.of: manufacture. For almost thirty years it has been graduaHy developed, and now involves the yearly expenditure of about •£•20,000 on tho check we thus maintain over our work. As to the results obtained, some idea can be gathered from the statement that if tho work of all our mills in 1910 had been carried on as in the season of 1900 wo would have made about 8,500 tons less sugar than we actually produced in the former year, while a comparison with 1885, wiien the check first fully disclosed our losses, shows a difference ot 28,900 tons. Taking this sugar as worth .£lO a ton, it will be seen to what nn extent chemical supervision has operated, and is operating, in improving our returns. And there is room for further improvement, seeing that in 1910 we failed to recover as sugar about -32,000 tons of tho sugar introduced into our mills and refineries during that year.'

Tons Cane Crushed in New South Wales and Queensland. Tons. 1901 554,972 1902 44G.2G9 1903 492,44!) 1904 570,927 1905 005,751 I'JOB 608,197 1907 '688,910 1908 492.3GG 1909 J58,(!04 1910 , GOG.BGS 5,585,310 THE COMPANY'S POSITION IN THE SUGAR TRADE Ol' AUSTRALIA. As'charges were mado prior to the appointment of the Commission—though not in direct terms by any of the witnesses who have given evidence—that the company has a "monopoly" of the sugar trade in Australia, it is desirable that I should state the position the company occupies I in relation to this trade.

The imputation can bo at once dismissed in so far as it is urged against the company as manufacturers of raw sugar, sinco only about one-third of the total amount produced in Australia is made at our mills.

It is. therefore, onlv in connection with the refining business that any such charge can bo suggested, and in respect only of:— (a) Tho purchase of raw sugar from the Queensland mills. (b) The sale to the trade of refined sugars. (c) The contracts with manufacturing firms for the supply of their requirements. As to (a),.the position of the company must first' be considered in relation to tho tariff. In this respect there is a widespread belief that the sugar refining business is heavily protected by the incidence of the sugar duties. This is wholly erroneous, for the refiner works in bond and pays the full impart or excise duty on tho sugar when it loaves the refinery; If the refined sugar is produced from imported raw sugar, it is subject ton duty of .i(i a ton; if from Australian ra.w'.sugar, ,£4 a ton. It is doubtless tho difference between these duties which has given rise lo fho belief that the refiner enjoys a protection of .£2 a ton, and such would lib th» case if the refiner paid the same price for the Australian as for the inv ported raw sugai. But our records, which can be verified in the same way as those given in the two preceding statements, shoiv that the manufacturers of raw sugar in Australia who sold their output to the enmpany during the years 190G-1910 inclusive, received ,t'2 Is. Sd. per ton more than the company paid for their imported supplies during Iho samo period, the figures being-.— • Per Ton 94 Net Titre in Bond. Australian raw sugar .Cl 2, 10 .0 Imported raw sugar 10 8 4 Additional cost of Australian sugar £1 1 8

Thus is established beyond question the fact, that both theoretically and actually I lie company's refining business is conducted '■purely on a free trade basis. And it must continue lo be conducted on this basis so long as our agreement* for the purchase of Australian raw sugar ore drawn, as at present, in a manner ivliilji automatically ensures to the producers such sugar (lie very fullesl market equivalent, in price. Indeed, it is certain that, were we to deal year in and year mil. with imported sugar exclusively,'wo could buy to better advantage than' now, because under present conditions our supplies of Australian sugars are only supplemenled when an ascertained slmrlnge renders this neee-sa.rv by I lie purchase of small quantities of foreign sugars towards 'lie end of the. season, which if an unfavourable time for operating. For instance, in 1009-UUO, the failure of the Queensland crop was auti-

cipatcd, and we imported ?",JOS tons of Java sugar at a cost of £1 Is. per ton (import duty paid) below the price paid for Australian sugar in that year (excise duty paid).

It is an axiom that a business without direct or indirect turiff advantages, that is, a free trade industry, cannot be worked to tho disadvantage of a community, and as I have shown above that this is the position of our refining branch, the charge of monopolising falls to the ground. Inasmuch, however, as the assertion has been iiiado by. persons in high authority in definite terms that the company is extortionate in the prices obtained for their sugars, I pass on to consider this charge.

(b) Nearly every witness _ from the grocery trade who vrns examined stated, when questioned, that he bought from us because it suited him to do so, but I have not noticed thnt-the main reason was mentioned, viz.—that the consumers Avantcd refined sugar, so the wholesale dealers and retailers had to supply it. It has, however, been made plain that all our business is conducted openly, and that wo would not by entertaining speculative trade give one dealer an advantage over his neighbour.

Moreover, there has not been, and could not have been, any evidence to show that wo in any way hindered the importation of competing sugars exeopt by quoting a lower price by the aid of the methods of work pursued by us in our factories, and, above all, by the reduction of losses in manufacture. What this means in the preservation of the industry of sugar refining for Australian workmen and capital may bo gauged from tho fact that the importation of 100 tons of foreign sugar throws one man out of work for a year, so the diversion of 10,000 tons of our trade to, say, Java sellers, would practically involve tho loss of employment of 100 of tho men now engaged in tho industry. Surely an enterprise- that has been thus worked up in Australia without Government assistance is entitled to be regarded with a not unfriendly eye.

Then it is evident from Statement B, already referred to, that tho net prices paid by distributors in London, Now Zealand, and Australia during tho five years under review, when allowing for similar duty conditions, have over the whole term been lower hero than elsewhere. Tho figures are as follow:—

Averages for Five- Years. London £2\ 0 9 Auckland 20 4 G Sydney 19 13 ■ i and it may be added that the mero fact that we have done our share of this trade, on a free-trade basis, is in itself a complete refutation of the charge of extortionate prices.

(c) In regard to our contracts for the supply of refined sugar to jam-makers, confectioners, and brewers, etc., the primary point we have to keep in mind is that all the raw sugar produced in Australia under a protective tariff must, after refining, be consumed in Australia-. Otherwise the surplus would'have to be exported at a heavy loss in competition with sugar produced elsewhere with coloured labour.

To obviate this, we undertake in the contract to supply the manufacturers, who consume one-fourth of the total sugar Used in Australia, with the whole of their requirements, though they have the right to purchase other sugars, provided these be. of Australian origin, of which some .10-10,000 tons are produced annually. The manufacturer!!.are not compelled to take any fixed quantity, but only what they actually use in their factories for a period of twelve months from .Tuly 1 to .Tune HO following, while we n.'snme tho responsibility of providing whatever quantity wo may be called upon to deliver.

; Some- manufacturers require a certain quantity of foreign sugar for the crport trade, and this we supply at the same price as Australian sugar, except in Victoria, where 4s. per ton extra has been charged to caver the higher wharfage rate on foreign sugars. '

As in this way Hip manufacturer lias a certain source of supply, the arrangement made has hitherto worked to the mutual advantage nf nil concerned, and, with only one exception so far as we are aware, has Riven general satisfaction throughout Australia. Tt has assured to manufacturers the whole of the sugar they'require, at a price which lias at ail times liccn as low as, and generally much lower than, that at wh,ieh it could lie procured irnm any other source (see Statement IS), uml has helped to conserve for Australian sugar as large n market a.s circumstances and the requirements of the. Commonwealth permit.

The ono exception referred to was a Melbourne manufacturer, whose «ole grievnnte against the company, as put to the Commission, was that we would not sell his firm a. specified quantity, but siipulated that they should buy from us or other Australian sugar manufacturers the whole of their factory's requirements. Surely if (ho company offered supplies at specially favourable prices, it was no! only legal, but fair, to try and conserve the, market for Australian sugar against I'ho damaging effect of undue importation, bv making it a condition of the contract that all the sugar used in the factory should be bought from Australian producers.

To rinse, this argument, it may be added that if Dr. .Ichnson was righi in defining "monopoly" as "the cTcliiiive. privilege of selling a thing." there is no rhanre of establishing the charge that, this is possessed by niy company iu regard to sugar.

! THE COMPANY'S RELATIONS WITH | ITS EMPLOYEES.

That these are altogether friendly is well known to everyone connected with, industrial affairs in Australia, and this has indeed always been the case since the business was established. If proof wero needed of such a statement, it is forthcoming in the fact that, although w« have eighteen factories, widely distant from each other, and all tho managers are free to engage and dismiss the men under them, no strike of our workmen ever took place until 1309, nor was one of our factories ever closed in consequence of strikes in other services.

In 1909 one of our Queensland mills was stopped for a time through some of the men engaged for the season only having been called out by an outside organisa,; Hon, but tho stoppage came to an end directly tho farmers were able to resume the delivery of cane. In 1911, when great efforts were made to bring about a general strike, not ono of our mills was closed, and we' were able at all times to secure the men required to work the factories, at the then current rates of pay. During tho general' strike of 1890-91, there was no interference with our business, ard again in Brisbane our. refinery rati 'full time through tho five' weeks of recent turmoil there.

; Such being the position, we have felt it wholly unnecessary to submit any evidence us to tho sufficiency of the rates of pay now given, but there arc certain facts relating to the conditions of service which can now be stated as explaining the reasons why so good an understanding exists in our case between employer and employed.

The first is that, with (lie men in permanent posts, we have always taken much trouble to keep them constantly employed. If we could possibly avoid it, there has been no broken time, and this has told greatly in our favour.

Then we have, speaking generally, endeavoured to keep the earnings of the .wage-earners somewhat above those, of men in other services. Sometimes tho nominal wages elsewhere, with which wo do not concern ourselves, may huve compared favourably with our rates, but even now, when tho situation is complicated by excessive taxation, largo public expenditure and arbitration awards, it is, we believe, beyond question that our men are at least as well off as others doing similar work in Australia. And this is said especially of the refinery employees who are engaged in a business that has to live in free competition with, tlie outside world and can only sucoecd if closely and economically worked.

The third circumstance that has told in our favour was that niter tho crisis 0f'1893 we made no change in our standard rates of pay for the permanent employees in any grade of our service. Tho consequence was that from then until 1805, when the hours were shortened without any reduction'of pay—our workmen were on an exceptional footing, and during the nineties very many mechanics were unable to earn as much, each year as the labourers in our service. Ironi 1!)05 to 190!) the advantage was still with our men, but during the last two years this has not been so manifest. The other bond of union is the membership in the Provident Fund and Benefit Society, the history of which is set loith iii the following notes:— THE EMPLOYEES' PROVIDENT FEND In the year 1688 a fund was founded for the provision of a retiring allowance for members of the company's staff, but after a short experience of the working of this, it was decided to establish one on a larger scale for the inclusion of all the permanent employees, whether Wigceai'iicrs or officers, and in 1890 this was first started. The basis of contribution was fixed .it 2.| per cent, on the yearly salaries and wages, and the company subscribed erfeh year a sum equal to such payments, the companv now paying in this way over 17000 p'er annum, besides giving special contributions, which have altogether amounted to about .£23,000.

Of the money thus available, it. was provided that one-half should be. deposited at call with the company at. 6 per cent, per annum, while the other half was to lie invested in the purchase of shares of the company. The benefits to be given were life insurance for an amount equal to one iear's average, pay in respect of any member who died, and a pension on retirement at the age of (10, or on failure of health after ten years' service, the amount of which was" to be actuarially lixed from time- to time. It was further provided that anyone dismissed from, the service (including wage-earners paid oil' lor any reason) have the right to withdraw in full (he amounts they have subscribed. Prom the first the fund has been worked without friction of any sort, and its progress can be traced I'roiii the reports accompanying this, which give the payments for life insurance, pensions, and withdrawals. The assets in liaikl at date of Jnst report amounted to j;is!!,Uil on deposit, and aTBH shares, so each of the 1700 members thus has an interest in tho capital stock of the company that is, en nil average, now worth about JM:I1). The only difficulty which has arisen is that the 'mortality rate of the selected lives forming the membership is much below the normal rate, and, in consequence, it has not been possible !Vr the actuaries to declare pension; on the srale expected when the fund was formed. The company Ims. therefore, in many eases, ot long service, supplemented the p-nsinn payable, and the total sum now bciu?

paid in this way is .02802 per annum, in mltlilimi to the above-mentioned X7OOO.

So fur as we ai'o aware, there is no similar fund of this nature in. corincction with a British business in which nil grades of the service are regarded n-s having idenlieai interests aval become members on (in eijiuil fooling. Wo believe, moreover, that when started 22 years ago, there was no such institution for v.T.gecnrner.s in the Jiritish Dominions.

The control of the fund is in the bands of iive trustees—myself ns representing the board, two elected from the staff, and two refinery foremen—while there is a, committee at. each factory to accept applications for membership and deni with other matters requiring attention. TIIK EMPLOYEES' BENEFIT ' HOt'IETY. This was also established about 1800 ,'regi-lered in JBM) for the purpose of providing sick pay and other advantages for all wage-earners, whether pennrmently or temporarily employed, such as caneeutlers and mill hands. The subscription is lid. weekly, find the com puny contribute ft like amount besides paying for the, secretarial wirk and allowing* (> per cent, interest on the accumulated funds. •The benefits given ore sick pay (applying also to.injuries received) and funeral allowance, while, provision is uloo nade and availed of for medical attendance, ele., but to these objects the company does not contribute. In addition, men leaving the service, who have not received any benefits, are entitled to n refund of the contributions they have paid. There cannot bo trio least doubt as to the benefits derived from the working of this society. Indeed, these have been so manifest that in several of the States we have been able to contract ourselves out of the Workmen's Compensation Act, mainlv on the ground that the advantages'thus obtainable nro greater than those conferred by the Act in question, which are, in the main, illusory, a? the proportion of men rendered idle by accident is vastly less than that of those who loso time by illness. The reports attached give the present position of the society. Its control is in the, hands of nn elected committee of the workmen at each factory, and, sneaking generally, the management uf affairs has been wliolly satisfactory.

QUESTIONS PUT BY THE MINISTER Kill CUSTOMS IN CONNECTION WITH THIS INQUIRY.

WHETHER. THE SUGAR BOUNTY AND EXCISE ACTS nAVK FW r FILLED, OH AlfE FULFILLING, THE PURPOSE OF DEVELOPING THE SUGAR INDUSTBY BY WHITE LABOUR.

It inn-,' bo worth noting that Australia is, with one exception, the only country where an attempt lias been made to grow sugar cane with white labour. The exception is Spain, in the south of which cane has been produced to a limited extent, and with a highly protective duty, by local labour. Wo believe that the tendency at prcseut is to obtain the sugar required in Spain by cultivating beets rather than by increasing the urea under cane. AND ll' SO,

WHETHER SUCH RESULT PROMISES TO BE PERMANENT. There cannot bo tho least hope of the industry beimr maintained otherwise than under existing conditions, i.e., with a protection sufficient to cover the higher cost resulting from the use of white labour. It has been suggested that an export trade might bo developed if tho £1 of excise duty now retained by the Customs wo.ro paid away as a bonus on sugar exported to other markets, but the investment of more capital in the trade under such an arrangement could only be regarded as extremely unlikely.

WHETHER THE CONTINUANCE OE THE BOUNTY AND EXCISE IS NECESSARY IN THE INTERESTS OF THE REFINERS, MILL OWNERS, GROWERS AND EMPLOYEES, OR ANY OF THEM, TO CONTINUE THE INDUSTRY ON A WHITE LAB. OUR BASIS.

To us it does not matter whether part of the protection be given by bounty, as i at, present, or by the levy of a Customs duty only. Elsewhere we will show how the present protection is divided between us and the growers of cane: the cauo agreements How current provide for higher payments if the excise duty be reduced.

IF THE SAID ACTS HAVE FAILED OR PARTIALLY FAILED TO DEVELOP THE SUGAR INDUSTRY BY WHITE LABOUR AT FAIR AND REASONABLE CONDITIONS 01)' WAGES, HOURS OF EMPLOYMENT, ETC.

There cannot bo tho least doubt that tho labour conditions existing iji July, when the recent striko began, were fair, because, there was not any difficulty in sccuriug enough men for manning tho mills. And even when tho striko had occurred wo were able to engage more men than were actually needed for carrying on the work of our factories. Indeed, tlicre was evidence, when the strike was about to collapse, that the rates of pay obtainable in yueensland were better than could 1m got in tho country districts in New South Wales, tho applicants being of a better typo than those presenting themselves a few weeks earlier.

The shortening of the working hours wo believe to be against goth the wishes and the interest of a majority of the men employed at tho mills. They take up tho work for tho money they can earn, and as nearly all of them must be unmarried, or, for the time, away from their families, there are no home ties to consider nor regular occupation when oil' duty, and so they would prefer longer hours and more pay. Indeed, tho strike above alluded to was in the main a striko for overtime. And it, is to be remembered that men thus employed have no walking time, but live within 100 or 200 yards of their work. Tho rations supplied by us have always been of tho best quality procurable, and tho scale Ims been more than liberal, but of lato some dissatisfaction has been expressed because of the sameness of the diet. In former years country labourers who cared little for changes of food took up this work, now the employees are largely townsmen accustomed io restaurant diet, and an endeavour to meet their taste has led to a considerable increaso in cost. WHETHER SUCH FAILURE IS ATTRIBUTABLE TOIN S U F FI C I- E N T EXCOURA GEMENT AND PROTECTION. We will show later that tho manufacturers' shore of the protection now given does not, in our case, exceed 255. per ton sugar out of the .C 5. DIVEHSION OF THE DIRECT' BENEFIT OF BOUNTIES TO OTHER THAN THE CANE GROWERS AND THEIR EMPLOYEES. Wo know of no instance where the cano growers have not received the bounty in lull, and submit the following notes about the prices paid for cano in Queensland. In 1901 when tho Federal tariff was introduced wo were buying cane under agreements, varying in price, etc. but on the average we were paying 13s. for H per cent. P.O.C.S. , I Tho import duly was hxed at AO, at which it lias since remained, ami an excise dntv of Jtf was adopted, 'the protection thus afforded was considered by us to be equal at that time to approximately 7s. per ton of cane. ~..,„., The import and excise duties took oftect in October, 1901, and when it appeared likeiv in February following that the Federal 'Parliament would accept these duties as proposed bv the Government, we informed the cane suppliers at our inil.s that if the duties worn finally passed wo would pnv for *'"> rallu cro !' s of m * an<l 1903 on tho basis of ICs. for U per cent. P.O.C.S. , i. i , The sugar duties were eventually adopted and the schedule of prices condition, allv offered for 1902-1903 became operative; wh'ile the' farmers were paid in respect of their entire deliveries ill WOl, a voluntary bonus of Is, 3J(I. a ton, which gave them the same share in the protection that year as Ihev deriv.nl in 1902-1903. No change took place either in the sugar duties or in our scale of prices for eerie until 1907, except that a voluntary bonus of Is. fid. per ton was paid at our five northern mills for the 19(14 crop, and a like amount to the farmers at Clulder; for tho cano delivered ill 1903; while a further voluntary bonus, averaging Is. Id, per ton for the whole crop of 1908, was also paid io the farmers at the latter mill. , , In 1907 the excise duty was increased from 0.-3 to M, and as the import duty cf ,Cli was undisturbed, the protective margin for tho manufacturer was consequently reduced by practically 2s. M. per ton of cane, .the protection thus coming down to ts Bd.. But the new agreement Hint we then offered for the crops of 1907-8-9-10 idui-ing which period the excise duty re. maineci at M), provided for a reduction

in tho price cf cano of only Is. 3d. a ton, tho standard being altered from IBs. to Its. i)d. for H per cent. P.0.C.5., so (hat the farmers' share of the 4s. Bd. direct protection, apart from tho bounty, became Is. !)d. (the difference between 13s. and Us. »d.). Tho scale of prices in that agreement is still in force, for tlie Excise Act of 11105, providing for the gradual abolition of the oxei.so duty in 1911-1912, in correspondence with a similar extinction of tho bounty, was repealed, and the excise duty of £i was fixed in 1910 for an indefinite term.

In addition to the slip.ro in the protection which wo have, as previously explained, passed on to our suppliers, amounting for the first six years since Federation to 3s. out of 75., and since 1007 to Is. lid. out of Is. Bd., tho growers have been directly paid by tho Government a bounty, which tor the .£3 exciso period ranged from is. 4d. to ss. per ton of cane, according to district; while sineo the excise was put up to £4 in 1007, the bounty rales havo varied from fis. Od. to 73. Gd. per ton.

Tho division of tho total protection may therefore bo summed up as follows :—

TO WHAT EXTENT HAS CO-OPER-ATION AMONGST GROWERS ENA DEED THE LATTER TO OWN THE MIELS, AND IS CO-OPERA-T3ON INCREASING! IS THERfi opportunity for expansion of co-operative efforts, and if m, in what dilsection, and by what means may they be encouraged?

I know of no case where a co-operahh'« mil) has been established, and there is a tendency for the Centra! Mills (sometimes called co-operative-) to become proprietary. Four of 1.h0.50 havo already heeii so viequired by tho idiareholdors, and an nilalysis of "the lists of shareholders of the others shows that a proportion of tho shares is held by men who do not supply cano to the factory.

It is, unlikely that (hero will now he any application of co-operation in this direction, became a mill to succeed under existing conditions must be of considerable siso and command a large district. Nor can tho new departure of the Queensland Government be called a co-

Direct protection (difference between Import and Excise duties). Bounty. Total. "•'•• n.d. 1901 Company 40' 40 to 3908 Farmers 3 0 4s. id. to 55., say, mean 4s, Bd. , 7 8 incls. 7 0 11 8 Since Company 211 2 11' 1307 incls, Farmers 1 9 fe. Gd, to 7s, Gd., say, mean 7s 8 9

NOTE.-The Bounty Act did not take effect until the season of 1902.

Tho actual prices paid by us for cane under the circumstances heroin described may now be stated, but before doing this it may be well to explain that in 1900 the farmers wore given tho option of selling their crops on a. scale that allowed for the cane prices rising and falling with tho value of sugar. In this connection it is interesting to noto here that though each change in our selling prices for sugar after November, 1908, was in an upward direction until March, 1910, not a. single farmer out of the 700-750 supplying our mills elected to dispose of his crops on that basis until tho last-mentioned year, and even then with sugar standing at' ,£23, or £1 10,s. above standard (equivalent under ouv scale of prices to 2s. Gd. extra per ton cane), only 129 out of 700-750 went on to the sliding scale. Moreover, Oiey then had only to tako the risk for one season. It may thus be reasonably inferred that tho fanners greatly prefer a fixed price for their product over a term of years, and that the risks of the market should bo borne by tho manufacturer.

As wo pay a uniform price at «I! our mills for cano of a given sweetness or yield of sugar, tho average of the prices paid at. our six mills affords the best indication of those our suppliers receive; and the cost of tho cano at the weighbridge worked out on this, basis is" as follows:— , t. d. 1901 15 91 1902 1G 9i 1903 IS 10 True Ay. 15 8J 1901 17 1} (Excise duty JJ3) 1905 ....'...: 15 1 1900 IS 0J 1907 11 42 ' ». d. 1908 14 3 True A.v. 14 -11 1909 35 3{ (Excise duty .£4) 1910 15 8 True average 15 41 Note—True average means that in computing 'these prices both quantity and price aro factors. \ To determine whether theso prices are adequate or otherwise, wo do not consider it would be quite fair to private millowners to make a comparison with those given by them, because in the first place we have, generally speaking, a more elaborate plant, and our system of chemical control enables us to obtain results impossible, in .other factories., . i( ~ The only- other.criterion."is that provided bv the prices received by tho growers supplying the Central mills, but inasmuch as these mills were paid for out of public funds lent at a very low rale of interest, and tlio community took the risk of losing the capital involved, it is unfair to regard the rates paid at such factories as representing the price that should bo given by other mills built by private capital. Such comparison has, however, frequently been made, and the following figures show that the average price paid at our Queensland mills since Federation lias, notwithstanding, exceeded that paid at the Central mills by 4Jd. per ton.

operative venture, for tho control of th© factories will bo in the hands of tho Colonial Treasurer, and the applicants for tho mills have been land-owners who were unwilling to put their own money in tho speculation and asked for Government aiil when wo could not 1» induced to tako up the proposals. The reason for this refusal on our part was that we knew there was enough .machinery in Australia to supply all the sugar needed and wo thought that tho cost of clearing and stumping new land with white labour would burden the grower with too liijjh capital expenditure. '

THE RKUTION THE DIFFERENCE THE COST AND RECEIPTS BEARS TO THE CAPITAL INVESTED IN THE THREE BRANCHES OF THE SUGAR INDUSTRY.

cwnot furnish an estimate of the return (o the grower of cane on the capital lie has invested, but wo can say that of tlio total area of 44,450 acres ut present supplying our tropical mills in Queensland, some 20,000 acres of our 'original holdings which wo had largely brought under production, were sold on, easy terms to 100 fanners for a sum of approximately .£IOO,OOO. Practically the whole of the purchase money has l»en paid by tho farmers out of the proceeds from (ho cano grown, which have, l>f course, provided tho family living expenses meanwhile. The above figures represent an avera go outlay by the farmers of about £5 per acre for tho land, to which, of course, would have to be added, in so mo caws, tho cost of clearing, though by far the greater part was under cultivation when transferred, anil tho money sunk in stock and implements would also have to !>e taken into account in arriving ut tho capital ''expenditure per aero by tlio farmers. Theso items aro difficult to estimate, and we consequently do not sub' mit figures to show tho total outlayj but: as our expenditure in the factories sind tramway plant amounts, as shown elsewhere to £2 10s. per ion of cane, and the yield per aero from the whole area under cultivation cannot bo taken at Jess than 12 tons per annum, it will lx» 6ecn that our investment runs into at least .Cifl per aero of tho area supplying our mills.

Tho foci tlmt some of, the lands from which our supplies of cane are drawn at our most southern mill in Queensland now comma ml prices of up to .£35 to iMO per acre, is'no indication of the original capital outlay, for much tho greater proportion of such values has" been given to the lands by the establishment of tho mill, end would disappear wc-ro tho factory to cease working.

It is thus apparent that as regards th« original capital investment we have a substantially larger amount at risk than, tho farmers. Moreover, if for any reason tho business enmo to an cni, the mills would 'be practically worthless, whereas tho farms would still bo avail, able, for oilier forms of production. Tho statements wo hovo submitted m

COST OP CANE AT WETGH-BRIDGE, Company's Mills. Cental Mills (Vide Auditor-G'nrl's R'prt.) a. d. «. d. 1901 15 3} 14 fii 1902 16 9J- s. d. 35 Gi * s. 'd. 1903 15 10 Truo At. 15 8i 15 4J True Ar. 15 2J 1984 17 11 IS 3 1905 15 1 35 fii 190G 16 01 14 J 1907 14 45 s d. 18 72 6. d. 190S 14 3 Truo Av. 14 11 14 Si True Ar. 14 8 1909 15 3J 15 3J 1910 15 8 15 2 True. Average 15 4fc Truo Average 14 11J

Tlie abovo figures'are the more significant when it is .remembered that the cost of the sugar bought from tho Central Mills exceeds that at which we could procure similar sugar from Java (allowance being made, of course, for tho different duties payable), and that at many of these mills practically tho whole of tho, proceeds of the sale of the sugar, after deducting the working costs is divided among the suppliers in the prices paid for caue.

It has sometimes been held that the return to the growers at the most successful of tho Central Mills is the truo standard, but where mills erected by the State —with the community taking tho risk, and tho farmers ail the profit—are pitted against the company's, there can surely be no other basis of comparison thou tho results of tho whole system in the one case against those of the whole system in tho other, and on this basis it has -been shown that we have given 4!d. per ton mora for cane than the Central Mills have paid. ' The conditions also under which the business is conducted, such as sweetness of the cane, recovery of sugur in mills, and many other vary so greatly that any comparison of individual results is not reasonable.

We, moreover, believe that the formers at our mills are saved material expense by being given much greater tramline facilities than aro supplied at tho other mills, and nnv such saving must Ire regarded as an addition to the price we pay lor cane.

While not in a position to directly compare the circumstances of our cane, contractors in this respect with those of the farmer at the Central Mills, we arc confident that cither the suppliers at our mills arc much better served with transport conveniences, or that we havo opened up and developed districts which Could never have been brought under sugar cane production by tho Government system. ' It is also to be noted that whereas tho loans made by the Government, mostly in 1895-6, were io have been repaid according to tho Act in fifteen years, the prospects in 1900 of the mills meeting their obligations were so unfavourable that tho Government in that year extended the term of repayment over a period of '21 years from that date, and the interest was at tho samo time reduced from five to four per cent. Later on the Government found it necessary to take six of tho thirteen mills out of the farmers' hands, as the payment of interest as woL as redemption had fallen seriously into arrears, and while tho original undertakimj provided for the extinction by about the present time of tho entire indebtedness to the Government, out of the total amount of JMi.SM advanced, hi mo .£■337,339 ret remains outstanding, while the unpaid interest amounts to .£2G,5"3 (see latest Auditor-General's report).

IN REGARD TO THE PERMANENCY OF THE SUGAR INDUSTRY UNDER WHITE LABOUR CONDITIONS: 11 WE AGRICULTURAL METHODS ' BEEN MODIFIED BY WHITE LABOUR EMPLOYMENT, AND, IPSO. BENEFICIALLY OR OTHERWISE?

We. no longer grow cane. Rut. may sit in general terms that thp best eiillival.imi is always to be found where agricultural labour is procurable at moderate rates of pay,

I to manufacturing and refining show the gross profit per ton made by us in liseso operations. Alii; JAVA OK OTHER FOREIGN RAW SUGARS IMPORTED AND KEF] NED IN AUSTRALIA AT A LOWER COST THAN THAT NOW INCURRED 11Y REFINING SUGARS GROWN IN AUSTRALIA? Wo read this to mean: "How do Australian sugars ' purchased for refining compare with those of similar quality imported from Java"? Tho answer Js that iiver a term of years wo would expect to buy tho latter at an advantage of 10s. or 15s. per ton, while any gain obtained from advances in tho market would remain our property instead of being passed on to tho vendor of tho raw sugar as has been shown to bo now tho ease. There is not much difl'orenco in tho refining; the .lava sugar parts with its colour more cnsilv. There can bo no doubt that (ho knowledge wo hove acquired of tho trade would enable us to purchase our supplies in tho open market on favourable terms.

AS TO TUB INDUSTRY GENES* ALLY, AND PARTICULARLY IN REGAUD TO-

THE EMPLOYMENT. AND REGULATION OF LABOUR-HLACtv OR

WIUTE-IN THE .SUGAR .MILLS AND REFINERIES.

No coloured labour has ever been em, ployed iu the refineries, and in the milh the men of this clrss havo been with us for years, and aro legally in tho Commonwealth. Wo are payiiiß them the same wages as white men. Our relations with all our employees Imvo always been friendly—the only strikes in wliieh we havo been concerned being a small one nt Goondi Mill, in IM9, and thai at fiireo other Queensland Mills last year.

TUB SCIENTIFIC OR OTHER CHECKS PROVIDED TO SECURE TO THE GROWER THE TRUE PAYMENT FOR VALUE OR WEIGHT OF CANE, AND TO THE MANU--I'ACTUHER -THE TRUE VALUE FROM TilE REFINER OP THE RAW SUGAR SOLE.

No one has ever called in question tho accuracy of our analyses of cither oano or sugar. The weighbridges are, of course., tested frequently.

THE EFFICIENCY OF THE LABOUR EMPLOYED GENERALLY.

Wo havo nothing to say. THE POSSIBILITIES OF EXTENDING THE INDUSTRIAL USES OF .MOLASSES OR OTHER BYPRODUCTS.

It has been suggested that an import duty should bo put on molasses with (he object of compelling us to draw the supply for our Sydney Distillery wholly, instead of partly, from Australia, but such a change could not benefit other manufacturers, for vro now throw away in Queensland moro molasses than we import from Fiji, and that produced in New South Wales is nil used in Sydney. It would cost a largo sum to make, tlw necessary arrangement for bringing molasses in. tanks from North Queensland, and the public would gain nothing from the expenditure, nor profit by the substitution of this for the molasses from Fiji, as th-> latter ran be carried more, cheaply, and this material is ns yet used to a very small eit.ent for fowling stock. Our attempts In make a fodder which rouid be bagged have, iii ft measure, fiisccecdcd—that ia to

STATEMENT "A." REFINERY RESULTS AT SYDNEY, MELBOURNE, AND BRISBANE, FOR FOUR YEARS FROM 1st APRIL, 1907, to 31st MARCH, 1911. DR N p ifirf s ""' mm Gross H» tf MM !. f . m c»,iii i-_ mm A,Tii;r;rs; 1 ,; 's, s „ -iw "" £r^ a .M , 3&Nh£irfe Co't of tlii« as paid fo Queensland Manufacturers at per ton It 9 3 tween the Import Duty of JiG per ton deducted Freicht insurance, Packages, and other Charges, inclwl- from the sales of loreign sugar in bond, and tho • Kro Insurance in ** JJJ ' S 10G.55C Landed cost, at per ton ■ £1 - 13 3 • 15,2)8,817 •£ Less Excise Dntr calculated at— 705,115 tons H«r Sugar melted at X12 13s. 3d 8,928,518 M m ton on OT tons 2,111,51G Expenses of Refining. Discounts to Customers, and charges -m T-Jn*,f T,r'ff «7fi paid for administration and sale of sugar l,G2l,G!5 Plus Norfolk Wand land -l> Balance, being I'roiit 591,78a ' I/eaving ll,10G,Jfi3 ■J Pins increase in value of stocks of refined sugars and .3 syrups— , 31st March, 1911-7913 tons 100,328 31st March, 1907—5275 tons (if,873 T)- . 2038 tons 35,455 , ;. F ™ Tiu^918 . V *We take this risE ourselves. \ .i - s. d. ' Profit per ton of I?air Sugar melted Less Income and Land Taxes as notr imposed at approximately Is. in tho £ " ™ jThe difference liehreeti the tons of Raw Sugar melted and the tons , 0 f Refined Sugar on which Excise Duty has been paid is represented by Leavin® as tho net profit per ton flaw Sugar melted. 15 Hi waste in refining, deliveries cif Golden Syrup and Treacle free of Excise- " 3)ntv and deliveries of Refined Sugar in bond. • STATEMENT "B." COMPARATIVE STATEMENT OF ACTUAL DUTY-PAID COST OF STANDARD REFINED SUGAR IN LONDON, NEW ZEALAND AND SYDNEY. Tl . i-;ls|. tips I s&Hlg m ppn pig I i Plsl if. ; h i«fS khi %&&& l fii gfl Sws.ti q, 031. s-'w r? cu -«•' e- ,5 c** — . : mi p«*i iMaXii ■ IM* s=. %/■?%s, ujt ~ IfISIl! 's«33 Sslllllssll asis?3 yi aajHI fe* ' £ s. d. • ■ £ s. d. .£ s. d. ' £ s. d. £ s. d. £ s. d. £ s. d. £ 1907 • 17 18 3 4 3 4 38 3 11 36 19.2 4 13 i 18 13 5 18 5 10 . B IMS 18 18 2 3 16 7 15 G 10 13 1G 4 1 11 4 19 1 8 18 5 0 6 1009 1G 5 0 1 1G 8 14 3 7 12 10 0 " Nil. 1!) 1G G 18 10 0 b inin 18 12 7 1 1G 8 15 2 8 12 15 0 Nil. 20 15 G 18 15 0 6 1911 1G 19 9 1 1G 8 14 10 4 12 19 0 Nil. 19 19 8 19 3 5 G COMPARATIVE STATEMENT OF DUTY-PAID COST OF STANDARD REFINED SUGAR IN LONDON, NEW ZEALAND, and SYDNEY, assuming the AUSTRALIAN IMPORT DUTY of £6 PER TON to be operative in all cases alike. ■ T„„i„o _ of n p „„ f „ f Average net D.P. price of the Average net D.P. price of the Actual Average net D.P. cost Actual Average net D.P, cost Twelve months Average net D.P. cost of c.S.R. Co.'s 1a .Refined C.S.R. Co.'s 1a. Refined of the C.S.R. Co.'s 1a. of the G.S.R. Co. s lA 7ft?? 1 t e granulated at their g UKar 'to Distributors, f.o.b. Sugar to Manufacturers, f.o.b. Refined Supar, delivered to Refined Sugar, delivered to . 30th-,Imi2. Refinery in London. ou B a Auckland. Auckland. Distributors in Sydney. Manufacturers m Sydney. ' ; . ' p , ,1 £ s . (l! 8 £ s. d" .S s. d. ' £ s- d1807 ■ 19 14 11 13 10 7 18 5 10 .1«1 3 5 18 5 fl 1908 21 1 7 19 15 G 18 5 8 19 1 8 18 J « \ 1909 "0 8 4 20 3 7 18 10 0 19 1G G 18 2 1910 22 15 11 21 2 8 18 15,0 20 15 G IS la 0_ j 1911 21 3 1 20 10 4 18 19 0 19 19 8 '1 0 ; To -DISTRIBUTORS.—The C.S.K: Co.'s price of Refined Sugar is— The C.S.R. C.'s price to MANUFACTURERS in Sj'dney, Brisbane, Melbourne, ' Iii Brisbane 5s. per ton less than in Sydney. and Adelaide is the same; m Iremantlo it is higher, after making allow-irclboni-ise 2s. 6d. „ more „ once for sacks, by 15s. nor ton. , . Adelaide (after alknvii.fr for bonus). 10s. „ „ „ „ TASMANIA N MANUFACTURERS are supphwt f.o.b. Sydney, «t Sydney i'remantle (after allowing for bonus) 25s. „ / „ prices, less a freight allowance of 4s. per ton. _