COLONIAL SUGAR CO.

Dominion, Volume 6, Issue 1738, 1 May 1913, Page 5

COLONIAL SUGAR CO.

HALF-YEARLY MEETING. REMARKS BY THE CHAIRMAN. By Telegraph— Association—Copyright (Eec. April 30, Bio p.m.) Sydney, April 30. At the half-yearly meeting of the Colonial Sugar Company the report showed the net profits to bo: In Australia, JJ117,.530; and in Fiji and New Zealand, ,£llO,000. Tho balance brought : forward of .£203,673 added to these returns made tho total available for distribution - .£437,203. A dividend at the rate of 10 per cent, and tho bonus absorbed .£187,000, leaving <£2-19,703 to bo carried forward. On the whole, the report stat«l, tho summer had been favourable for the growth of cane, both in .Australia and Fiji, but in Northern Queensland many farmers had suffered considerable losses owing to floods. At present tho yield of sugar was somewhat above the average, and it was expected, despite a very largo Inorease in tho world's production of l>oth cane and beet sugars, that tho market values will be well maintained. There has been no reduction in the selling prices since last October, while the meltings at the refineries liavo been larger .than in any previous half-year. The chairman stated that Ministers in tho Federal election campaign had, in vague terms, alluded to some of the recommendations made by the Sugar Commission's report, but had said nothing definite regarding the intentions of the Cabinet. It was much easier to say that the Government should control tho selling prices than to find a means of doing so.

The chairman mentioned the New Zealand ease, wherein tho company had been fined, but did not deul with tho matter owing to the judgment in the appeal case not yet having been given.