COLONIAL SUGAR COMPANY

Dominion, Volume 8, Issue 2451, 3 May 1915, Page 9

COLONIAL SUGAR COMPANY

HALF-YEARLY MEETINC. SHORTAGE IN SUPPLIES. (By Telegraph—Press Assn.—Copyright.) . Sydney, April 30. At the half-yearly meeting of the Colonial Sugar Refining Company, the report (adopted) showed that the net profits totalled £272.707, to which was added th 6 balance or £165,890, making the total sum available £438,698. A dividend of 5 per cent, for the half-year was declared, making 10 per cent; for the year, with a bonus of os. per share, leaving a oredit of £235,473. Mr. H. Bin'nie was re-elected a (Erector. The report 6tated that the production was a record, the f'iji portion being equal to the Australian results.. "The prevailing drought will cause a heavy diminution in next season's output. It will bo unnecessary, to add to the capacities of the refineries for several years." The chairman's speech referred to the action of the Commodities Board_in: disregarding market values and fixing the prices ot ptigar. The continuance of the drought made it certain that the Commonwealth could not produce all the sugar needed till the 1916 crop was available. The existing stocks would be exhausted before the end of July, and because of the late start which must be made, with the small crop, the supply in August was not in view, unless were immediately bought in other countries. Under normal conditions the situation would have caused little trouble: but now, with, the maximum price faxed . about £8 below the raw sugar-producing rate, the position was more difficult. ' After outlining the effects of fixing prices, the chairman declared that in Australia they not only had failed to derive any advantage from the sale of surplus sugar, but the expenses had increased, and the rates fixed by the Commodities Boards_ had prevented the company from bringing the rates of refined sugars back to the June level. From New Zealaa3 "there was a Sfetter return, but the net gain on the whole of the Australasian business, excluding shipments to Europe, was only ss. or 6s. per ton. The construction of a large steamer ordered by. the company had been delayed by the Admiralty taking over the yard. It was not expected that tlie company would be able to use the vessel this year. Fifty-seven of the oompany's officers and 95 of its wage-earners had enlisted for the front. The company was keeping the positions of these men open, paying the. absentees' subscriptions to the Provident Fund, and making good the day difference between their military pay and their salaries as employees of the company.