COLONIAL SUGAR COMPANY

Dominion, Volume 10, Issue 3067, 1 May 1917, Page 5

COLONIAL SUGAR COMPANY

HALF-YEARLY MEETING

INDIAN LABOUR QUESTION

(Rec. April 80, 9 p.m.)

Sydney, April 30.

At the half-yearly mooting of the Colonial Sugar Refining Company, the report showed that for the six months' poriod ended March 31, the net profits, including a sum.of £7500 paid as dividend on shares in the Fiji and New Zealand Company, totalled £145,758. •A dividend or 6£ per cent, per annum was declared, absorbing £105,625, and tho balance was carried forward, .making tho total balance £62,985. It was anticipated that the Queensland crop would show a very large production, expected te exceed tho consumption in Australia. The Commonwealth Government had again proposed to take ,over the sugar output _ and make arrangements for handling it in the company's refineries. The Hon. H. E. Kater was re-elected .director.

The report ou the Fiji and New Zealand Company for the year ended on March, 31 disclosed net profits . totalling £340,200, from which the September dividend, totalling £105,000, was deducted, leaving a balance of £235,200 for distribution, from whioh it was proposed to transfer £100,000 to tho_dividend reserve fund, and pay a, dividend of 6 per cent, both-on preference and ordinary shares, absorbing ,£105,000, .and carry the balance forward, making tire total balance £56,531. The whole of tho dividend reserve is now invested 5n Fiji, New Zealand, and British War Loans. The crop for 1916 was very heavy, and on the whole the results were satisfactory.' This year's crop should give an averngo yield, though it has suffered by heavy.rain. ■ The' report adds:—"There has.been no improvement in the, prospects' concerning Indian labour, but it is hoped that tlfo conforenco in London next jnonth" may secure a hotter understanding. Until, this is secured it would ho unwise for the company tn incrpaso th* capital invested in Fiji. , The agreement with the New Zealand Government about the supply of refined sugar ends in June, hut arrangements will probablv bo concluded for its extension."—Press Assn. !