COLONIAL SUGAR COY

Hokitika Guardian, 3 May 1928, Page 4

COLONIAL SUGAR COY

1 j (Australian Press Association.) SYDNEY, May 2. I At the half-yearly meeting of the [j 'Colonial .Sugar Company, the report. ■: which was adopted, disclosed that there was a nett profit for a half ; rear of £490.111.

■Q.f tike total. £236.507 was earned hv tribe Company's Australian mills and refineries and from investments »ail\!f-ft. to Federal income tax, and £255,'004 was derived from the New 74eaII.Ji.iid and Fiji business of the Compiriry and from investments not subto Federal income tax.

Ir: addition to the revealed profits, rm unexpected addition of £lB5, <93 •was made to the replacement and depreciation fund, raising it to £1,723,421 . A dividend at the customary rate of ]'2; per cont-per annum was declared. This ribsorbs £3(>A,525. anct in addition of £100,09:) will lie made to the reserve fund, thus raising it to £075,-

079. A further £305.852 will fie carried forward as against £341,366 "brought into the accounts. In the half year ended 31st March last was easily the most profitable experienced by the Company in Queensland and in Fiji the summer has boon •favourable to the cane crops, and an early start will be necessary at most of the mills, hut in New South AYale? -tlig output will he below the average. The Company is in a wonderfully robust financial position. Its assets are now valued at £13,016,835 compared with £11.968,053 six months .ago. The principal increases are in the stoiks and cash balances. SYDNEY. May 2.

At a general meeting of the shareholders of the Colonial Sugar Refining Company, the Chairman, Mr Knox, moved an amendment io the articles of association oi the Company to pievent the transfer of Company shares to a trustee company unless some per-

~'ii, either one of the beneficiaries, or a lepresemai ive acting on Ills behalf. t„- associated with the directors or officers of the Company, so that the owner's shares may have the voting rights attaching to the stock. The meeting was adjourned ior a week, when the result of a ballot on the question will be known.