COLONIAL SUGAR COY

Hokitika Guardian, 30 October 1930, Page 3

COLONIAL SUGAR COY

(Australian, Press Association.) . r SYDNEY, October 29. At the half-yearly meeting of the Colonial Sugar Refining Company, .Limited, the Chairman, Mr E. Knot said that the low value of the sugar they had exported had considerably reduced the mill-owners’ profits, and stated that sugar sold abroad would not net more than half the cash cost of its production. The tePms for -a renewal of the present ■ agreement between the Commonwealth and Queensland were now being discussed. “We were asked,” he said “to take part in this conference, but we replied that we Were not consulted about fthe prices prescribed in the preceding agreements, and we did not wish to he brought into a discussion now. However, We are showing that the margin of profit we receive for handling finance and refining will not bear a reduction.” i He added .8 “There is no sign in the world’s markets that the present selling prices of sugar would shortly return to a paying level while almost every producing country is still increasing its output. Mr Knox pointed out the crop at all of their mills had suffered from a deficient rainfall. That at Fiji was the lowest on.record, but good spring rains had been experienced, which should ensure a good crop for 1931. No profit came! from Fiji, but the ''New Zealand refinery had been sup-plied-with sugar from other sources, and was working on normal lines. Regarding the accounts Mr Knox said: “We are charging to the depreciation fund the cost of reparations in Fiji due to last December’s hurricane. ; This amounts to £60.000. We recommend the same rate of divident as formerly, ten per c-ent per annum, and a bonus of H per cent. As this represents four per cent on the cost of your assets, this payment cannot be considered unduly high.” .Received this dav.at 8 a.m.) SYDNEY, Oct. 29. The Colonial Sugar Company dividend is twenty shillings per share, also five shillings per share bonus. The company’s profits amounted to £350,726 sterling, for the half-year, compared with £445,337 for the preceding half-vear and £465,492 for the corresponding half-year of 1928-29. The dividend and bonus require £365,625 sterling which necessitates £14.899 hieing utilised from the amount £390,488 brought forward. A balance of £375,589 is carried forward.