SUGAR INDUSTRY

Hokitika Guardian, 26 November 1930, Page 5

SUGAR INDUSTRY

EVIDENCE BEFORE COMMISSION

SUGAR COMPANY'S POSITION,

(Australian press Association.)

(Itfcirtrivwl thin day at 9.40 a.m.) SYDNEY, Novombcr 26, Giving evidence* before the Commission inquiring jnto the sugar industry, Henry Goldfinch, General Manager of the Colonial Sugar Refining Coy., said during the past three years the Company had earned 7.5 per cent interest on the capital cost which had been written down, and was about half the cost of replacing the mills today. The profits amounted to not more than 14s fid per ton of sugar refined. The Company provided an organisation for selling in Australia to a charge of seven shillings per ton which was less than one per cent., and as the agents for Queensland Government it financed the whole business in respect to Commonwealth requirements except for twelve thousand tons refined by Millaquin, at a rate of interest below hank rates. Moreover it financed the whole business in respect to surplus sugar gratutionslv. The Company had not taken part in fixing the price of sugar, nor had it sought to obtain any increase in margins allowed for refining and selling. Working costs, wages and cost of materials were heavier than in any other country, but the rate of profit was substantially less. Mills were effectively equipped, employing ninety per cent. British labour Witness added that the Company had always treated press criticism of the Company with the silence it deserved, because the criticism was usually written bv irresponsible people, ignorant of the facts.