COLONIAL SUGAR COY

Hokitika Guardian, 7 May 1931, Page 3

COLONIAL SUGAR COY

DIVIDEND CONTINUED. (Australian Press Association ) SYDNEY, Ma v 6. At the meeting of the shareholders of the Colonial Sugar Refining Company, Limited, to-day, the report stating the profits for the half year ended March 31st amounted to £384,097 from which a dividend was being paid of twenty shillings, and a bonus of five shillings per share, absorbing £365.625. The sum of £19,472 was added to the balance of profit and loss account of September 30, 1930, making tbp total now £394,061. The Chairman. Mr EIV. Knox, reported the business was not affected by the financial troubles of Australia, except that the deliveries of refined sugar for the half year had fallen below those of the same period for 1929-30. The Fiji orop was damaged by a hurricane, but the Queensland crop was up to the average. A" agreement having been arrived at between the principal sugar producing countries on the subject of the export of sugar, he said, it wa s hoped the market prices would soon improve. Mr Knox pointed out that the world’s market for sugar was very depressed, owing to over-production,, while the reduction in the consumption of sugar in Europe and the United plates was estimated at 31 pYr cent. If the arrangement between the principal sugar-producing countries to limit th*' output of raw sugar from the factories were to be adhered to, the prices w°re bound to read] a paying level. The damage d one > n Fiji was being made good as quickly as possible, but an urgent need existed for a prompt and drastic reduction in the expenses of that colony. Mr Knox referred to the recent decision of the Australian Government not to disturb the Tu-«s''nt -r----raligaments in regard to the sMlbi" price of sugar for the next two yen’\s. and said the inference was that, tlm Colonial SueOr Refining Omnnnv after t-he fullest inquiry bv a special committee, was not making exnes«e-e profits having regard to the magnitude of fb-< business handled and the mouev required to fi"enoe it. The company fdt it could continue paving the same dividend and bonus which the chare. holders were accustomed to receive. Tl-e renort and balance sheet were adopted.