COLONIAL SUGAR

Hokitika Guardian, 3 November 1932, Page 5

COLONIAL SUGAR

COMPANY’S PROFIT

£370,290 FOR SIX MONTHS.

(Australian Press Association.)

:SYJ)NEY, November 2

The /Colonial Sugar Refining Coy’s, profits tor .the half year ended September 30th last, totalled £370,291, from ■which it is proposed to -pay a dividend of twenty shillings and a bonus of five shillings per share. This will absorb £365,625. The balance of £4,656 is to be added to the balance ‘at March 31st last of £407,132, which makes £411,798 to the credit of the profit and lo=s account. „

The report says the refineries have been working below capacity, but the deliveries of refined sugar have been slightly greater than a year ago. Fiji has been producing a record crop, as this is a favourable season. In North Queensland, crops have ibeen normal, but dry spells have resulted in light drops in Southern Queensland and Now Wales ■ production. The lacting-ehalrman, Mr E. R. Knox, in moving tit© adoption of the report this afternoon, apologised for the chairman, Mr E. W, Knox’s ■absence. The latter, however, had prepared the report, one of the main points of which was .that there has been increased sugar production for the Company. In * Fiji where ninety two thousand tons' of sugar have already been made this season, it is eixpected ‘the season will close with 137 thousand tons. He said there was a suggestion made in some quarters that sugar might be refined at the mills, but the climatic conditions and the distance from the producing centres from large markets made that idea untenable. The chairman said he was unable to account for the increase of.' thirty-five v 'ei« cent, in the selling price of the Coy’s, shares during the past six months as while the financial position gave no cause for anxiety at any time, yet the prospect of finding an outlet for increased production was hardly describable as being any better now than it was earlier in the year. .- The sales of their shares, however, had represented only one point six five of the entire capital, thus indicating that the share°ts were not Speculators. _ The Company’s refineries were unable tc meet the needs of Australia and Neu Zealand, whose populations were not likely to increase very largely for some jrears. Fiji might be kept going under the present conditions, but the production costs there were much above that in other tropical countries, to compete with which Fiji would need Empire preference. The report was adopted.