PROFITS FROM SUGAR

Sun (Auckland), Volume IV, Issue 962, 3 May 1930, Page 13

PROFITS FROM SUGAR

COLONIAL COMPANY’S REPORT SYDNEY, Friday. The report by the directors of the Colonial Sugar Refining Company for the half-year ended March 31 states that the profits amounted to £445,336. The board proposed to pay a dividend of 20s and a bonus of 5s a share, absorbing £365,625, and leaving £79,711. The addition of the latter amount to the balance of the profit and loss account at September 30, £410,776, made £490,488, from which the board proposed to place to reserve £IOO,OOO, leaving to the credit of the profit and loss account £390,488. Addressing the meeting of shareholders today, the chairman. Mr. E. W. Knox, said the company, like others, was compelled to accept lower profits, hut there were investments of this company which fortunately were not affected by fluctuations in the sugar market. FEWER MARKETS Ha alluded to the increasing difficulty of finding a market for the output of sugar of British_ tropical countries, including Fiji, owing to the fact that the surplus sugar of other countries is being sold at prices well below the bare cost of production. Nor was it true that the Colonial Sugar Company was making undue profits, iney were, in fact, smaller than belore the war. Actually more than one-fifth ot .he company’s profits went in taxes. Mr. Knox stated that the new refinery at Perth was just commencing work. Its cost had greatly exceeded the original estimate. ... The directors’ report stated there was no evidence of increased world consumption of sugar while the output next season would probably rail short of that in 1929. Both reports were adopted. Mr R L Faithfull was re-elected a director and Mr. R. W.Gillespie was elected in place of Sir Norman Kater, who had resigned.