COLONIAL SUGAR COMPANY.

Taranaki Daily News, 29 April 1916, Page 5

COLONIAL SUGAR COMPANY.

A PAYING PROPOSITION. By Cabh.-—Press Association— Copyright Received April 28, 9.35 pjn., Sydney, April 88. ■ At the arnual meeting oft he Australian, New Zealand, and Fiji sections of the Colonial Sugar Company the reports, which were adopted, showed: For the Australian section, net profits for the year ended March 31, were £201,260. The October dividend absorbed £105,625, leaving £155,025 to which £236,471, the unexpended balance, was added making £391,099 available for distribution. A dividend of 6$ per cent, was declared, £200,000 was added to the reserve fund, and £85,474 was carried forward. Major Onslow wag re-elected a director,

The New Zealand Fiji section showed a net profit of £328,830. September's dividend absorbed £97,500, leaving £2S\,330 for distribution, which was appropriated as follows: Transferred to «Vi l dend reserve fund £10,000; dividend of 6 per cent, per annum on both ordinary and preference shares, absorbing £105,000; to carry forward £26,330. CHAIRMAN'S STATEMENT.

The chairman stated that a satisr factory settlement had been reached:in connection with the sugar bought on tehalf of the Federal Gpvernment. No works of importance were proposed during the currency of the war. The high price of material and labor, and the f'iculty of procuring machinery from ngland, for the present forbade airy extension of their factories. He hoped that the new steamer to replace the one commandeered by the Admiralty would be ready for the 1917 season.