COLONIAL SUGAR CO.

Wairarapa Times-Age, 26 May 1938, Page 7

COLONIAL SUGAR CO.

SURVEY OF PRODUCTION AND TRADE. CHARGES IN OPERATING PRACTICE. SYDNEY, May 25. Addressing the half-yearly general meeting of the Colonial Sugar Refining Co., Ltd., the chairman, Mr E. R. Knox, said Australia’s sugar production last season was a record. The chairman added that the world prices of sugar at present were at a low level and the improvement expected as the result of the international agreement had not materialised, but the increased demand for the company’s distillery products has been well maintained. Australia had produced 782,461 tons of raw sugar in the past season, compared with 756,131 in the previous year, of which 351,938 was retained for home consumption and the remainder exported. The returns for sugar exported were substantially higher than in recent years, but they were largely offset by an 87 per cent increase in overseas freight. The report and balance-sheet were adopted. A special meeting of shareholders held later adopted a resolution for the substitution of a memorandum and of articles of association for the deed of settlement under which the company operates embracing a number of changes in the company’s practice and enabling the directors to sit on the board and vote when negotiations for contracts are proceeding with other companies in which they have interests.