HIGH SUGAR PRICES

Wairarapa Times-Age, 25 July 1939, Page 4

HIGH SUGAR PRICES

DUE TO ACCUMULATION OF RESERVES. RETURN TO FORMER LEVEL EXPECTED. (By Telegraph—Press Association.) AUCKLAND, July 24. ‘'Sugar prices at present are high because of the artificial shortage brought about by the desire of some countries to have reserve stocks,” said Sir Philip Goldfinch, general manager of the Colonial Sugar Refining Company, Ltd., when he arrived from Sydney by the Mariposa today on his way to Fiji on a business visit. Sir Philip said the desire by some countries to have sugar reserves was due to the international situation. ‘‘There are already signs that prices will return to something like they were before the advances started,” he added, ‘‘but it is impossible to say when the position wil correct itself.” Sir Philip said the Australian sugar crop this year was going to be particularly heavy, much larger than it was last year. However, this would have no effect upon world prices because the Australian exports were only ‘‘a drop in the bucket” compared with the world consumption.

After spending several weeks at the company’s properties in Fiji, Sir Philip will return to Australia by the Mariposa on its next voyage south. He will not break his journey in New Zealand. but he said he might visit the Dominion later in the year.