COLONIAL SUGAR

Waikato Times, Volume 122, Issue 20508, 26 May 1938, Page 9

COLONIAL SUGAR

A RECORD PRODUCTION PRICES AT LOW LEVEL ARTICLES OF ASSOCIATION <United Press Assn.—Elec. Tel. Copyright) SYDNEY. May 25 Addressing the half-yearly meeting of shareholders in the Colonial Sugar Refining Company, Limited, to-day, the chairman, Mr E. R. Knox, said the Australia sugar production last season was a record. World prices for sugar were at a low level and the improvement expected as a result of the international sugar agreement had not materialised. Mr Knox stated. The increased demand for the company's distillery products. however, had been well maintained. Australia had produced 782,461 tons of raw sugar during the season, compared with 756.131 tons in the previous year. Of this amount 351,93* tons had been retained for home consumption and the remainder exported. Returns for sugar exported were substantially higher than In recent years, but these were largely offset by an increase of 87 per cent in overseas freight. The report and balance-sheet were adopted. 4 A special meeting of shareholders held later adopted a resolution fpr the substitution of a memorandum of articles of association to replace the existing deed of settlement. This memorandum embraces the proposals for holding only one ordinary general meeting a year and will also enable directors to sit on the board and vote when negotiations for contracts are proceeding with other companies In which they have interests.