VICTORIA NYANZA SUGAR CO.

Auckland Star, Volume LX, Issue 37, 13 February 1929, Page 4

VICTORIA NYANZA SUGAR CO.

REDUCED PROFITS

The accounts of Victoria N'yanza Sugar Company, Ltd.. Melbourne, for the year ended April 30 last, show £.")U.LMJS " net profit, against £96.578 for the thirteen months ended April 30. 1927. The balance brought in is £.34.457. The directors propose to write off £14.045 for depreciation, leaving £24.42u, out of which they paid an interim dividend of 5 per cent oil October 17. 11)28. At a meeting of the board a final dividend for the period ended April 30. 1925. of per cent, and an interim dividend of 24 per cent for present year (.making 1 per share I were declared.

The balance-sheet exhibits subscribed capital unchanged at £30(1.000. sundry creditors at £7757. against £15.480 on April 30. 1L»27. and G. K. Mayers' current account at £20.134. against £6384. Total assets are £368,167. comparing with £378.028 in the previous statement. The managing director. Mr. d. R Mayers, in a report dated Miwuni, Kenya Colony. August 14. 1928. says that 5700 tons of sugar was manufactured during the season 1927-28. From farmers the company purchased £30.238 tons of cane at an average price of 12/11 per ton. During the year Kenya passed through one of the most severe droughts in itr history, resulting j n a loss to the company of 26.326 tons of cane. The total of the company's plantation cane cut was 2587 acres, which yielded 45.299 tons of cane, against ->"76 acres, which yielded 55.712 tons of cane tor the previous year. The estimate given in the 1026-27 report was 101.863 tons of cane, but owing to the drought onlv io,ooi tons was crushed. The estimate for the 1928-29 cane crop is 71.000 tons, the reduced computation being due to drought conditions.

WERE'S INVESTMENT TRUST. A new issue of shares in Were's Investment Trust of 250.000 ordinary 5 ' shares was recently made, and met with a satisfactory response. An excess number of applications was received. HOLDEN'S MOTORS. The present dispute in the timber industry in Australian centres may nfftv-t Holdens Motor Body Builders Should ittimber mill close, this may lead to the clewing of the whole of the Adelaide works within the next few weeks.

STANDARD INSURANCE. INTERIM DIVIDEND. (By Telegraph.—l'ress Association.) DLNEDIN, this day. The directors of the Standard Insurant <• Company have declared i dividend of 1/3 for the half-year ended December 31.