COMPANY AFFAIRS

Auckland Star, Volume LX, Issue 103, 3 May 1929, Page 4

COMPANY AFFAIRS

COLONIAL SUGAR COMPANY, HALF-YEAR'S RECORD EARNINGS. DIVIDEND 12% PER CENT. SYDNEY, May 1.. Net earnings amounting to £50 1,1-19, the-largest on record, were shown m the rspovt by the clirectovs of the Colonicil Sugar Company for the half-year ended March 31, which was adopted at the meeting of the company to-day.. The report states that the profits for the period from the Australia mills and refineries and. from other investments subject to Federal income tax, after providing for depreciation and other charges, amounted to £265,372. The earnings in New Zealand and Fiji and from other investments not subject to Federal income tax were £241,777.From the total of £507,149 the board proposed to pay a dividend of 20/ and a bonus of 5/ a share, absorbing £365,625, and leaving £141,524., The addition of the latter amount to the balance of the profit and loss account at September 30, £369,385, made £510,909, from which the board proposed to place to reserve £100,000, leaving to the credit of the profit and loss account £410,909. With the present addition, the reserve fund is £375j000.. The company also made an addition of: £196.897 to the replacement and depreciation fund. The report stated that the total output of the Australian and the Fiji mills %vas lower than expectations by 6200 tons. The position in regard to< the Fiji crop was saved by the preferential duty in Canada and Britain. Great depression had been caused in the world's market for sugar by increasing production, resulting in the price of raw sugar falling £4 10/ a ton, which is, roughly, 50 per cent of the present value of üban sugar c.i.f. In the United Kingdom, sales of refined sugar for the half-year disclosed no increase in consumption corresponding with the increase of population.. The report and balance-sheet were adopted.,

Following is a comparison of the company's results and appropriations for the last three half-years:— Half-year to March, Sept., March, 1028. 1928.. 1920. Brought for- £ £ £ ward 341,361 V 365,853- .160,18-1 Net profits 490,11.1 469,157 507,149 881,477 835,010 876,534 To reserve ... 100,000 100,000 100,000 Dmdend per cent 365,625 3<j5,625" 365,62-5 Carried forward 365,353 380,383 410,900

TATTERSFIELD, LTD,

INTERIM DIVIDEND. An interim dividend of 4 per cent for the half-year ended March 10 has been declared by the directors of TattersSeld, Ltd,

HfKURANGf COAL MINE.

DEBENTURE ISSUE. An issue of £2.5,000 worth of debentures bearing 10 per cent interest, and maturing in 5 years, is to be made by the Hiburangi' Coaf Company, The money is to be utilised for the liquidation of existing liabilities and for development purposes. The issue is being underwritten by members of the Auckland Stock Exchange.