COMPANY AFFAIRS.

Auckland Star, Volume LXII, Issue 106, 7 May 1931, Page 4

COMPANY AFFAIRS.

COLONIAL SUGAR CO. HALF-YEARLY MEETING. SYDNEY, May 6. The usual dividend and bonus were announced and approved at the half-yearly meeting of the Colonial Sugar Refining Company to-day. The report of the directors stated that the profits made during the period ended March 31 from the work of the factories and other investments, after providing for depreciation and other charges, amounted to £384,097. The addition of the balance on September 30 made a total of £759,686, from which the directors proposed to pay a dividend of 20/ and a bonus of 5/ a share, leaving a balance of £394,061 to be carried forward. The chairman, Mr. E. W. Knox, said the company's business had not been affected by the financial troubles of Australia, except that deliveries of refined sugar for the half-year had fallen below those of the same period in 1929-30. The Fiji crop was damaged by a hurricane, but the Queensland crop was up to the average. Agreement having been reached between the principal sugar producing countries on the subject of the export of sugar, it was hoped that market prices -would soon improve. Mr. Knox remarked that the world's market for sugar was very depressed, owing to while the reduction in the consumption of sugar in Europe and in the United States was estimated at 3% per cent. If the arrangement between the principal sugar producing countries to limit the output of raw sugar from factories were observed, Mr. Knox said that prices were bound to reach a paying level. Damage done in Fiji was being made good as quickly as possible, but urgent need existed for prompt and drastic reduction in the expenses in that colony. Referring to the recent decision of the Australian Government not to disturb the present arrangements in regard to the selling price of sugar for the next two years, Mr. Knox said the inference was that the Colonial Sugar Refining Company, after full inquiry by a special committee, was not making excessive profits having regard to the magnitude of the business handled and the money required to finance it. The company felt it could continue paying the same dividend and bonus which shareholders were accustomed to receive. The report and balance-sheet were adopted. . , , i Mr. R. W. Gillespie was re-elected unopposed to the directorate. Following is a comparison of the company's results and appropriations for the last three half-years:— Half-year to Marcli, Sept., March, 1930. 1930. 1931. £. £ £ Brought forw'd... 410,776 390,488 375,589 Net profits ,j00,7-t> mj.uji 856,113 741,214 759,080 To reserve 100.000 — —- Dividend 12* p.c* 305,025 305,625 360,62^ Carried forward. 3"u0,488 375,589 394,061 •Per annum. WILSONS CEMENT. ' PAYING DIVIDEND AND BONUS. The directors of Wilsons Cement, Ltd., advise that it has been decided to recommend payment of a final dividend ot 1/ a share, and a bonus of 6d a share. This is at the same rate as last year. BANK OF NEW SOUTH WALES. QUARTERLY DIVIDEND. The head office of the Bank of New South Wales advises that a quarterly dividend of 9/ a share will be paid in Australian currency on May 28. FARMERS' TRADING COMPANY. PREFERENCE DIVIDEND. The directors of the Farmers' Trading Company advise that the A and B preference shares dividend at the usual rate of 7 per cent per annum for the haltyear ended March 31 will be paid on May 20. C.P.R. (Received 12.30 p.m.) MONTREAL, May 6. Following a meeting of directors of the Canadian Pacific Railway on Wednesday, the president, Mr. Beatty, said that in view of the fact that the prospective earnings of the company cannot be estimated with any degree of accuracy owing to unusual conditions prevailing, the directors had decided instead of declaring the usual quarterly dividend rate of 2Ms per cent, they will declare an interim dividend of VA per cent, and await results of subsequent months' operations before finally deciding on the rate that will be paid for the full year. DURO PLATES, LTD. A report from Mr. T. Richards, who has been arranging for the exploration of Duro plates in America is to be placed before a meeting of shareholders of New Era Printers and Publishers, Ltd. (in liquidation), and Duro Plates, Ltd., tomorrow.