COMPANY AFFAIRS.

Auckland Star, Volume LXII, Issue 262, 5 November 1931, Page 4

COMPANY AFFAIRS.

COLONIAL SUGAR COMPANY,

HALF-YEAR'S RETURNS,

SYDNEY, November 4,

The report of the Colonial Sugar Refining Company for the half-year ended September 30 states' that_ the profits, after providing for depreciation and other charges, were £373,811 19/4, out of which the board of directors proposed to pay a dividend of 20/ and a b6nus of 5/ a share, absorbing £365,625. This left £8186 19/4 to add to the balance of the profit and loss account at March 31, making the amount to the credit of that account £402,248 13/2. ■ Addressing to-day's meeting of shareholders, the chairman, Mr. E. W. Knox, said work at the company's Australian mills had been satisfactory. The board expected that nearly half the sugar produced this year would have to be exported, and the prospects for next year were similar. The hurricane in Fiji last summer caused a much reduced crop, but prospects for next year were good. _ The refineries were working at full capacity. Mr. Knox said the past six months had been a time of doubt and anxiety owing to the tendency to wild and dangerpus action in political and financial spheres. The board's chief apprehension'had been in regard to the very low values for sugar sold overseas and uncertainty when there would be a resumption of Jbigber prices. "The only sign of improvement," said the chairman, "is that purchases of supplies to be delivered six months hence show some advance on rates for immediate delivery." No important additions or changes in sugar mills or plants were proposed for the coming year, and engagements of juniors for the company's staffs was to cease, as the board was unable to see ahead any prospect of increase in the demand for sugar, or any indication 'that additional staff would be, required. Mr. Knox said the dividend being paid represented little more than 4 per cent on the actual cost of the company's assets, while the amount of share capital was only about one-third of the cash" cost of investments in the company's business. He commented on the serious pressure of taxation, and added: "The position is growing worse instead of better.. Taxes on our Sydney building 'and offices lmve increased from £375 in 1906 to £1728 in 1930, with no added advantage." / The report was adopted.

Following is a comparison of the company's results and appropriations for the last three half-years:—

Half-year Sept., March, Sept., to 1030. 1931. 1031. £ £ £ Brought frwd. 390,488 875,589. 394,061 Net profits . . 350,720 384,097 373,81'741,214 759,686 767,873 Divd. 12 p.c.* • 365,625 360,625 365,625 Carried forward 375,589 394,061 402,248 *Per annum. TUI BREWERY COMPANY. DIVIDEND OF 10 PER CENT. The report of the directors of Tui Brewery, Limited, near Pahiatua, for the year ended August 31, discloses that the profit on sales, after allowing for manufacturing costs, duty, packing and delivery, amounted to £18,74/, as compared with £20,504 in the previous year. With interest, rents and the amounts brought forward, £6840. the total was £27,096, against £28,089. The general expenses absorbed £6972, against £6353, and £1976 was writte.n off for depreciation, against £1640, leaving a disposal surplus of £18,148, against £20,096. Dividend of 10 per cent absorbs £4435, while the dividend of 10 per cent and a bonus of 5 per cent last year absorbed £4553. The distribution is practically the same for the two years, owing to the fact that in October, 1930, the company cdpitalised its reserve fund and issued share for share to shareholders, thus doubling the capital.