COMPANY AFFAIRS.

Auckland Star, Volume LXIII, Issue 261, 3 November 1932, Page 4

COMPANY AFFAIRS.

COLONIAL SUGAR. PROFITABLE HALF-YEAR. SAME DIVIDEND AND BONUS. SYDNEY, November 2. The report of the Colonial Sugar Refining Company, Limited, for the half-year ended September 30 discloses a profit of £370 291, compared with £370,309 for the previous half-year, a decline of £218. The dividend and bonus are maintained at 10 per per annum and 2Vi per cent per annum respectively (20/ a share and 5/ a share). This will absorb £365,625, leaving £4666 to be added to the balance o£ the profit and loss account at ilareh 31, making the amount to the credit of that account £411,798. The report states that the refineries were working below capacity, but deliveries of refined sugar were slightly greater than a year ago. Fiji was producing a record crop, owing to a favourable season, lne North Queensland crops were normal, but dry spells resulted in light crops in_ Southern Queensland and New South \Vales. The acting-chairman, Mr. E. R. Knox, ! in moving the adoption of the report at the shareholders' meeting to-day, apologised for the absence of the cnairman, Air. E. W. Knox, who, however, had prepared the report. One of the main points was the increased production at Fiji. A total or 92,000 tons of sugar had already beeu made. It was expected that the season would close with 137,000 tons. The suzgestion had been made in some quarters ~that the sugar might be refined at the mills, but the climatic conditions and the distance of producing centres from the large markets made that idea untenable. The chairman said he could not account for the increase of 3.5 per cent in the selling price of the company's shares during the past six months, as its financial position gave no cause for anxiety at any time, while the prospect of finding a paying outlet for increased production could hardly >be described as better now than earlier in the year. Sales of shares represented only 1.65 per cent of the entire capital, indicating that the shareholders were not speculators. The company's refineries were ample to meet the needs of Australia and New Zealand, whose populations were not likely to increase very largely for some years. Fiji might be kept going under present conditions, but production costs were much above other tropical countries, to compete with which Fiji would need Empire preference. The report was adopted. Following is a comparison of the company's results and appropriations for the last three half-years:— Half-year to Sept. March. Sept. Brought forward £3JM,062 £402.249 £407.132 Xet proßts 373,812 370,509 370,291 £767.874 £772.75S £777.423 Dlr. p.c. p.a K> 10 1O Bonus p.c. p.a. .. 2j 21 2} Amount 365,b~25 365,H2-5 Carried forward £402,249 £407,133 £411,798 GiSBORNE SHEEP FARMERS. PREFERENCE DIVIDEND. The directors of the Gisborne Sheep Farmers' Frozen Meat and Mercantile Company, Limited, recommend the payment of one year's freezing and mercantile preference dividend out of the profit of £3145 earned for the year ended August 31. Less the 20 per cent reduction, this will absorb £780, leaving £2365 to be carried forward, which, together with the proposed transfer of the leasehold sinking fund reserve of £2313, will reduce the debit in the profit and loss appropriation account to £8430. The freezing department showed a profit of £3270, as against a loss of £7156 in the pre\*ious year. The profit in the mercantile department amounted to £626. after allowing £751 surplus assets expenses. The freezing preference shares receive 6 per cent and the mercantile preference 7 per cent. The dividend on both classes of shares was last paid in 1929. In addition to a paid capital of £213,920, the company has £300,000 debentures on issue. The company hae h. paid capital of £213,920, including 10,000 preference freezing shares of £1 and 5364 preference mercantile shares. The balance is in ordinary shares. Preference capital has received no dividend since 1929, when 6 per cent was distributed on the freezing preference shares and 7 per cent on the mercantile preference. These were the usual rates. Ordinary shares have not received any dividend for a considerable period.

FARMERS' TRADING CO. SATISFACTORY HALF-YEAR. The Farmers' Trading Company report that th« half-yearly balance in September shows, considering the times, a satisfactory Erofit for the firet six months of their nancial year. They also state that their country branches, which are well spread throughout the province, have shown an actual increase in eales during August and September over the same two month« of last year. As the country districts felt the slump first they are naturally the first to recover, and this suggests better times for the city in the near future. The company attributes its fortunate position to the aggressive methods adopted, and_ to the improvements made in the layout and display of goods at their central warehouse. While most concerns have been holding back, considerable si:ms have been spent by The Farmers' in bringing their warehouse in line with the most modern stores overseas. Even in the city sales resistance appears to be breaking down, as the company's October sales have measured up well with last year, and generally the public seem to be spending more freely than at any time during the past twelve months. N.Z.-AUSTRALIAN LAND CO. (Received 11 a.m.) LONDON", November 2. The New Zealand and Australian Land Co., will pay no dividend on ordinary shares.