THE RECENT PROSECUTION.

Press, Volume XLIX, Issue 14810, 30 October 1913, Page 7

THE RECENT PROSECUTION.

ARRANGING FRESH TERMS WITH MERCHANTS. Tho Chairman, in the courso of his Speech, refenred to the fact that th© abolition of tho excise duty mado it necessary to pay much moro for sugar when shinped. This meant putting much more capital into tho refining business than hitherto, and the balancesheet was affected accordingly.

Dealing with the dismissal of the appeal lodged against the judgment of tho New Zealand Court in regard to the payment of discounts to wholesale houses, he said tho directors had decided not to tako the case to the Privy Council, but heyped to make some arrangement that would enable thorn again to deal on reasonable terms with leading firm* in the Dominion, where trade suffered so much from the operation of the Commercial Trusts Act. It Had proved a singularly unwise piece of legislation. There had been no falling off in the Now Zealand trade in consequence of the prosecution. In Australia the company was eohcernexl about tho increase of refining expenses. The return from that side Was already too small in proportion. The capital invested in a new tramway in Fiji was enabling the company to increase itoutput. He condemned the Bill before the Queensland Parliament for fixing the price to be paid for cane.