SUGAR REFINING.

Press, Volume LXIV, Issue 19462, 8 November 1928, Page 12

SUGAR REFINING.

THE COLONIAL COMPANY.

DIVIDEND DECLARED

(UKITED PBEBS ASSOCUTIOK—BT ELECTRIC TZLEGBAPH COPTBIOHT.) (Received November 7th, 9.15 p.m.) SYDNEY, November 7. At a meeting of the shareholders, of the Colonial Sugar Refining Company the report showed that the profits for the six months ended September 30th from

Australian mills and refineries and from other investments subject to Federal income tax, after providing for depreciation and other charges, amounted to £259,127, the earnings in New Zealand, Fiji, and other investments not subject to Federal income tax, to £209,984, total-, ling £469,156, from which the Board proposed to pay a dividend of 20s and a bonus of 5s per share, absorbing £365,025, and leaving £103,531, and which with the balance of profit and loss account at March 31st laft, £365,852, amounted to £469,384. From this the Board proposed to place, to reserve £IOO,OOO, leaving to the credit of profit and loss account £369,384.

The report stated that the Queensland rainfall had been deficient since July, adversely affecting the crop which was now being cut. Some Fiji districts had enough spring rain; others were suffering from drought. There had been no interruption of work at the refineries. Some changes in plant were being effected which it was hoped would result in economies in working. The chairman, Mr E. \V. Knox, in moving the adoption of the report, said that the output of the mills for the current season was expected to total £238,200 tons. Since August the weekly production had been a record. The company was now making about 100 th of the world's sugar yield. Fiji cane for the 1929 season had not thriven and a shortage of labour had precluded the extension 0f,,, cultivation. New South Wales showed.no .sign of improvement in supplies to mills, but the Queensland crop was ; promising we'll. Loss in the process of manufacture had been reduced, but the cost remained high, the reason being the price of coal which is twice to thrice the level of fifteen years ago. . There had been some disturbance m the European sugar-market through the granting of preferential duties for Empire sugar refined, in- Britain. The ultimate results of this were not apparent, but -the-first effects were certainly of advantage to raw sugar producers in the colonies; The Queensland exportable surplus was sold to British refiners, though the price was 30s per ton less than in 1927. Since the last meet; ing the price of the company's shares had advanced from £SB 2s fid. to £63 15s, but this brought no satisfaction to the proprietor who meant to hold his investment. _ ' The company was faced with the prospect of increased income taxation in the States, in which it had factories also in New Zealand and Fiji, in all of which the tendency was to claim too large ft proportion of local earnings for taxation. , The report was adopted. , A special general meeting confirmed ' thVresoluiton passed on September 28th, making amendments' of set-tlement-Australian Press Association.