COLONIAL SUGAR COMPANY.

Press, Volume LXVI, Issue 19918, 3 May 1930, Page 12

COLONIAL SUGAR COMPANY.

HALF-YEARLY REPORT.

PROFITS AMOUNT TO £445,336.

(WITZO FBESS ASSOCIATION —BT ELZCTMO TILEGBA.PB —COPYRIGHT.)

(Received May 2nd, 9.30 p.m.)

SYDNEY, May 2.

The report of the Colonial Sugar Refining Company, Limited, for the halfyear ended March 31st, discloses that profits during that period amounted to £445,336.

The Board proposes to pay a dividend of twenty shillings and a bonus of five shillings a share, which will absorb £365,625. The balance of £79,711 will be added to the balance of the profit and loss account as at September 30th last, bringing -the total to £490,488. From this sum the Board will place £IOO,OOO to the reserve fund. The chairman (Mr E. W. Knox), at it meeting of shareholders to-day, said (he company, like others,' was compelled to accept lower profits, but there were iuvestir.ents of the company which, fortunately, were not affected by fluctuations in the sugar market. He alluded to the increasing difficulty of finding a market for the output of sugar of British tropical countries, including Fiji, owing to the fact that the surplus sugar of other countries was being sold at a price well below tKe bare cost of production. It was not true that the Colonial Sugar Company was making undue profits which, in fact, were smaller than before the war Actually more than one-fifth of the profits went in taxes. He made passing reference to floods and the hurricane in Fiji and to the damage to plant and crops, and stated that the new refinery at Perth was just commencing work. Its cost had greatly exceeded the original estimate.

The directors' report stated that there was no evidence of an increased vwld consumption of sugar, while the output next season would probably fall short of thst of 1929. Both reports were adopted. Mr R. L. Faithfull was re-elected a director and Mr R. W. Gillespie was elected m place of Sir Norman Kater, who had resigned.

WALL STREET.

DECLINE IN STOCKS. {rKTTBD PBISS ASSOCIATIOW—BT BIXCTaiO TBMtOBAPH—OOPTWOHT ) NEW YORK, May 1. Stock declines continued with bears hammering down values, the best issues making the most severe declines. United States Steel broke below 180 and regained only a small part of the loss. Other leading industrials met equal pressure, while rails were demoralised as the volume of liquidation trading increased. A bad influence was exerted by the fact that Morgan stocks, Steel, united Corporation, and Vansweringen Rails met heavy pressure. " »

CENTRAL RESERVE BANK - BILL.

FEDERAL TREASURER'S • DEFENCE.

ftnriTin rasss association—bt iliotmc 1BLIOBAPB—C0PTBIO3T.)

CANBERRA, May 2. The House read a second time the Central Reserve Bank Bill.

In the course of his speech the Treasurer, Mr E. G. Theodore, claimed that the measure was necessary for the stabilisation of Australian finance, and would not lead to any revolutionary change in the Commonwealth Bank. Mr Theodore stated that the total indebtedness of tho Commonwealth and States amounted to £1,104,028,062.

AID TO AGRICULTURE.

BIG AMERICAN INSTITUTION.

(TWITID PHKSS ASSOCIATION—BT ELECTRIC TXLKOBAPH—COPTMGKT.)

WASHINGTON, May 1.

Mr Alexader Legge (chairman of the Federal Farm Board), stated that a tentative outline had been drawn up, under his supervision, of an endowed institution with a capital of at least 10,000,000 dollars to aid agriculture through research and other forms of service, to be created in trie near future.

USE OF PUBLIC MONEY.

(Received May 2n<Ji 5.6 p.m.)

( WASHINGTON, May 1,

The United States Chamber of Commerce adopted a resolution demanding that the Federal Farm Board should cense using Government money either to aid farmers' co-operative associations in marketing rrops oi to buy and sell commodities for th 6 purpose of crop stabilisation.

FROZEN MEAT.

SMITHFIELD MARKET. Dalgety an<f Company, Ltd., have received the following cablegram from their London ottoe, dated May Ist: New Zealand Froscn Lamb-^*Market weaker. Demand moderate, Quotations:-28-301b, Canterbury Bd, North Island 7ld. 88-421b, Canterbury 7|d, North Island 7Jd. 42-501b, Canterbury 6|d, North Island 6gd. 2nd quality, over 321V'7jd, under 801b 7jd. Australian Frozen Lamb —Market weaker, demand limited. Quotations;— 28-361b, Australian g.a.q. 6Jd. 86-421b, Australian g.a.q., not quoted. 38-361b, Australian f.a.q., not quoted. 3rd quality, not quoted. New Zealand Frozen Mutton—Market weakor. Demand poor. Quotations:— 48-561b, Canterbury 6d, North Island 45d. 6S'64lb, Canterbury 4|d, North Island 4|d. 64-721b, Canterbury 4d, ,North Island 3|d. Ewes, 48-641b, Canterbury B|d to 32d, North Island S|d to Bgd. Australian Mutton—Market weaker. Demand limited. Quotations,— 40-OOlb. Australian g.a.q. 4d. - 80-551b, Australian f.a.q., not quoted. Bwea, Australian, not quoted. Beet—Market nominal; quotations nominal. N.Z. Prime ox hinds Sid, fores 41d. Argentine chilled hinds 6d, fores B}d. Pork—Market weaker. Demand poor owing to warm weather. Bnglish porkers, 80-1001b loid. N.Z. Porkers, 80-lOOlb 9d. N.Z. porkers, 100-1201b Bid-

COMPANIES IN LIQUIDATION.

It !• announced that Another Chance Xawarau Gold. Ltd.. and Lucky Ohanca Havana Claims, Ltd* are in liquidation.