C.S.R. Critical Of N.Z. Role In Fiji

Press, Volume CVIII, Issue 31726, 9 July 1968, Page 16

C.S.R. Critical Of N.Z. Role In Fiji

(N.Z. Press Association —Copyright) SYDNEY, July 8. The group net profit of Colonial Sugar Refining Company, Ltd, rose $1,670,752 —or 13 per cent—to $14,513,981 in the year to March 31.

The C.S.R. annual report, released today, revealed that a final dividend of 61 per cent would be paid, making a steady total distribution of 12j per cent for the year. The report referred to the disappointingly low production of sugar in Fiji because of severe drought for three seasons.

In Fiji, the mills made 291,000 tons of sugar, 13,000 tons less than the previous year.

Sugar production in Australia in 1967 was 19,000 tons less than the previous year’s record figure. During 1967. 502.000 tons of raw sugar was produced.

The directors said devaluation of the United Kingdom, New Zealand and Fiji currencies required assets in those countries to be written down by $5,193,965 in the books of the parent company, and this amount was charged against general reserves. C.S.R. has an unchanged paid-up capital of $59,651,072 and total assets $398,931,979. New Zealand Role The company criticised Australia and New Zealand for not taking enough interest in Fiji. The report said the public of both Australia and New Zealand had been “insufficiently mindful of Fiji" although both countries, pari ticularlv Australia, had contributed to its development. The report said that Fiji was fast approaching self government and it was of great importance to Australia and New Zealand for its economic and political life to remain stable. The report said the fixing of a quota for Fiji without adequate regard for the effects of a long drought is permanent!'' detrimental and unfair to Fiji. In the discussions so far. the I.S.A. had considered the actual export performance of each country to be used as the basic criterion in the I '■eaotiation of exnort nuotas. jThe talks are exnected to rei sume in September.