COLONIAL SUGAR COMPANY

Dominion, Volume 22, Issue 184, 2 May 1929, Page 11

COLONIAL SUGAR COMPANY

RECORD EARNINGS FOR HALF-YEAR OUTPUT OF MILLS BELOW EXPECTATIONS (Rec. May 1, 9.40 p.m.) Sydney, May 1. At the half-yearly meeting of the Colonial Sugar Refining Company, Limited, to-day it was disclosed that the net earnings of £507,149 for the halfyear were the largest on record. The sum of £265,372 was earned in Australia and £241,777 in New Zealand and Fiji. The customary dividend of twenty shillings and bonus of five shillings per share absorbs £365,625, while £lOO,OOO has bpen added to the reserve fund, raising it to £875,000. The sum of £410,909 has been carried forward, against £369,385 brought into the accounts.’ The company also made additions of £196,897 to the replacement and depreciation fund. The report stated that the total output of the Australian and Fiji mills was lower than expectations by 6200 tons. The position in regard to the Fiji crop was saved by the preferential duty in Canada and Britain. Great depression has been caused in the world’s market for sugar by increasing production, resulting in the price of raw sugar falling £4 10s. per ton, which is, roughly, 50 per cent, of the present value of Cuban sugar, c.i.f. In the United Kingdom the sales of refined sugar for the half-year disclosed no increase in consumption corresponding with the increased population. The report and balance-sheet were adopted.