BUSINESS NORMAL

Dominion, Volume 24, Issue 188, 7 May 1931, Page 11

BUSINESS NORMAL

Report of Sugar Company DIVIDEND AND A BONUS By 'Telegraph—Press Assn. —Copyright. (Rec. May 6, 8 p.m.) Sydney, May 6. At a meeting of shareholders of the Colonial Sugar Refining Co., Ltd., to-day, it was stated that the profits for the halfyear ended March 31 amounted to £384.097, from which a dividend was being paid of £l. and a bonus of 5/- a share, absorbing £365,625. The sum of £18,472 was added to the balance of the profit and loss account of September 30. 1930, making the total now £394,061. The chairman, Mr. E. W. Knox, reported that business was not affected by the financial troubles of Australia, except in that the deliveries of refined sugar for the half-year had fallen below those of the same period for 1929-30. The Fiji crop was damaged by a hurricane. but the Queensland crop was up to the average. . ... An agreement having been arrived at between the principal sugar-producing countries on the subject of the export of suear. it was hoped that market prices would soon improve. Mr. Knox pointed out that the world s market for sugar was very depressed owing to over-production, while the reduction in the consumption of sugar in Europe and the United States was estimated at 3J per cent. If the arrangement between the principal sugar-produc-ing countries to limit the output of raw sugar from factories be adhered to. the prices were bound to reach a paying level. . ... The damage done in Fiji was being made good as quickly as possible, but an urgent need existed for a prompt and drastic reduction in the expenses of that colony.

Mr. Knox referred to the recent decision of the Australian Government not to disturb the present arrangements , in regard to the selling price of sugar for the next two years, and said the inference was that the Colonial Sugar Kenning Company, after the fullest inquiry by a special committee, was not making ex- ■ cessivc profits, having regard to the magnitude of the business handled and the money required to finance it. The company felt it could continue to pay the same dividend and bonus which its shareholders were accustomed to receive. , . The report and balance-sheet were adopted.