PROFITABLE YEAR

Dominion, Volume 26, Issue 186, 4 May 1933, Page 9

PROFITABLE YEAR

Colonial Sugar Refining Company DIVIDEND EQUALS 121 P-c. (By Telegraph.—Press Assn.—Copyright.! (Received May 3, 10.30 p.m.) Sydney, May 8. The accounts of the Colonial Sugar Refining Company for the half-year ended March 31 disclose a net profit of £422,122 from the factories and investments. A dividend of 20/- a share and a bonus of 5/- a share, equal to 12} per cent, per annum, will absorb £365,625, leaving £56,497 to be added to profit and loss, which will then stand at £468, 296. Of this sum the board recommends the transfer of £lOO,OOO to the reserve fund, leaving £368,296 to be carried forward. The chairman, Mr. E. R. Knox, at the meeting to-day said last season was unusually favourable in North Queensland and Fiji, all ci-op estimates being exceeded. The Fiji output was 138,000 tons of sugar, the largest recorded. A= a result, combined with the Increased British preference and the continued advantage from the favourable exchange, the company’s Fiji figures were more than satisfactory. Regarding the future, the chairman said a smaller crop was in prospect, while the exchange position was uncertain. The industry would have to continue its effort to reduce costs in order to adjust itself to the reduction in tire retail sugar prices—namely, Id a pound. There had been some improvement in the world position in sugar, the ruling nrices having shown a slight increase, while Java and Cuba had deliberately restricted production to reduce or eliminate the surplus which had been depressing the market for several years. The report and balance-sheet were adopted. The official announcement of the retirement in February last of Mr. Edward William Knox ns chairman and managing-director of the company was made at the meeting to-day. Appreciative references were made to his services and the part he had played in the company's Success.