PROFIT OF £495,389

Dominion, Volume 27, Issue 184, 3 May 1934, Page 9

PROFIT OF £495,389

Colonial Sugar Company’s Half-yearly Figures INCREASE ON LAST YEAR By Telegraph.—Press Assn. —Copyright. (Received May 2, 7.50 p.m.) Sydney, May 2. The accounts of the Colonial Sugar Refining Company, Limited, for the nalf-year ended March 31 disclose net profits from factories and investments of £495,389, from which a dividend is being paid of 20/- and a bonus of <">/- a share. This will absorb £365,625, leaving £129,764 to be added to the profit and loss account, which stood at £370,783 on September 30, 1933, making a total of £500,547 from which the board is placing to the reserve fund £lOO,OOO. The chairman, Mr. E. R. Knox, in moving the adoption of the report at a meeting of shareholders to-day, said that weather conditions in Fiji had oeen moderately’ favourable for the crop to be harvested, but iu Queensland and New South Wales crops had oeen retarded through excessive rain. Prospects for 1935 were generally favourable in both Australia and Fiji. The output of raw sugar in Queensland and New South Wales in 1933 exceeded the forecast'of last November, lhe total production being 666,552 tons. The average tonnage of cane per acre was 22.4, compared with 20.5 over the last 10 years. Mr. Knox explained that the abnormally large surplus of 317,847 tons of sugar exported was due to the favourable growing conditions in Fiji. There had been heavier planting than usual on the northern rivers of New South Wales, partly owing to the setback to the dairying industry and partly to the introduction of disease-resistant cane. The chairman added that the general manager, Mr. P. H. M. Goldfinch, had gone to London, where important matters were under consideration affecting sugar-produclng countries. The report was adopted. Dr. E. W. Fairfax was elected a director. Following is a comparison of the company’s results and appropriations for the last three half-years:— '

The company’s reserve fund, including the latest appropriation, now stands at £1.375.000. At September 30, 1933, the replacement and depreciation fund stood at £2,952,616. There has been a rapid appreciation in the value of the company’s £2O paid shares. A year ago they were selling at £54. Last week they sold at a peak level of £66/2/6, and this week sales have been made at £66. at which price the return to the investor is £3/15/9 per cent, per annum.

Net profit Brought Half-year ended March 31. 1933. £ ... 422.122 twd, 411,799 Sept. 30, March 31, 1933. £ 468,112 368,296 1934. £ 495,389 370.783 £833,921 £836,408 £866,172 To reserve ... 100,000 100,000 100,000 Div., p.c., p.a. ID 10 10 Bonus p.c. . p.a. 21 21 21 Amount 3G5.G25 3G5.G25 36p.62.-> Carried twd. 368,296 370.783 400.547