COLONIAL SUGAR.

Evening Post, Volume CVII, Issue 100, 2 May 1929, Page 16

COLONIAL SUGAR.

EECORD EARN L\G S

United Tress Association—By Electric TfleGraph—Copyright. SYDNEY, Ist May. At the half-yearly meeting of I lie Colonial Sugar Refining Company, Limited, to-day it was disclosed that the net earnings of £507,149 for the half-year were the largest on record. The sum of £,2tjj,----372 was earned in Australia and £241,777 iv New Zealand and Fiji. The customary dividend of £1 and bonus of 5s per share absorbs £365,625, while £100,000 has been added to the reserve fund, raising it to X 575.000. The sum of £410,000 has been carried forward, against £369,385 brought into the accounts. The company also made additions of £19C,597 to the replacement and depreciation fund. The report stated that the total output of the Australian and I'iji mills was lower than expectations by C2OO 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 £i 10s per ton, which is, roughly, 50 per cent, of the present value of Cuban sugar, c.i.f. 3n the United Kingdom tho sales of refined sugar for the halfyear disclosed no increase in consumption corresponding with the increased population. The report and balance-sheet were adopted.

The company has just reduced the price of sugar iv New Zealand.