COLONIAL SUGAR

Evening Post, Volume CXI, Issue 106, 7 May 1931, Page 14

COLONIAL SUGAR

DEPRESSED MARKETS

EXPORT AGREEMENT

SYDNEY, Gth May

At a meeting of shareholders of the Colonial Sugar Refining. Co., Ltd., to-day, it was stated.that the.profits.for the halfyear ended 31st March amounted to £384,-' 097, from which a-dividend was being paid of £1; "find a bonus of 5s a share, absorbing- £305,625. The sum of £15,472 was added to the balance of the profit and loss account of 30th September, 1930, making the total now £394,001.

The chairman, Mr. E. AY. 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 sugarproducing countries on the subject of the export of sugar, 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 3% 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 aud drastic reduction in the expenses of that colony. Mr. Knox referred to the recent decision of the Federal 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 Eefining Company; after the fullest inquiry by a Special Committee, was not making excessive 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.