COLONIAL SUGAR

Evening Post, Volume CXV, Issue 103, 4 May 1933, Page 14

COLONIAL SUGAR

DIVIDEND AND BONUS

CHAIRMAN'S DISTINGUISHED \.i SERVICES

United Pre«, Assoclation^-By Electrle TeU- : '''''■" srat>b— Copytifibt. ■ [ . ■ ..,, . SYDNEY, May 3, Tlje accounts of the Colonial Sugar Reifining Company for the half-year ended disclose a net profit of £422,122 from, the factories and investments, being an increase of £51,613, above the corresjjoilding period of the previous year. A 'dividend of 20s a share and a bonus of 5s a' share, equal to 12'^ per cent, per svnnum, will absorb £305,625, leaving |£56,497 to be added to profit and loss, ■which will then stand at £468,290. Of the board recommends the transfer of £100,000 to the reserve fund, leaving £368;296 to be carried forward. •, The. chairman, Mr. E. R. Knox, who presided at the today, said last season was unusually favourable in North Queensland and Fiji, all. crop " estimates being exceeded. The Fiji-- output iwas 338,000 tons of sugar, the largest, recorded. ■■'As a result, combined with thedne'reased 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 continueits effort to reduce costs in order to adjust itself to the reduction in the retail sugar prices—namely, %d a pound. . ■ . • _ There had been some improvement in the world position in sugar, the ruling prices 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 as chairman and managing director of the company was made at the meeting today. Appreciative references were made to his services and the part he had played in the conipanyfs success. The "Sydney Morning Herald," in, referring to Mr. E. W. Knox's retirement, said^ it marks the close of a Distinguished career with, the company of more than 69 years. i , , . . ■ The sugar industry as a. whole is mflebted to him foi 1- its technical efficiency and its present status. -He was also actively associated in the 'development on sound lines of large agricultural areas in Queensland and in liorthern New South Wales.