COLONIAL SUGAR

Evening Post, Volume CXVI, Issue 113, 9 November 1933, Page 14

COLONIAL SUGAR

DIVIDEND AND BONUS

United Press Association— By Electrio Tele-

eraph—Copyright

SYDNEY, November 8. The Colonial Sugar Refining Company's profits for the half-year ended September 30 totalled £468,112, from -which the company is paying, a dividend of 20s and A bonus of 5s a share, which will absorb £365,625. The balance, £102,487, when' added to the balance ut March 31 (£368,296), makes £470,783 at the credit of the profit and loss account. The board is placing £100,000 to the reserve fund. The report says the weather conditions ill Queensland and New South Wales have been- very satisfactory and the yield of sugar only slightly below the record of last season. There was a shoftage of rain in Fiji which would affect the 1934 crop more than the current crop. EXCESSIVE PRODUCTION. The cane crops in Australia this season would' yield over 600,000 tons of sugar, which' was a record. Arrangements had been made, to sell the surplus sugar overseas, approximately .280,000 tons being shipped to Great Britain and Canada. The prospects for next year also indicated another heavy output. The outlook in Fiji, however, was- not promising owing to the long dry spell. Referring to the position generally, the chairman (Mr. E. R. Knox) said: "We still find ourselves offering abroad our surplus sugar in. a dead, oversupplied market,- due to the increase of plantings of sugar-beet in Europe and elsewhere, stimulated- by high protective tariffs. • This certainty is most embarrassing to Cuba and Java, which hitherto have supplied a large proportion of the world's' requirements. • We, however, have the advantage of British and Canadian preferential tariffs, without which our position would be almost disastrous." The chairman added that continuous resistance to excessive taxation of the company's lands in various States had'been reasonably successful. | Mr. David Wilson was appointed to the vacancy on the board caused by the resignation of Mr. J. W. Mac Arthur Onslow. The report was adopted. OTHER ACTIVITIES. The meeting resolved - that further remuneration .to directors should be fixed at £250 each year, and provision made for an additional allowance to the chairman for extra services and responsibilities. . At a special general- meeting the chairman submitted amendments iv the deed of settlement, the main object of which is to permit the company to extend its activities and avenues for investment beyond the present sphere and territory. The meeting agreed to the whole of the amendments. Earlier in the proceedings appropriate reference was made to the severe loss experienced by the company by the death of Mr. E. W. Knox, late chairman and managing director.