COLONIAL SUGAR CO.

Gisborne Times, Volume LXVIII, Issue 10738, 8 November 1928, Page 2

COLONIAL SUGAR CO.

ANNUAL PROFITS TOTAL £469,156.

CHAIRMAN REVIEWS YEAR’S WORK.

FEARS OF -INCREASED INCOT TAXATION. Onl*«d Preen Assn. ty ill. Tel. Copyright-., (Australian Press Ajuu.i (Deceived Nov. 7, 9.15 p.m.) SYDNEY, Nov. 7. At a meeting of shareholders of the Colonial Sugar Refining Company, the report showed that the profits for the six months ended September 30 from Australian, mills and refineries; and from other investments, .subject to the Federal.income tax, after providing for depreciation and other charges, amounted to £259,127. The earnings in New Zealand, Fiji and other investments, not subject to the Federal income tax, are £209,984, totalling £469,156, from which the Board proposed to pay a dividend of twenty shillings and a bonus of five shillings a share, absorbing £365,625, leaving £lO3 53 .< to which is to be added the balance from the profit and loss account on March 31 last of. £365,853, making £469,384, from which the Board proposed to place to reserve £166,000 leaving to the credit of the profit and loss account £369,384.. The report stated that the Queensland rainfall had been deficient since •J uly, affecting- the crop, which was now being cut adversely, Some Fiji districts had enough, spring rain, but others were suite ring from drought. There had been no interruption of work at tlie refineries Some changes in the plant were being effected, which it was hoped would result in more economical Working. The chairman, Mr E. W. Knox, in moving the adoption of the report, said the output of the mills for the current season was expected to tola' 238,200 tons. Since August the weekly production had been a record. The Company was now- making about one-hundredth of the world’s sugar yield. The Fiji cane for 1929 season had not thriven, and the shortage oi labor precluded an extension of cultivation. New South Wales showed no sign of improvement in supplies to mills, but the Queensland crop was promising well. The loss in the process of manufacture had been reduced, but the cost remained high, the reason 'being the price of coal, which was twice to tliricc the level of fif teen years ano; There had been some disturbance in the European sugar market though a grant of preferential duties for Empire sugar refined in Britain The ultimate results of this weir, not apparent, but the first effects were certainly of advantage to raw sugar producers in the colonies. The Queensland exportable surplus '.vas sold to British refiners, though the price, thirty siblings per ton, was less than in 192/ Since the last meeting, the price of the Company’s shares had advanced From £SB 2s fid to £63 15s, but this brought no satisfaction to the proprietor t wlio meant’ to hold his investment. The Company was faced with tiie prospect of an increased income taxation in tin; Si arcs in whi:l it had factories, also in New Zealand and Fiji, in all of which Hie tendency was to claim too large a proportion of tin: local earnings fo) taxation. The report was adopted. A special general meeting .confirmed a resolution passed on September 28. making amendments to the deed of settlement.