COLONIAL SUGAR COMPANY

Hawera Star, Volume XLVII, 3 May 1928, Page 5

COLONIAL SUGAR COMPANY

A PROSPEROUS CONCERN. (.UNITED PRESS ASSOCIATION -BY ELECTRIC TELEGRAPH—COPYRIGHT.) (AUSTRALIAN PRESS ASSOCIATION i , SYDNEY, May 2. The half-yearly meeting of the Colonial Sugar Company was held today. The report, which was adopted, disclosed a net profit for the half-year of £490,111, of which £236,507 was earned by Australian, mills and refineries and from investments subject to the Federal income tax. From New Zealand and Fiji and from investments not subject to the Federal income tax £253,604 was obtained. In addition to the revealed profits an unexplained addition of £185,79S was made to the replacement and depreciation fund, raising it- to £723,421. The dividend at the customary rate of 124- per cent per annum absorbs £365.625, and an addition of £100,600 will lie made to the reserve fund, raising it to £675.000. There will Ik* £365,853 earned. forward, compared with £341,366 brought into the accounts. The half-year ended March 31 is- easily the most profitable experienced by the company. In Queensland and Fiji the summer was favourable to the eane crops, and an early start will lie necessary in most mills, but in New South Wales the output will bo below the average. The company is in a- wonderfully robust financial position. The total assets are now valued at £13,016,835. compared with £11,968.653 six months ago. the principal increases being in stocks and cash balances.

The chairman (Mr, Knox) moved an amendment of the articles of association of the company to prevent the' transfer of company shares to a trustee company u ivies some person, either one of the beneficiaries or a representative acting on his behalf, he associated with the directors or officers of the company so that the: owner’sshares may have voting rights attaching to the stock.

The meeting has been adjourned for a week, when the result of the ballot on the question will lie known.