SUGAR SUPPLIES.

Hawera & Normanby Star, Volume XLIV, Issue XLIV, 8 May 1924, Page 6

SUGAR SUPPLIES.

j aS6B3^ASED PRODUCTION. ! j PRICE YETTO BE FIXED. j BY CABLE—PKESS ASSOCIATION—COPYBIGHT | . SYDNEY, May 7. ' I 1 Addressing a meeting of shareholders, Mr. Knox (chairman of directors of the Colonial Sugar Company) said a large production of sugar was :■ expected during the coming "season, : but the prioe to be paid manufaetur- > ers had not yet been fixed. j As a result of alterations to the \ plant the company could now provide ] easily for the present consumption of - Australia and New Zealand. The 1923 j crop turned out better than was es_ j pected, and sixteen thousand tons were ' exported during the past nine months, I This season the export would be larger. •. Referring to the Auckland refinery, j he said there was no chance of main- i taming the business if there Avas a re- ' Aversion to the former free trade con- ' ditions. These latter obtained up till i about four years ago, when sugar was I first handled by the GoA-ernment, but ' AA-hen they relinquished control last year a small protective duty on com- . petmg Avhite sugar Avas imposed, and ! this enabled the company to carry on | The duty expires in September, but the • company hopes it will be recognised ' that refining on a free trade basis is j impracticable without incurring serious ' loss, and that the necessary protection ' Avill be granted to aA'ert the closing of ' the industry. The chairman submitted accounts • covering the year to March 31, the first i to be presented since the reversion of the assets of the Fiji Company to the i present business. The net profit for ; tne period amounted to £673,639 Of : this £392,410 was contributed by the! £ini m ™ *\ mi! ls and refineries and ! iUW,O9O by investments subject to! I'ederal income tax, while the earnings ' m New Zealand and Fiji from other* investments not subject to Federal tax I amounted to £172,139. The balance : brought into the accounts Avas £326 - ! a6, making a total of £1,000,355 avail- < able. j An interim dividend at the rate of Member 30 absorbed *AW, Uo and it was proposed to pay a x'ofo fe? deni, of 20s r share> taking £243.y50. Tlie sum of £250,000 was Sa^AQ rf Q d ntc> n? ' and the bala»<* ot £303,480 carried forward. In March last it was decided to increase the #7 ™ ™ E apit? from £4>o<»-000 to *f,<JUJAKXJ by th~ creation of 150 000 new shares of £20, each, and also to ?q o-^%vJ hf £* id up ca Pital from £3 200.000 to £4.875,000 by, the oa.pitahration of £1.625,000 received on account of the liquidation of the Fiji Company. The latter sum was distributed in the proportion of one £20 ffl J paid-uP *hare /or every tivo shares JhlV F°' thc half-year ended March