COLONIAL SUGAR COY.

Hokitika Guardian, 5 November 1931, Page 3

COLONIAL SUGAR COY.

REPORT FOR HALF YEAR. (Australian iVess Association.) SYDNEY, November 4. The Colonial Sugar Refining Company, Limited report for the huh year ended September 30th last reveals that Lhe profits for that period were £373,811 19s 4d, from which the Hoard has declared a dividend of 20s

and a bonus of 5s per share, absorbing £365,625, and leaving; £8,186 19s 4d. This added to the balance of the Profit and Loss Account of March 31st, brings the credit of the Profit and Loss Account to £402,248 13s Id. At the meeting of the shareholders of the Company to-day, Mr E. W. Knox the c' airman, in m ving the adoption of the report, said that the work at their Australian mills had been satisfactory. The Board expected that nearly half of the sugar produced this year must lie exported, and that a similar proportion must he exported in 1932. He said that the hurricane in Fiji last summer had caused a much reduced crop, hut the prospects for next year were good. The Company’s refineries are working at full capacity.

The past six months, said th e Chair, man, had been a time of doubt :

anxiety, owing to there being a tendency to wild and dangerous action in both the political and the financial spheres! and the Board’s main apprehension had been in regard to the ver low values for the sugar sold overseas, and to 1 the uncertainty as to when there would lie a resumption of higher prices. The only sign of an improvement,” he said, “is that the purchases of supplies to he delivered six months hence show some advance on the rates for immediate delivery. No important addition, or changes, in the sugar mills and plants are proposed for the coming year, and the engagement of juniors for the staffs is to cease, as the Board is uliable to see ahead any prospect of an increase in the demand for sugar, or any indication that an additional staff will lie required.”

The dividend being paid, lie a contributed little more than'four jv cent, on tlie actual cost of the Company's assets, -while the amount of the share capital is only about one-third of the cash cost of the investments in the company’s business.

Air Knox also commented on the serious pressure of taxation, and added: “The position is growing worse, instead of better. The taxes on the Company’s Sydney building and offices have increased from £375 in 1906 to f? 1,728 in 1930 with no added advantage.” The report was adopted.