Why Sugar Prices Are High

Manawatu Times, Volume 64, Issue 173, 25 July 1939, Page 6

Why Sugar Prices Are High

FEAR OF WAR CAUSES BUILDING UP OF STOCKS Per Press Association. AUCKLAND, July 24. Sugar prices at present are high, because of the artificial shortage brought about by the desire of some countries to have reserve stocks, said Sir Philip Goldfinch, general manager of the Colonial Sugar Refining Company, Limited, when he arrived from Sydney by the Mariposa on. his way to Fiji on a business visit. Sir Philip said the desire by some countries to have sugar reserves was due to tho international situation. “There are already signs that prices will return to something like they were before the advances started,” he added, “but it is impossible to say when the position will correct itself.” Sir Philip said the Australian sugar crop this year was going to be particularly heavy —much larger than it was last year. However, this would have no effect upon world prices because Australian exports were only a “drop in a bucket” compared with world consumption.

After spending several weeks at the company’s properties in Fiji Sir Philip will return to Australia by the Mariposa on its next voyage south. He will not break his journey at New Zealand but he said he might visit the Dominion later in the year.