COLONIAL SUGAR COMPANY

Maoriland Worker, Volume 13, Issue 30, 25 July 1923, Page 1

COLONIAL SUGAR COMPANY

By threatening to close down its refining Avorks in Auckland and withdraM-iiig from the New Zealand market, the Colonial Sugar Company exacted from the Massey Government a tariff protection of £3 a ton (£IBO,OOO altogether) aud a practical monopoly of the sale of sugar in this country. The Government was governed by the company. And for greed, what a company! It began operations with a capital of £150,000. Its normal net profit is about £750,000 a year, which represents 500 per cent, on the original capital invested. To make these profits it imposed on its workers conditions so immoral as to cause a gross aud disgusting scandal. Bonus shares issued by the company—capitalised profit, that is—amount to £4,075.000. With, refunds added to bonuses the amount, is £4,428,125. Since. 1908 the company has paid out just; on £(>,000,000 in. dividends. Prior to that the dividends Avere certainly not less than from three to four millions sterling, so that the total dividends paid must have been in. the vicinity of £10,000,000. In connection.-with the Fiji and Maoriland Subsidiary Company, the Sydney " Bulletin " says: " It is plain that the groAver and consumer have (1) PRESENTED THE ENTIRE UNDERTAKING TO THE PROPRIETORS; (2) GIVEN THEM THE WHOLE OF THEIR CAPITAL BACK, TOGETHER WITH ANOTHER £4 FOR EVERY £2 INVESTED; aud (3.) contributed very fat dividends." In other Avords, it has mercilessly Hayed the public of Australasia. It is this concern, with its bloated millions,-that refused to .do businessjwith New Zealand and threatened to dismantle its Auckland works and throw hundreds of workers into unemployment, unless it was given a duty protection against sugar from Java. And the Massey Government, which knuckles down to it, shouts that .the Labour .Party is unpatriotic. " To deal adequately.Avith this company, Labour must capture the British Empire. We are on the verge of doing this, and whenwe've done it the company will have-to'listen to some unaccustomed language. When a gang of pvont-snatcbcrs can order a QovGtnmmi -jihwai, itisfcigk change oi: government..