COLONIAL SUGAR COMPANY.

New Zealand Herald, Volume XLV, Issue 13744, 8 May 1908, Page 7

COLONIAL SUGAR COMPANY.

REDUCED PRODUCTION EXPECTED.

The half-yearly meeting of the above company was held in Sydney on April 29, Mr. H. E. Kater, M.L.C., presiding. The report showed ainet profit of £134,779, out ..of which a dividend at the rate of 10 per cent', per annum was recommended, ' absorbing £124,037, leaving £35,624- to be carried forward, against £24,882 brought into the account. In moving the adoption of the report and balance-sheet the chairman raid when they last met the continued drought made them apprehensive as to the crop of cane to be cut this year, but good rains in the last months of 1907 wrought a great change for the better, and from the Queensland mills they now looked for an averago output, though this would riot be obtained in New South Wales, where the dry weather in the spring of 1906 and that. of 1907 seriously hindered the planting of cane, in Fiji a large production was expected, and the crop should still be a good one, despite the effects of insufficient rain in February and March and a heavy blow a few weeks ago. Since the half-year's accounts were closed the proprietors of the Ripple Creek .mill, "Til the Herbert district of Queensland, have announced their decision to close the mill, as they: were ; unable to pay the price the company gave for cane in that district. They were in' a position to take the crops hitherto sent to Ripple Creek, .and had purchased the plant at its value for breaking up. He had nothing of importance to say in connection with the refining business except that—-in consequence. of a sharp advance in Europe—they had lately been able to raise their selling prices in Australia by About £1 per ton; but as the Queensland millovvners received the whole advantage thus obtained for their share of the crop, • and the sales to" manufacturers were at a fixed price, the net gain to the company Mas barely half the advance. There were some indications that the fanners in Australia and New Zealand were beginning to realise the value of molasses in feeding stock, and a good (leal of expense had been incurred by the company in the endeavour to meet possible demands in this direction. Seeing that they gave some 5000 tons a year to their live stock in Fiji, they had no doubt whatever about its value as fodder, yet they shall run to waste of last season's make about 17,000 tons, and other manufacturers had probably also so disposed of about 25,000 tons. The main difficulty in marketing the material was the irregularity of the demand, which had so far prevented.the making use of the system ot transportation in tank steamers from the more distant mills, or erecting plant there for the production of a dry fodder. The report as printed was adopted. Mr. Richard Binnio was elected a director.