COLONIAL SUGAR CO.

New Zealand Herald, Volume LXI, Issue 18703, 8 May 1924, Page 7

COLONIAL SUGAR CO.

ANNUAL '-MEETING' HELD.. FINAL DIVIDEND OF £l. LARGER OUTPUT THIS YEAR. The annual meeting of the Colonial Sugar Refining Company was held in Sydney yesterday. By the courtesy • of the chairman, & copy of the, directors' report and of the chairman's address are available. Advice has -been received that the meeting adopted the report, including the recommendation of ?• a final dividend of £1 per share, totalling £245,750. as forecasted, by the chairman at the special, meeting in March., . - 1 The report for the year ended, March 31/ states that the profits from the Australian mills and/ refineries, after providing for depreciation . and other charges were £392,410 and earnings from; other investments subject to Federal income tax were £109,090, e a total of £501,500. The dividend to September 30 absorbed £203,125 and the proposed dividend of £1 a share • would. absorb £243,750, leaving . £54, . The earnings in New Zealand and Fiji . and from other investments s not subject to Federal iit coma tax were £172,139; to which is added the balanoe of profit and loss at March 31, j 1923, £326,716, / making £553,480. The board proposed to transfer £250,000 to the reserve fund, leaving £303,480 to the credit of profit and loss. The Company's Assets. _ Aglets at March 31 totalled £11,047,570 comprising, refineries (Australia and \New Zealand) £2,266,963; distillery, £82,897 sugar mills in Australia, : £1,984,667; assets ii) Fiji (£2,763,760 lejss written olf *£1,625,000) £1,138,760;' stocks of materials at factories, £291,681; - ocean steamers, £100,000; . stocks of . pugar i and balances due, £1,787,098; efface planuses, £52,850; sundry debtors, loans and , advances and -other . : investments, £2.019,001; : cash balances, etc, £1,323.653. ' •; • In his address, the chairman, Mr. . Jfi. W. Knox, referred to the change in the mode of stating the company's accounts rendered necessary by ■ the i reversion of the* assets of the . Fiji .company to,, the parent business, mentioning the . diffi ulty of computing the values of the' fixed investments nn New Zealand and JTiji. He stated that the Auckland refinery had been put down at cost, pending decision on the question of New Zealand sugar duty, while the Fiji business had been written down by _ £1,625,000. His iremarks on this subject are reported elsewhere. Mr. Knox added that the board had given, in the balance-shs'stj much more information than hitherto about, the capital invested in < the various branches. Theiif object in doing this was that all concerned * way. see how much money is used in the business and thus ascertain whether the owners are receiving an undue return. Low Production in Fiji. - • Reviewing the year's operations, the chairman said , that in) Australia, the crop of 1923 turned out better than was expected, and the position, has been wnsidorably improved by ; the ~ export . of 16,000 tons during the past nine nioniuu. For the coming season, a large prddaction is expected, the cane having thriven well since the drought broke; consequently, there will be more sugar to '"ex port and the world's ' markets ' are { lower than when . the 1923 sugar was &oid abroad. He added that sugar could not have been landed in Australia from Java, duty paid, during the past year at; the price paid to the sugar ; mills and none of the 1924 crop from that island has so far been sold at rates that' would allow of this ; being done. r At the Fiji mills, last season's production , was * only 35,000 tons. This . year, the company expect?} 58,000 'tons; - ' In 1916. they made 110,000 tons, and could do this again if labour wore available. " As the result'of pertain alterations in the plant, the company was 'able last season, 'at the Australian , mills/ to crush the cane at a faster . rate ' than hitherto, and the capacity of ' these "factories can now be regarded as considerably ; in v creased. At the Company's refineries the weekly .melting has oeen-' raised, . when necessary, to a total of 8000 tons .of sugar, so that ths company can provide - easily for the present' * consumption of .• Australila and -New' Zealand. ;