COLONIAL SUGAR CO.

New Zealand Herald, Volume LXVIII, Issue 20866, 7 May 1931, Page 5

COLONIAL SUGAR CO.

DIVIDEND MAINTAINED. WORLD MARKET OUTLOOK. \GREEMENT AMONG PRODUCERS. SYDNEY, May 6. ' The usual dividend and bonus were anlounced and approved at the half-yearly noeting of the Colonial Sugar Refining Company to-day. - The report of the directors stated that he profits made during the period ended March 31 from the work of the factories md other investments, after providing for lepreciation and other charges, amounted „ 0 £384,097. The addition of the balance >n September 30 made a total of £759,686, rom which the directors proposed to pay 1 dividend of 20s and a bonus of 5s a share, leaving a balance of £394,061 to be :arried forward. The chairman, Mr. E. W. Knox, said ,he company's business had not been iffected by the financial troubles of Australia, except that deliveries of refined sugar for the half-year had fallen below :hose of the same period in 1929-30. The Fiji crop was damaged by a hurricane, but the Queensland crop was up to the average. Agreement having been reached between the principal sugar producing countries on the subject of the export of sugar, it was hoped that,market prices would soon improve. Mr. Knox remarked that the world's market for sugar was very depressed, owing to over-production, while the reduction in the consumption of sugar in Europe and in the United States was estimated at 3j per cent. If the arrangement between the principal sugar producing countries to limit the output of raw sugar from factories were observed, Mr. Knox said that prices were bound to reach a paying level. Damage done in Fiji was being made good as quickly as possible, but urgent need existed for prompt and drastic reduction in the expenses in that colony. Referring to the recent decision of the Australian Government not to disturb the present arrangements in regard to tho selling price of sugar for the next tAVO vears, Mr. Knox, said the inference was that the Colonial Sugar Refining Company, after full inquiry by a special committee, was not making excessive profits having regard to the magnitude of the business handled and the money required to finance it. Tho company felt it could continue paying tho same oividend ■und bonus which shareholders were accustomed to receive.' The report and balance-sheet were adopted. Following is a comparison of the company's results and appropriations for the last three half-years Half-year to March, Sept., March, 1930. 1930. 1931. Brought forward £410,776 £390,488 £375.569 Net profits •• 445,337 350,726 33-1,097 £856,113 £741,214 1759,686 To reserve •. 100,000 _ rt .. Dividend 12* p.c.* 365.625 365,625 3C.»,620 Carried forward £390,488 £375,539 £394,061 •Per annum. WOOL SALES PRICES. GOOD GENERAL COMPETITION. FULL LATE RATES PAID. LONDON. May 5. At the wool sales 11,289 bales were offered, including 5669 from New Zealand, and about 5630 were sold. There was a good selection of greasy Merinos, a large offering of mediijm and faulty scoureds, and a poor selection of New Zealand sorts. There was a good general competition at full late rates. The New Zealand greasy crossbred clip Pahaua made t-op price, 7jd, average 7d. Dalgety and Company, Limited, has received the following cablegram from London' Wool sales continue active, but lately reported rates are barely maintained for Merinos. No quotable change in crossbreds.

WAIKATO STOCK MARKET. LESS BUSINESS TRANSACTED. BEEF PRICES FIRM. The volume of stock business is fast diminishing, and everything points to ft quiet period. The shortage of clearing sales 'will greatly restrict the. winter activity of auctioneering firms, who' have had for many seasons past an extensive calendar to occupy them. Dairy cattle are the chief subject of anxiety at the moment. A great turnover in quantity is assured, replacement demands being as heavy as-ever. Conditions as they affect the individual sections are:— BEEF. Beef continues to improve rapidly. Tha exhibit at the central yards was again and an advance of a further 2s 6d per 1001b recorded. Cow beef was also much firmer. Prime ox sold from 25s to 265: ordinarj'. 20s to 225; prime heifer, to 235; prime cow, 20s. to 21s; ordinary cow, 17s; plain and unfinished, 12s to 14s. mutton. The improvement recorded in mutton was fully maintained at the central sale this week, although for' unfiniraed sheep the demand was somewhat slack. A line of extra heavy prime wethers sold from 17s 9d to us 3d; heavy, from 14s 6d to 15s 6d; medium, 12a 6d to 14s; unfinished, from "10s 6d; best ewes, from 10s 6d to 12s 6d; medium ewes, 93 to 10s; unfinished, Ss 6d io 7s; - best lambs, to 14s 6d; medium, lis to 13a; lightweights, from 9s. STORE CATTLE. Further consignments, of Gisbome cattle are due shortly and theße. it is anticipated, will be absorbed without difficulty. Corresponding with the improvement in beef, forward steers are popular, but the supply ou well-bred cattle is limited. Up to a moder-. ate value there has been fair competition for well-grown good coloured Jersey heifer calves, but for the smaller and off coloured varieties little demand exists. Steers in forward condition sold to £5 10s (Holstem and Jerseys. £3 to £3 15s); 2J-year, £4 to £4 12s Gd; 18-months. £2 12s 6d to £3 ss; forward cows (station-bred), £2 10s to £3 10s; local, £2 5s to £2 15s; store cowa, £1 10s to £2; low condition, 15s to 22s 6d; Jersey heifers, in calf, £5 10s to £6 10s; backward, £3 to £4; Jersey heifer calves, best, 30s to £2; medium. £1 to £1 ss; good Holstein and Shorthorn, 15s to £1 ss. STORE SHEEP. The storo sheep section remains quiet. The probability, however, of improvement in fat stock locally has placed all classes of forward sheep in demand, though the offerings of these are not : extensive. A lair number of ewes (in lamb) have lately appeared, but transfer rhas not been eagerly sought. About 6s to 7s 6d is the ruling value for good mouthed sheep; inferior, from 4s 6d to 5s Od; forward wethers are worth 12s to 13s Gd; good stores, 8s Gd to 10s: small and lowconditioncd, Gs Gd to 7s Gd; forward ewes, 5s Gd to 7s; best lambs, to 8s; medium. _ss 3a to Gs 9d; small, 4s to . ss. PIGS. Improvement in this branch still continues. At tho central yards, this week all classes of fats advanced a further 2is per head, heavy making from £2 12s to £2 ISs; medium, £2 5s to £2 10s; heavy porkers. £2 2s to £2 ss; light-weights, 32s to 3Ss.