COLONIAL SUGAR CO.

New Zealand Herald, Volume LXXII, Issue 22260, 7 November 1935, Page 9

COLONIAL SUGAR CO.

LOWER NET PROFITS DIVIDEND RATE UNCHANGED SPECIAL BONUS PAYMENT (Received November fi, 9.5 p.m.) SYDNEY, Nov. 6 The half-yearly meeting of the Colonial Sugar Refining Company, Limited, was held to-day. Profits for the period ended September 30 from factories and other investments amount to £443,067, to -which is added the balance of the profit and loss account on March 31, £409,247, making a total of £852,314. The board proposes to pay a dividend of 12s 6d a share, and a special bonus dividend of 5s a share, absorbing £511,875, and leaving to the credit of the profit and loss account £340,439. Moving the adoption of the report, the chairman, Mr. E. 11. Knox, said crops in Australia were lighter this season and the total output of raw sugar would not exceed 605,000 tons, or 38,000 tons less than last year. Normal weather conditions were now prevailing, so that the 1936 harvest should be assured. Fiji crops also' were lighter than last year, but the outlook for 1936 was promising. The development of gold mining in Fiji might disturb the local labour supply if not properly controlled, nor would it be to the good of the colony if the main industry, sugar, were damaged. The position, therefore, was being closely watched. Mr. Knox said it had been rumoured that the company intended to make a permanent feature of the special bonus dividend. This was intended to facilitate payment by individual shareholders of any extra taxation they might be called upon to bear by reason of the distribution of new shares, and shareholders would be wrong in assuming anything to the contrary, he said. The report was adopted.

The net profit is £-14,100 lower than in the previous period and £1715 below that for the half-year ended September 30, 1934. Following is a comparison of tho company's results for the past three half-yearly periods:— Half-year to Sept. March Sept. 1934 1935 1935 Brought forward £400.548 £387.705 £109,247 Not profit .. 414,78'2 487,1G7 443.0G7 £B-45,330 £874,872 £852,314 To reserve .. 92.000 10(1.000 Div. p.c. p.a. . . 10* 61 G1 Bonus p.c. p.ft. Amount .. 365, 625 865,625 611,875 Carried forward £387,705 £409,247 £3-10,439 •Before increase of capital by issue of bonus shares. Movements in the chief balance-sheet items are as follows: — LIABILITIES £ £ Paid capital .. .. 11,700,000 Reserve fund .. .. 500,000 +IOO,OOO Replacement fund . . 3,129,935 +40.996 Employees' prov. fund 30,708 +293 Employees' benefit boc. 19,873 +l5B Creditors .. .. 743,710 -409.456 Suspense acs. . . 2,383,931 +40,131 P. and L. ac. . . 852,314 -22,558 ASSETS £ , £ Refineries and mill* 10,407,855 +4,159 Stocks at factories .. 311,653 +3,249 Ocean steamers . . 142,118 Stocks of sugar and balances duo to Q'land Govt. .. 2.150.KU -57.449 Office premises ~ 56,027 +l6 Debtors . . . . 3,168,411 +568.427 Cash 3.12-1.244 -7G8.539 The assets total £19,360,472 coinpared with £19,610,908.

TAXATION POSITION EXTENT OF LIABILITY The New South Wales Commissioner of Taxes has advised the Colonial Sugar Refining Company, Limited, that tho proportions taxable in the hands of shareholders of the bonus shares issued by the company in 1934 are as follows: New South Wales special incomo tax, Sayable by persons not domiciled in ew South Wales, 6.578 per cent, or about Is Id a share. Shareholders in New South Wales are liable for 29.733 per cent, or about 4s lid a share. The issue is not subject to Federal taxation. The bonus issue is also subject to ordinary New South Wales income tax, but only to the extent that the shareholders' rate exceeds the company's rate. The incidence of taxation on dividends paid during the year ended June 30, 1935, to absentee shareholders is as follows: —Subject to property tax, 35.92 per cent; not subject to property tax, 10.81 per cent; exempt, 53.2/ per cent. BRITISH EXCHEQUER LATEST WEEKLY RETURNS (Received November 6, 6.5 p.m.) British Wireless RUGBY, Nov. 5 The latest weekly Exchequer returns show that the total ordinary revenue, excluding self-balancing items, amounts to £350,174,357, compared with £333,046,439 at tho corresponding date last year. The total inland revenue is £138,525,000, against last year's £132,208,000, and receipts from customs and excise are £180,541,000, against £173,743,000 for the same period last year. The total of ordinary expenditure, exclusive of self-balancing items, is £431,979,795, compared with £414,653,559 at tho corresponding date in 1934. WHEAT IN AMERICA CHICAGO, Nov. 5 Wheat.—December, 97 j cents a bushel; May, 96J cents; July,. 89 cents, i The New York markets were closed for the elections. CALL AND DIVIDEND LIST Dividends— Due Colonial Sugar—half-yearly, 12s (>d a sharo; also special bonus dividend, 5s a sharo .. .. Now Sharland—final, ord. and pref. ,'-1 P-c. .. To-day Union Oil—final, 9d a share To-morrow Australian Glass—int., ord., 6 p.c.; pref., 4J p.c Nov. 8 Talisman Dubbo—6d a share .. Nov. 9 N.Z. Paper Mills—int., 8 p.o. .. Nov. ll' Mosgiel Woollen—final, 4 p.c., bonus 2 p.c. . .. .. Nov. 12 Abraham and Williams—final pref., 5 p.c. p.a Nov. 12 Bycrbft—int., 5 p.c Nov. 13 Martha Mining—int., 6d a share Nov. 15 Burns-Philp—int., Is a share .. Nov. 15 Maori Gully—lo p.o Nov. 16 Tnttorsfiold—p.c. .. .. Nov. 18 Nat. Insurance—final, 5d a share Nov. 18 Macky, Logan, Caldwell— int., 5 p.c. p.a. Nov. 20 Claude Neon (N.Z.)—final, 4 p.o. Nor. 21 Westport Coal —final, 6d a share Nov. 25 Perpetual Trustees—int.. Is a share • • .. •. .. Nov. 25 Broken Hill Pty.—ls 3d a share Nov. 27 Nat, Bank A'nsia—int., 5 p.c. p,a. Nov. 27 E., S. and A. Bank—final. 2f p.c. Nov. 28 Wilsons Cement—int., 9d a share Nov. 28 Bruce Woollen—pref., 5 3-5 p.o.j ord., 3 p.c. .. .. .. Nov. United Ins.—final, 8 p.c. p.a. ... Nov. C. L. Innes—pref. and ord., 8 p.c.; also pref. arrears .. Dec. 1 Henry Jones—final, Is 3d a share Deo. 2 Bank N.Z.—int., ord., Is a share; D mort., 3} p.c. .. .. Dec. 1 North Broken Hill—2s 6d a ghare and bonus, Is a share .. Deo. 12 Broken Hill South—ls 6d a share, and bonus. Is a share . . Deo. 19 Bulolo—int.. 1 dollar 40 cents (Canadian) a share .. .. Deo. 20 Placer—int., 50 • cents (Canadianl a share . . . . Dec. 20 Morris Hedstrom—int., ord., 21 „ P.-o. . Dec. 81 Kauri Timber—s p.e. .. 4 . Dee. I