COLONIAL SUGAR

New Zealand Herald, Volume LXXIII, Issue 22412, 7 May 1936, Page 7

COLONIAL SUGAR

INCREASE IN NET PROFIT DIVIDEND RATE UNCHANGED NEW INDUSTRY PROPOSED (.Received May 6, 8.30 p.m.) SYDNEY, May 0 The accounts of the Colonial Sugar Refining Company, Limited, for the half-year ended March 31, disclose a not profit of £494,912, the highest earned in any half-year since the period ended March, 19:34. With £340.439 brought forward, £835,351 is available. The board has decided to pay a dividend of 12s 6d a share, or at the unchanged rate of 6i per cent per annum, absorbing £365,625. The sum of £] 00,000 is placed to reserve fund, leaving £369,726 to be carried forward. In moving the adoption of the report at the half-yearly meeting of shareholders to-day, the chairman, Mr. E. R. Knox, said that the Australian sugar crop was larger than expected and totalled 622,000 tons. In Fiji, also, the actual production was higher than anticipated and prospects there for the coming season were bright. In fact, indications pointed to a record crop. A preliminary estimate of the Queensland and New South Wales crop was 670,000 tons, compared with a previous record of 643,000 tons in 1933. The consumption of refined sugar in the Commonwealth was now on the basis of the peak years 1928 and 1929, while in New Zealand a steady annual increase continued. Mr. Knox said that the company was establishing a new industry in Australia for the production of fibre board suitable for insulating and lining. It would be manufactured from megass, which was the fibre from sugar-cane. The company was also rebuilding on portion of its Sydney properties modern structures to replace the former old-fashioned premises, thus enabling tho land to be turned to better use. The report was adopted. Mr. R. W. Gillespie was re-elected a director. The profit is £51,845 higher than in the previous half-year and £7745 above the figure for the half-year ended March, 1935. With the transfer of £IOO,OOO to reserve, this fund will be increased to £600,000. Following is a comparison of results for the past three half-years: Half year to March Sept. Mnrch 1935 1935 1930 Brought forward £387.705 £109,'217 £310,439 Net profit .. 487,107 443,007 494,912 £874.872 £552,314 £835,351 To reserve . . 100,000 Div. Gi p.c. p.a. 305,025 511,875* 305,025 Carried forward £409,217 £340,439 £309,726 *And bonus of 2J p.c. p.a. The substance megass, or bagasse, mentioned by Mr. Knox is the fibrous residue resulting from tho crushing of sugar-cane and tho extraction of the juices. Many attempts have been made to produce from megass a fibre suitable for paper making, but hitherto the processes have been too costly or did not produce an entirely satisfactory paper. In 1921 the manufacture was begun in Louisiana, United States, of a megass fibre insulating board. BUTTER STEADY NEW ZEALAND AT 88/FIRM DEMAND FOR CHEESE The London butter market is steady and New Zealand is selling unchanged at 87s to 88s per cwt. There is a firm demand for cheese, which is again quoted at 55s 6d ]>er cwt. for white, and 54s 6d for coloured. Merchants have received the following cablegrams, dated May 5, from their London principals:— A. H. Turnbull and Company, Limited, from W. Weddel and Company, Limited. —Butter: Danish, 100s; New Zealand, salted, 88s; Australian, 87s. The market is quiet. Cheese: White, 55s 6d; coloured, 54s 6d. The market is firm. New Zealand Producers' Co-operative Marketing Association, Limited. —Butter: New Zealand, 87s to 87s 6d; Danish, 101s. The market is steady. Cheese: White, 55s 6d; coloured. 54s 6d. The market is firm. Joseph Nathan and Company, Limited, from Trengrouse and Nathan, Limited. —Butter: 88s. Cheese: White, 55s 6d to 565; coloured, 54s 6d. Both markets are quiet, but firm. AUSTRALIAN OUTPUT SALE ON BRITISH MARKETS LONDON, May 5 This year, for the first time, Australian butter will be sold on the British markets throughout the entire year instead of for six months as hitherto. The Dairy Produce Board is to control shipments from Australia so as to make a continuous supply possible. Butter experts predict increasing popularity and consumption of Australian dairy products. An examination by experts of the recent shipment of Japanese butter to London discloses that tho is like that of tho Australian and New Zealand products. They consider, however, that the butter will not be a serious menace lor many years. WESTPORT COAL SAME INTERIM DIVIDEND [BY TELEGRAM —PRESS ASSOCIATION] DUNEDIN, Wednesday Tho directors of tho Westport Coal Company, Limited, have declared an interim dividend of 6d a share, unchanged, payablo on May 28. PRICES OF METALS SHARP DROP IN TIN (Received May 6, 7.35 p.m.) LONDON, May 5 Following are to-day's quotations on the London metal market, compared with those of May 4: — May 5 Mav 4 Per Ton Per Ton £bd £ 8 d Copper, stan., spot . . 37 1 3 37 1 lOi Copper, stan., 3 mos. 37 0 10J 37 8 H Copper, electrolytic . . 41 7 0 41 7 6 to to 41 12 6 41 12 G Copper, elec., wire bars 41 12 0 41 12 G Lead, soft, spot . . 15 18 9 15 17 6 Lead, soft, forward . . 15 18 9 15 18 9 Spelter, spot . . . . 14 17 G 14 16 3 Spelter, forward . . 15 2 G 15 1 3 Tin, stan., spot . . 205 15 0 207 2 G Tin, stan., 3 mos. . . 199 17 G 200 17 G GOLD AND SILVER QUOTATIONS IN LONDON (Received May 6, 7.35 p.m.) LONDON, May 5 Fine gold is quoted to-day at £7 0s 4Jd an oz., compared with £7 0s 4d yesterday. Silver is quoted at 20 5-16 d an oz. spot and forward, compared with 20 3-8 d yesterday. Tho quotation for silver at per fine oz. is 21 15-10 d, compared with 22d yesterday.