COLONIAL SUGAR

New Zealand Herald, Volume LXXV, Issue 23040, 18 May 1938, Page 9

COLONIAL SUGAR

RISE IN PROFITS DIVIDEND RATE UNCHANGED ADDITION TO RESERVES Tho accounts of the Colonial Sugar Refining Company. Limited, Sydney, for the half-year ended March 31 show a net profit of £550,891, compared with £'516,910 for tho corresponding period of 1936-37. Depreciation provided amounted to £168,920. It is proposed to maintain the dividend at 15s a share for the half-year, equal to 74 per cent per annum, unchanged. This will absorb £438,750. The transfer of £IOO,OOO to reserve is also recommended, leaving £434,974 to bo carried forward, against £422,833 brought in. Tho report states that the output of sugar from the company's Australian mills was a record, as anticipated. Fiji crops were lighter than in the previous year, but provided a satisfactory result. The continued dry weather in North Queensland will have an adverse eifect upon the cane to be harvested this year. Sir Norman Kater resigned his seat at the board, because of his departure overseas, and the vacancy was filled by the appointment of Mr. if. N. Pope. Mr. E. 11. Knox is the retiriug director and is the only candidate for tho vacancy. Following is a comparison of results for the past three half-years:—

The balance-sheet total is £22,083,951, an increase over the year of £230,205. With the transfer of £IOO,OOO to reserve this fund is raised to £950,000. The annual meeting will be held in Sydney on May 25. MORRIS, HEDSTROM BONUS DIVIDEND OF 6 PER CENT [BY TELEGRAPH PRESS ASSOCIATION'] WELLINGTON, Tuesday The Stock Exchange Association has received a cablegram from Morris, Hedstrom, Limited, island merchants, Suva, advising that the directors recommend a final dividend of 3 per cent, making 6 per cent for the year. They also propose a payment of 2i per cent on ordinary shares as,a special bonus in commemoration of the 70th anniversary of the company's foundation. The year's dividend on ordinary shares, apart from the bonus, is nn increase from 5} per cent in 1937 and 5 per cent in 1936. The fixed rate on preference capital is 6 per cent per annum. TONSON GARLICK LIQUIDATION DIVIDEND OF 2D A SHARE A further dividend of 2d a share has been agreed to by shareholders,of Tonson Gnrlick Company, Limited, which went into voluntary liquidation in 1933. The liquidators reported that the company's factory and other projierty in Lome Street was let on satisfactory terms. A dividend of 2d, which requires £332, was paid two years ago, and immediately after liquidation was commenced shareholders received Is 4d a share. Tho capital at the time of liquidation was £32,000 in 40,000 shares of 16s each. A return of 4s a share was made some years prior to the company winding up. YOUNGHUSBAND, LIMITED STEADY DIVIDEND RATE After allocating £ISOO to staff provident fund, n profit of £36,050 was earned by Younghusband, Limited, Australian woolbrokers, for the year ended March 31, compared with £32,390 in the previous year and £27,150 for 193536. The dividend is maintained at 10 per cent on the increased capital, and takes £37,500. It is proposed to write off £1340 of the floating expenses of the lifew share issue. Conditions during the year were difficult and unfavourable, the directors report, principally because of drought. Uncertain selling conditions resulted in restricted stock business. The directors I add: "We arc of opinion that we are merely passing through one of those periods inherent in Australia which should lie of no serious detriment to our position." N.Z. RENNET COMPANY DECREASE IN PROFITS A net profit of £1631, against £4113 earned in the previous ( vcnr, and £1550 in 1935-36, is shown in the accounts of the New Zealand Co-operative Rennet Company, Limited, Eltham, for the year ended April 30. No dividend is proposed and. the directors recommend that the profit should be carried forward. For the previous financial year the distribution was 5 per cent. » A sum of £2131,-as against £2435 last year, lias been credited to shareholders' rebates. The directors report that the company's products have been used by over 99 per cent of the cooperative cheese-making companies of New Zealand and by a considerable number in Australia. Sales, of rennet, for junket have again increased in New Zealand, and the market has been extended to Australia. COMPANY TO WIND UP CHEESE FACTORY FIRE SEQUEL [by TELEGRAPH—OWN correspondent] OPOTIKI, Tuesday The shareholders of the Toatoa Dairy Company, Limited, have decided to voluntarily wind-up tho company. Tho company's cheese factory, midway between Opotiki and Motu, on tho old main highway to Gixborne, was destroyed by fire at the beginning of the vear. Dairy farmers in the Toatoa Valley are supplying cream to tho Opotiki Dairy Association's factory.

March Sept. Half-year to 1037 1037 Brt forward £393,522 £101 ,(188 Net profit . 540,010 500,805 March 1038 £422,833 550,801 £1)40,438 £0ll,5S3 To reserve . 100,000 50,000 Div., p.c. p.a. 7y 2 7Mi Amount . 438.750 438,750 £073,724 100,000 438,750 Car. forward £401,088 £122,833 £134,974 Movements in bnlance-slieet items over the year ended March 31, 1938, are as follows: — LIABILITIES £ Paid capital .. 11,700,000 Reserve fund .. 8,"50,000 Replacement fund . 3,700,470 .Subsidiary Coys. .. 10,422 Employees' funds . 53,170 Sundry creditors . 2,370,1195 Suspense accounts . 2,419,159 P. and L. accounts 073,724 £ Same + 150,000 +191,422 -4,702 -0,080 -151,201 +24,541 +33,280 ASSETS £ £ Refineries and mills 10,3S7,0S0 Offices, residential pty. 220,302 Ocean steamers ... 170,024 Shares in subsidiaries 12,200 Investments .. 3.140,300 Advances to officers 30,300 Working stocks . . «85.3«u Sutrar stocks, etc. . 3,434,0/3 Debtors .. • • Cash .. •• 3,5-0.0,0 +241,075 + 10,180 + 34,807 Same + 51,017 -2,326 + 80.807 -80,770 + 4,800 -145,083