COLONIAL SUGAR

New Zealand Herald, Volume LXXVII, Issue 23661, 21 May 1940, Page 3

COLONIAL SUGAR

RECOVERY IN EARNINGS PAYMENT OF PER CENT RECORD DIVIDEND RATE (Received May 20, 11.50 p.m.) SYDNEY, May 20 The Colonial Sugar Refining Company, Limited, earned a net profit for the year ended March 31 of £1,103,743, after providing for depreciation amounting to £-'J56,946. The final dividend of 17s a share which the board proposes to pay will absorb £497,250. This makes Si per cent for tho year, which is a record. The. board is placing £IOO,OOO to reserve, leaving £472.387 to be carried forward, against £463.144 brought in. The year's dividends required £994,500.. The directors' report states that crops at the company's mills are well grown, but the shortage of acreage in Fiji which was referred to last year has' caused a slight reduction in the output there. Adverse conditions have reduced the prospect of a heavy crop in 1940. Earnings compare with £1,005,670 in the previous year and £1,060,786 in 1938. The interim payment also was 17s a share, making S.J per cent for the year. The dividend rate has been maintained at 7\ per cent since March, 1937, when it was raised from 6J per cent. This is the second occasion on which the company's accounts have been made up annually, the previous balancesheets covering six-monthly periods; Recent results compare as follows: — Half-year Year to Year to to Mcli. 1638 Mch. 1930 Mch. 1940 Brt. forward £422,833 £131,974 £463,144 Net profit . 550,801 1,005,670 1,103,7,43 £973,724 £1,440,611 £1,560,887 To reserve . . 100.000 100,000 100,000 Dividend, p.c. 7M, 7% S'/a Amount . 438,750 877,500 994,500 Car. forward £134,974 £463,144 £472,387 The capital of the company is £11,700.000. With the present transfer, the reserve fund will stand at £1.150.000. Provision for depreciation in the previous year amounted to £341,078. LEWIS EADY YEAR AN INCREASED PROFIT GROWTH OF LIQUID RESOURCES '■ I A net profit of £7219 was shown in tho accounts of Lewis Eady, Limited,, for the year ended March 31. This compared with £7158 in the previous year and £7677 in 1937-38. Preference dividend at the fixed rate of 6 per cent absorbs £ISOB and ordinary dividend, unchanged at"B per cent per annum, £llO4. A sum of £3380 is set aside for taxation reserve and £3OO to directors' fees, leaving £12.057 to be carried forward, against £11,130 brought in. The balance-sheet total is £97,931, an increase of £2600. Stock is £2338 lower at £BO2B, while there has been an expansion in cash of £1716 to £4605. The accounts were adopted at the annual meeting yesterday. The chairman, Mr. L. A. Eadv, said the results were very satisfactory in view of the fact that the year had had its special problems, particularly in the effect of import restrictions on the company's business. He emphasised the soundness of the company's position, - but mentioned that there was., a point beyond which an accumulation of fluid capital might become a liability, rather than a factor of safety. Present* tendencies were in that direction unless the directors were successful in finding further avenues of trade other than those now becoming restricted in scope. A sales feature which the stressed ,'was the rapid return of the piano to popularity. This had been most marked during the past year. CAMBRIDGE DAIRY COMPANY RECORD OUTPUT ASSURED [feom oub own correspondent] CAMBRIDGE, Monday As a result of favourable conditions and an increased number of suppliers, it is anticipated that, for the first time in its history, the output of the Cambridge Co-operative Dairv Company will exceed 5,000,0001b. of hutter-fat. The season will end on May 31, and already last year's total of 4,558,7281b. has been well exceeded. Up to May 1 tho increase was 9£ per cent. HIGHER TE PUKE PAY-OUT [by TELEGRAPH —OWN correspondent] TE PUKE, Monday The Bay of Plenty Co-operative Dairy Association, Limited, Te Puke, reports that it paid out to-day to suppliers £22,399 for 355,4901b. of butter-fat. This shows an increase of* £7832 over the amount of a year ago, wh&u £14,567 was paid out for 252,6711b., an increase in supply of 133,8181b. The total amount .paid out for the - season is £281,278, in comparison with £246,331 for last year. The quantity of butter manufactured during the current season was 2642 tons, as against 2339 tons for last season, an increase of 3J33 tons, or 12.95 per cent. PUKEKOHE PRODUCE CABBAGE PRICES RISE [from our own correspondent] PUKEKOHE, Monday A rise of Is per bag in the price of Drumhead cabbages has occurred during tho week at Pukekohe, to-day's quotation of 4s 9d a super bag being the same as for Savoy. Cauliflowers sell at 9s 6d a super bag. Potatoes are quoted at 7s cwt., with seed potatoes at 9s 6d to 10s 6d. Onions are 12s per cwt. Carrots > beetroot and swedes are 4s a sugar bag and parsnips 5s Gd a sugar bag. Red Warren pumpkins sell at 4s per cwt. v and Crown and grey pumpkins 8s 6d ' per cwt. Cabbago plants_ remain at 10s 6d a 1000 and Captain Cook strawberry plants at 30s a 1000. GRAIN AND PRODUCE MAIZE AND WHEAT SHIPMENTS Following is the official report issued by the Auckland Grain, Seed and Produce Merchants' Association. Prices named are f.o.r. or f.o.Kt Auckland:— Barley.—Deliveries of undipped barley e\ slnp have now been completed and the unsold portion taken into Government store. Merchants are now selling at 3s lid a busl.el, f.o.r. or f.0.b., cash before despatch, for minimum 10-sack orders for delivery between Juno 4 and June 11 ex Government store stocks. Limited quantities from merchant's stores, prices unchanged at: —Undipped. 4s. ,'!d to is Id a bushel; clipped, 4s Sdto 4s lOd. Australian Pollard.—Tho demand is heivy and merchants are finding it difTicjl' to supply orders In full, but are distributing stocks as widely as possible in maximum deliveries of half-tons. Price, £8 2s Od a tour Bran.—Bran is meeting with a steady demand and, although fair stocks are held, further importations from Australia are being arranged. Australian is i-cllinsT freely from merchants' stores at £7 10s to £7 15s a ton. Oats.—Tho market remains firm with only a restricted demand. Prices unchanged at 5s 7d to 5s lid a bushel. Chaff.—A steady demand is bointr met in supplies from Blenheim and Canterbury. The market is firm at £l2 to £l2 15s a ton. Maize.—A shipment has. been fixed to arrive from South Africa this month. Bookings are now being made for despatch .from ship's side, minimum 10 sacks, cash before despatch, at Ss 3d a bushel. Meantime maize stocks are light and the demand; is supplied through store at 8s lid to Ds a bushel. Wheat. —The next shipment'of Australian wheat is due this month and the usual direct-front-ship deliveries will be mado on arrival. The price is unchanged at 6s 9d a bushel for minimum 10-sack orders, cash before despatch. Ex 6toro deliveries, 7s 3d to <s 4d a bushel.