COLONIAL SUGAR COMPANY

New Zealand Times, Volume XLII, Issue 9812, 8 November 1917, Page 2

COLONIAL SUGAR COMPANY

STATE OF THE INDUSTRY. The half-yearly incofcine of shareholders of the Colonial Sugar Refining 00., Ltd., was held in. Sydney on October SOth. Mr H. E. Kafer, 41.L.C., presiding.' In moving the adoption of the report, and .balance-sheet the chairman said that much-trouble had been caused during August and September through the strike at two "of the refineries and the subsequent shortage of coal at other factories, .while the laying up of the sugarcarrying steamers rendered necessary the storage of large quantities of sugar at tho mills. The situation has been relieved, but it could not yet be said that all was running smoothly. So far they could not accurately state the sum of their losses, for it was uncertain whether the consumption of sugar had -actualiv been reduced during the last three months or tho public had drawn on invisible stocks, which would later on be replenished. At the mills in Now South Wales the crops were somewhat below tho average, some of the cane having been affected by recent heaw frosts. The industry in the -State was. however, holding Its own. In Queensland the crop generally was too large for the crushing capacity oi the factories, this being one of tho consequences of the Cano Prices Act, which took from tho manufacturer all the control hitherto exercised by him over the extent, of the planting. The result was serious, arid would become worse, for no remedy was iu sight at present. Atthcdr mills the growers had realised that a reversion to the old system of co-operation .with the millownera was 'best for all concerned, And the arrangement with them for the. handling of the season’s crop had worked satisfactorily. The handling of the, 1917. sugar crop had, as before. been undertaken bv the company under arrangement with the Federal Government.- Tho agreement was on. similar lines to those preceding it, except that provision was -now made for the probable carrying over of a stock of sngar into the 1918 season, dup to over production Of cane, as above stated. One serious defect they had already found in the new agreement: they did not expect, nor provide for,' the strike, and the loss thereby occasioned fell on the company. In. Fiji there has been unusually wet, cool weather during the autumn and winter, and they had, in consequence, a marked deficiency in the crop, both as to‘weight and sugar contents. And as to the future, the outlook was not clear, for the . recent conference in London about tho continuance of Indian immigration seeks to impose what look liko impossible conditions for tho engagement, of the necessary labour. The Fiji.-compan-v, had declared an interim dividend, that on the ordinary shares being, at the same rate as the fixed 6 per cent, on the preference stock. The Fiji company had again undertaken to sup■ply ' New Zealand with sugar for twelve months at a stated price, the consumer being, fret to procure it elsewhere if be could do so more cheaply. The Board of Trade, in drawing attention to this arrangement, expressed its satisfaction at obtaining supplies for the Dominion at a much lower price than the cost of similar sugar in other countries. The report as printed wao then adopted. •- -