COMPANY BALANCE SHEETS.

Otago Daily Times, Issue 19952, 20 November 1926, Page 10

COMPANY BALANCE SHEETS.

THE COLONIAL SUGAR REFINING COMPANY (LIMITED). Paid-up capital: March, 1919-September, 1920, £3,250,000 ; March, 1921-March, 1923, £2,600,000; March, 1924-September, 1926, £4,875,000. Dividend Rate Half-year Net cum bonus, per ended Reserves. profit, per allure, annum. £ £ p.c.

The half-yearly profit which had been shrinking slightly, has pulled up to the extent of some £12,000, and at £408,444 Is equal to a return of 16.76 per cent, per annum. This figure has been exceeded on only one previous occasion, and It Is doubtless mainly due to the unexpected improvement recorded in the sugar market in Europe and America. Against this has to be placed a reduction in the sugar output In Queensland and Fiji due to a shortage In rainfall. The dislocation in supply caused by a fire at the Adelaide refinery was another adverse factor, and production has been maintained only by overtime work and certain changes in handling the product. With the drought broken in Queensland and the Adelaide refinery again in action, matters should be improved, although as Car as the statement of accounts is concerned there Is little to indicate the prevalence of unfavourable conditions. The company’s Interests cover a wide area, and it may be that the conditions or one district act -as a set-off to those ol another, or in the present case, that the full effect of the dislocations has not had time to make itself felt. Out of the return of 16.76 per cent., a dividend and bonus of 12J per cent, is paid, the sum of £IOO,OOO is placed to reserve fund, and there is a balance of £3756 to added to the accumulated balances. . ~ There is little information given regarding the figures necessary to bring out the net surplus of £408.444. The profit and loss account is a repetition of the directors report, with the amounts not so fully stated. From the latter, it Is learned that the net profits made from Australian sources and other Investments subject to Federal income tax come to £254,124, and the earnings from New Zealand and Fiji, and other Investments, not subject to Federal Income tax, are £154,320. The turnover which such sums represent for six months’ trading may be imagined. The apportionment of profits must require considerable InvestigaUon before it can be settled how much may be claimed by the districts that bring forth the raw material, how much by the sugar mills that are responsible tor the early processes of manufacture, and how much by the refineries. The different sections will almost require to be regarded as separate trades buying from and selling to each other. The largest asset is refineries, £2,493.632. The bulk of these are apparently situated In Australia, as the cost of the Auckland refinery was mentioned by the chairman as under £400,000. Depreciation has been allowed tor, this presumably referring to the refineries, among others. Bui’ "U not be affected so much in this respect as the plant, which, subject to obsolesceni:e >a well as wear and tear, will require constant attention. The valuation ha ® rls ®“ d £IOO,OOO during the six Dined with a depreciation considerable capital expenditure 'vhich possibly the Adelaide refinery is Partly re snonslble Next in amount come the sugar mms in Australia with their relative plant £2 407 Sl2 kmS Consfde e rabTo capital expendU ass £97,504, compelte the V 2 00 000 r? 163 210 C< lt may an Inroad fnto profits any afequate allowance must c hie£ group among the liquid msnts seems scarcely called _ anceß e to.. capital expenditure, 6U g a ’ r an d E due for payments Queensaction of depreciation conrißt*a“«at«ia“at factories which has risen to the considerable sum creditors at °< “a-• one-half. As tms i t }ie mor e reTossfb.y’ the f^ & uncertain ta the bala-nce sheet, and next to Capital, L a o r 6l 2 3 3 2 6 Un The 1 trcnd P of this amount is £2 t bhJ,ujo , x xi, e inference that it upward, and leads to to time by certain 11 allowances and P^isi fled purposes. It is a lar n B e whateV3r fi I*assistance to the rea el - C omes mainly replacement aud ec t steadily mounting up. w , { ;t overhauled by the - wth 0 f £200,000 continues at its piesen b firßt place . and If’there ere tertLr cent, to tL.> 'P . fiUS „ cn6e accounts, the position becomes' even more favourable and shows that in the large *P‘ r^ r de^ m in the this company, reserves are lar uaia least. .

Mar. 31, 101!) 1,592,854 147,611 17s 7 6cp. so, iaia 1,610,052 130,012 13s 7 Mar. 31, 1020 1,690,468 159,553 17b 8 yop. 30, 1920 1,645,870 171,643 155.297 17s 8 Mur. 31, 1921 1,745,896 16s 9 Sop. 30, 1921 1,834,902 206,201 15s 9 Mar. 31, 1022 1,038,680 245.000 20s Sop. 30, 1922 2,034,794 247,195 20s «4 Mar. 31, 1023 2,156,603 251,305 20s 13-16 * — 1021 673,639 45s 12 Sop. 30, 1924 324,978 20s 10 Mar. 31, 1923 2.711,008 435,676 404,628 25s 1=4 Sep. 30,1023 2,833,012 25s 12* Mar. 31, 1D2S 2,909,656 396.104 25s 12* Sop. 30, 192G 3,140,930 408,444 25s 124 * One year’s trading.