PROFITABLE HALF YEAR

Otago Daily Times, Issue 20706, 2 May 1929, Page 9

PROFITABLE HALF YEAR

COLONIAL SUGAR COMPANY. RECORD NET RETURNS. (United Press Association.) (By Electric Telegraph—Copyright.) SYDNEY, May }. (Received May I, at 11 p.m,). ' At the half-yearly meeting of the Colonial Sugar Refining Company Ltd., to-day it was disclosed that the net earnings of £507,149 .for the half year were the largest on record. The sum of £203,372 was earned in Australia and £241,777 in New Zealand and Fiji. The customary dividend of 20s and a bonus of 5s per share absorbs £305,025, while £IOO,OOO has been added to the reserve fund, raising it to £875,000. The sum of £410,909 has been carried forward, against £309,385 brought into the accounts. The company also made additions of £190,897 to the replacement and depreciation fund. The report stated that'the total output of the Australian and Fiji mills was lower than expectations by 0200 tons. The position in regard to the I'iji crop was saved by the preferential duty in Canada and Britain, Great depression had been caused in the world’s market for sugar by increasing the production, which resulted in the price of raw sugar falling £4 10s per ton, which is, roughly, 50 per cent, of the present value of Cuban sugar, c.i.f. In the United Kingdom, the sales of refined sugar for the half year disclosed no increase in consumption corresponding with the increased population. The report and balance sheet were adopted.