COLONIAL SUGAR COMPANY.

Poverty Bay Herald, Volume L, Issue 16425, 8 May 1924, Page 5

COLONIAL SUGAR COMPANY.

NEW ZEALAND OPERATIONS. j PROTECTION" SOUGHT. ; SYDNEY, May 7. 'At the annual meeting of shareholders .' of the Colonial Sugar Company, Mr. Knox submitted the accounts covering the year to March 31. They were the first to be presented since the reversion | of the assets of the Fiji Company to. the present business. The net profit for : the period amounted to £673,639. . Of * this £392,410 was contributed by.'■Australian mills and refineries, and £109,090 by investments, siubject to Federal income tax, while the earnings, of the New Zealand and l Fiji companies, and from other investments not subject to i Federal tax, amounted' to ' £1?2;139. M The balance brought into the accounts | was £326,716, making a total of £i;000,- f ~; 355 available. An interim dividend' at ', the rate of 25s per shar e to September 30 absorbed £203,125, and it was proposed to pay a final dividend of 20s. per share, taking £243,750. The Bum of £250,000 was transferred to reserve, and the balance of £303,480 carried! forward, ffl In March las£> it was decided to jncreasa .. the authorised capital, from four millions ■,:.■,'■', to seven millions by the creation of 150,000 new shares of 20s each, and\aleo .. j to increase the paid-up capital from '■:••: £3,250,000 to £4,875,000 by the capitals M sation of £1,625,000 received on account £,; of liquidation of the Fiji company. The ~ latter sum is to be distributed an the proportion of one £2O fully-paid-up shared 1§ for every two shares held. For the half-year ended March 31, the Austra- || Han Company showed a net profit of ■.'. £251,395. ' . > Addressing the shareholders, Mr. « Knox, chairman of directors of the Colonial Sugar Company, said that a large; production of sugar was expected' during the coming season. The price to be | paid the manufacturers had not yet been • j fixed. As the result of alterations''of plant, the company could' now easily provide for the present consumption of Australia, and New Zealand. The 1923" crop turned out better than had been expected, and sixteen thousand tons had been 'exported during the last, nine j months. This season th© export woulld be larger. Referring to the Auckland refinery, he said, that there was.no chance of maintaining the business ff |g there were a reversion to former freetrade conditions. These latter obtained up till about four vears ago, when sugar, was first handled by 'the Government,- | but when they relinquished control last year a small protective duty on compet-v .- ing white sugar was imposed, and this | enabled the company to carry ort; "The ■- duty would expire in September, but | g the' company hoped it would be recog- | ndsed that refining on a free-tode. basis .-; was impracticable, without incurring-' I serious loss, and that the necessary prd- ,; tection would be granted to avert closing, fg the industry. _ -