SUGAR INDUSTRY

Southland Times, Issue 22732, 7 November 1935, Page 5

SUGAR INDUSTRY

COLONIAL COMPANY PROFITS FOR THE HALF* YEAR BONUS DIVIDEND (United Press Assn.—Telegraph Copyright.) (Rec. 10.15 p.m.) Sydney, November 6. The report presented at the halfyearly meeting of the Colonial Sugar Refining Company to-day shows that the profits for that period from factories and other investments amounted to £443,067, to which is added the balance of the profit and loss account at March 31 amounting to £409,247, making a total of .''852,314. The board proposed to pay a dividend of 12/6 and a special bonus dividend of 5/- a share, absorbing £511,875, leaving to the * credit of the profit and loss account £340,439. In moving the adoption of the report the chairman, Mr E. R. Knox, said the crops in Australia were lighter this season and the total output of raw sugar would not exceed 605,000 tons, or 38,000 tons less than last year. Normal weather conditions were now prevailing, so that the 1936 harvest should be assured. The Fiji crops were also lighter than last year, but the outlook for . 1936 was promising. The development of gold-mining in Fiji might disturb the local labour supply if it were not properly controlled, nor would it be to the good of the colony if the main industry, sugar, were damaged. The position was therefore being closely watched. It had been rumoured that the company intended to make a permanent feature of the special bonus dividend. This, added Mr Knox, was intended to facilitate payment by individual shareholders of any extra taxation they might be called upon to bear by reason of the distribution of new shares, and shareholders would be wrong in assuming anything to the contrary. The report was adopted. It was announced that the New South Wales special income tax on bonus shares held by persons domiciled in New South Wales was 29.633 per cent., or approximately 4/11 a share and on shares held by persons not domiciled in New South Wales 6.578 per cent., or approximately 1/1 a share. The issue is not subject to Federal taxation.