SUGAR SUPPLIES

Stratford Evening Post, Volume XXXXII, Issue 60, 8 May 1924, Page 8

SUGAR SUPPLIES

PBOtfE'CTION FOJR 13fj)l T STBY.

Press Association—Copyright,

Sydney, May 7. Addressing a, meeting of shareholders, Mr Knox (chairman of directors of the Colonial Sugar Company) said a large production of sugar was expected during the coming season, but the price to be paid manufacturers had not yet been fixed. As a result, of alteration to the plant the company could now provide easily for the present consumption of Australia and New Zealand. The 1923 crop turned out better than was expected, and sixteen thousand tons were exported during the past nine months. This season the export would he larger. Referring to the Auckland refinery, he said there was no chance of maintaining the business if there was a.' reversion to the former free trade conditions. These latter obtained up till about four years ago, when sugar' was first handled by the Government, but when they relinquished 1 control last year a small protective duty on competing white sugar was imposed, and this enabled the company to carry on. The duly expires in September, but the company hopes it will be recognised thai refiining on a. free trade basis if; impracticable without incurring scrions loss, 'and thai the necessary protection will be granted to avorl ■the

closing of the industry. The chairman KuV-mUl.cl accounts •ove-ring the year to March 31. the. first to be presented since the roversh-: or :l;e asse'.:-; of the Fiji Company to the iire.se: 1 1. business. The net profit for the period amounted to £673.639. Of this .£392,410 was contributed by the Australian mills and refineries and £109.090 by invest-

ments subject to Federal income tax, .while the earnings in New Zealand and Fiji from other investments not subject to Federal tax .amounted to £172,139. The.balance brought into the accounts was £326-/716 making a total of £1,000,35:") available..,

An interim dividend at the rate. »>1 25s per share to September 30 absorbed £203,125. and if was. proposed to pay a final dividend of 20 s per share," taking £-243,750." The sum i.f £250,000 was transferred to reserve, and the balance of £303,480 carried forward, In March last it was decided to increase the auth msed capital from £4.000,000 to £T;00fl.«N0 by the creation of IOO.OOu new shares* of £2o'each, and also to inc<- h.se the paid up capital from £3.250.000 to C 4.875.000 by tho,. capitalisation ,of ;i,t ;, Jsi"oo received on account.'.of the liquidation of tho Fiji Com - u.iv. The 'alter sum was distributed In the proportion of one. £2O fully paid-up share for every two shares, .held. For the half-year ended March'/, the Australian Company showed a' net profit Of £251,305. j