COLONIAL SUGAR

Taranaki Daily News, 8 November 1935, Page 14

COLONIAL SUGAR

COMPANY'S HALF-YEAR REPORT.. By Telegraph—Press Assn.—Copyright. Sydney, Nov. 7. A report presented at the half-yearly meeting of the Colonial Sugar Refining Company yesterday showed that profits for that period from factories and other investments amount 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 proposes to pay a dividend of 12s 6d and a special bonus dividend of 5s per 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 crops in Australia were lighter this season and the total output of raw sugar did not exceed 605,000 tons, or 38,000 tons less than was available for export last year. Normal weather conditions were now prevailing, so that the 1936 harvest should be assured.

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 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 of persons • domiciled in New South Wales was 29.633 per cent., or approximately 4s lid a share, and on persons not domiciled in New South Wales 6.578 per cent., or approximately Is Id. This issue is not subject to Federal taxation. WILSONS CEMENT DIVIDEND. . By Telegraph—Press Association. . Auckland, Nov. 7. An increased interim dividend of 9d a share has been declared by Wilsons CN.Z.) Portland Cement Ltd. RESERVE BANK RETURN WEEKLY STATEMENT ISSUED. By Telegraph—Press Association. Wellington, Last Night. A Gazette issued to-night contains a statement of the assets and liabilities of the Reserve Bank as at the close of business on November 4. A comparison with October 28 is:— Liabilities.

Oct. 28. £ Nov. 4. £ 1. Paid-up capital 2. General Reserve 500,000 500,000 Fund 1,000,000 1,000,000 3. Bank notes .... 8,950,612 9,056,723 4. Demand liabilities— (a) State 5,691,339 5,572,022 (b) Banks ... 4,495,911 4,475,829 (c) Other 687,267 712,506 7. Other liabilities 97,026 95,865 £21,422455 £21,402,944 Assets. 8. Reserve— - (a) Gold 2,801,732 2,801,732 (b) Sterling exchange .... 16,831,483 16,825,600 (c) Sub coin. 218,026 212,145 12. Investments 1,529,987 1,535,851 14. Other assets .-. 40,927 27,615 . £21,422455 £21,402,944 The proportion of reserve to notes and other demand liabilities was cent, (last week 99.03). 99.092 per