BIG PROFITS IN SUGAR.

Timaru Herald, Volume CXXV, Issue 17946, 3 May 1928, Page 9

BIG PROFITS IN SUGAR.

Colonial Company’s Report.

HIGHLY SUCCESSFUL OPERATIONS.

(United Press Association —By Electric Telegraph—Copyright.) (Received May 2, 9.45 p.r».) SYDNEY, May 2.

At the half-yearly meeting of the Colonial Sugar Company, the report, which was adopted, disclosed a net profit for the half-year of £490,111, of which £236,507 was earned by the Australian mills and refineries, and from investments, subject to the Federal income tax, and £253,604 is derived from New Zealand and Fiji, and from investments not subject to the Federal income tax. In addition to the revealed profits, an unexplained addition of £185,798 was made to the replacement and depreciation fund, raising it to £1,723,421. A dividend at the customary rate of 12\ per cent, per annum absorbs £365,625, and an addition of £IOO,OOO will be made to the reserve fund, raising it to £675,000, and £365,853 will be cai-ried forward, as againsi £341,366 brought into the accounts. The half-year ended March 31, was easily the tnoßt profitable experienced in the Company in Queensland ’ and Fiji. The summer was favourable to the cane crops, and an early start will be necessary in most mills, but in New South Wales the output will he below the average. The Company is in a wonderfully robust financial position. The total assets are now valued at £13,016,835, compared with £11,968,653 six months ago, the principal increases being in stocks and cash balances. At the annual meeting of the shareholders, the chairman (Mr Knox) moved an amendment to the articles of association of the Company to prevent the transfer of company shares to a trustee company, -unless softie person, either one of the beneficiaries or a representative acting oft his tiehalf, be Associated With the directors or officers of the Company, so that owners of shares may have voting rights attaching to their stock. The meeting adjourned for a week, when the result of the ballot on the question will be known.