COLONIAL SUGAR COMPANY

Timaru Herald, Volume CXXXIX, Issue 20103, 9 May 1935, Page 9

COLONIAL SUGAR COMPANY

FINANCIAL RESULTS OF YEAR United Press Association—By Electric Telegraph—Copyright (Received May 8, 8.0 pm.) SYDNEY, May 8. The accounts of the Colonial Sugar Refining Company, Limited, for the half year ended March 31, disclose that the net profits from factories and Investments amounted to £487,167, which, added to the balance on the profit and loss account at September 30, 1934, of £387,704 brings the total to £874,871. The board decided to pay dividends amounting to 12/6 per share, absorbing £365,625, thus leaving £509,246. The amount being placed to the reserve fund, is £IOO,OOO, leaving to the credit of the profit and loss account £409,246. The chairman (Mr E. R. Knox), in moving the adoption of the report, said that the total output of raw sugar last season in Queensland and New South Wales was 620,624 tons, compared with 642,000 tons, estimated in April, 1934. The falling off was due to excessive rainfall in the early months of the year. The company’s Australian mills produced 124,530 tons, compared with 140,237 tons, the previous season. The output of the Fiji mills was 112,806 tons, compared with 115,958 tons. The total output from all Australian mills in the coming season is estimated at 578,500 tons. The company’s Australian mills should produce 128,850 tons, and Fiji 127,690 tons of sugar. Mr Knox said the prices of sugar abroad showed a slight improvement, which was likely to be maintained. There is nothing in the Greene Commission’s report dealing with the sugar position in the United Kingdom, which should cause a change of policy in regard to Empire grown cane sugar. The company’s general manager (Mr Goldfinch) who is back from a trip abroad had submitted reports which revealed that ‘we were well abreast of other countries in our manufacturing pro-

cesses.” The report was adopted. Mr David Wilson was elected director in place of Sir Norman Kater (resigned).