COLONIAL SUGAR COMPANY.

Star (Christchurch), Issue 17031, 3 May 1923, Page 8

COLONIAL SUGAR COMPANY.

CHAIRMAN’S STATEMENT. By Telegraph—Pre»c Association—Copyright Australian and N.Z. Cable Association. (Received May 3. 11.15 a.m.) SYDNEY, May 3. 1 he chairman of the Colonial Sugar Refining Company, in a statement said: ‘'After paying preference shareholders in the liquidated- Fiji Company, it will be possible to divide among the .shareholders of the Colonial Sugar Company, as owners of the ordinary shares m the Subsidiary Company, a portion of the cash assets not required to conduct business outside Au.stratralia. It is proposed to pay £2 a share on May 31. Fro-m the same source it is proposed to restore tho capital reduced in 1920' by the amount of £650.000 then returned to shareholders, which will be met by the Board making a call of £4 a share payable on August 4. Both of these payments of £2 and*£4 were in receipt of the capital interest of the parent company in Fiji and New Zealand institution, represented by the ordinary shares possessed by the former and the remaining assets will be transferred direct to the Colonial Sugar Refining Company, which will then resume the position, existing before the separation of the companies. In view of the altered position created by the winding up of the Fiji and New Zealand Company it had been decided to increased the remuneration of the Board oi Directors from £ISOO to £2500 yearly.”