MANUFACTURE OF SUGAR

Wanganui Chronicle, Volume 79, Issue 107, 7 May 1936, Page 7

MANUFACTURE OF SUGAR

THE COLONIAL COMPANY ANNUAL MEETING HELD HALF YEARLY PROFIT OF £494,912 Received Mav 6, 10.35 p.m. SYDNEY, May fl. At the half-yearly meeting of the Colonial Sugar Refining Company, Ltd., to-day it was announced that the profit for the half year ended on March 31 amounted to £494,912, which, added to £34(1,439, tho balance in the profit and Joss account at September 30, 1935, makes a total of £834,351. The board intends to pay dividend?! to 12s (id per share, absorbing £365,625, leaving £469,727 from which £190,009 will be placed in the reserve fund, leaving to the credit of the profit and loss account £369,726. The chairman, Mr. E. R. Knox, moving the adoption of the report, said that the Australian crop was larger than expected and totalled 622,000 tons. In Fiji, too, the actual production was higher than anticipated. Prospects for the coming season were bright. In fact, indications pointed to a record crop. A preliminary estimate in. regard to Queensland and New South Wales stands at 670,000 tons, compared with a previous record of 643,000 tons in 1933. Consumption of refined sugar in the Commonwealth was now on the basis of the peak years of 1928-29, while in NewZealand a steady annual increase continues. The chairman explained that the company was establishing a new industry in Australia for the production of a fibre board suitable for insulating and lining which would be manufactured from mogas, which is a fibre from sugar cane. The company is also rebuilding on portion of its Sydney properties modern structures replacing the former old-fashioned premises, which still enable the land to be turned to better use. The report was adopted. Mr. R. W. Gillespie va- rp-.-lm-ted n director.