AUSTRALIAN SUGAR CO.

Wanganui Chronicle, Volume 80, Issue 122, 26 May 1938, Page 7

AUSTRALIAN SUGAR CO.

HALF-YEARLY MEETING. WORLD PRICES AT LOW LEVEL. Received Mav 25. 11.30 p.m. SYDNEY. May 25. ■ Addressing the half-yearly genera; I meeting of the Colonial Sugar Refining Company Limited, the chairman, i Mr. E. R. Knox, said that the Aus- , tralian sugar production last season i was a record. World prices of sugar • at present were at a low level and the , improvement expected as a result of ‘ the international agreement had not ' materialised, but the increased de- ; mand for the company’s distillery proI ducts had been well maintained. Australia had produced 752,461 tons of I raw sugar in the past season compared with 756.131 tons in the previous year, of which 351,938 was retained for home consumption and the remainder exported. The returns for • the sugar exported were substantially I higher than in recent years but these • were largely offset by an 87 per cent. increase in overseas freight. The report and balance-sheet were adopted. A special meeting of shareholders was held later and adopted the resolution for the substitution of the memorandum of the articles of as-