COLONIAL SUGAR CO

Waikato Times, Volume 108, Issue 18168, 5 November 1930, Page 5

COLONIAL SUGAR CO

POSITION AT ANNUAL MEETING. The balance-sheet of the Colonial Sugar Company as at September 30 balances at £13,556,520, an increase during the year of £266,818. Shareholders’ funds amount to £9,906,410, an increase during the year of £300,322. This comprises £200,000 in the reserve fund and £235,509 added to the replacement and depreciation fund, which now totals £2,240,196. The balance in the profit and loss account, prior to payment of the last dividend, was £135,187 less than at September 30, 1929. „ . Liability to creditors has declined by £56,338 to £586,027. Suspense accounts stand at £3,017,130, an increase of £21,370. The valuation of refineries and mills in Australia, New Zealand and Fiji is £6,856,232, an increase of £246,116. Stocks of sugar and balances due for payments for the Queensland Government are shown at £2,476,990, which is a reduction of £702,4 00, materials at factories have increased by £10,131 to £353,659. Sundry debtors total £2,039,932, a decline of £307,511. Cash balances at £1,073,695 are higher by £1,031,322.

In his address at the annual meeting, the chairman, Mr E. W. Knox, gave an illustration of the amount wjiicii the company has to find to finance the Australian crop, under the agreement between the Commonwealth and the Queensland Governments. The (ire insurance policy to cover-the raw sugar in store was for £6,250,000. This risk is divided among 72 companies.