COLONIAL SUGAR COMPANY

Daily Telegraph (Napier), Volume 59, Issue 229, 30 October 1930, Page 5

COLONIAL SUGAR COMPANY

United Press Assn. Electric Cable. Copyright

REPORT TO HALF«YEARLY MEETING. The Usual Dividend Declared.

SYDNEY3> Oct. 29. At the half-yearly meeting of the Colonial Sugar _ Refining Company,; Limited, the chairman, Mr E. Knox, • said tbe low value of sugar exportea cousiderably reduced inillowners' profits and sugar sold abroad would not net more than half the cash cost of its production. The terms for the renewal of the present agreement between ti e Gommonwealth and Queensland Were now being discussed. "We were asked to tak© part in this , conference, but we replied that we were not consulted about the prices prescribed in the preceding agreements and we did not wisb to be hrought into the discussion now," said Mr Knox. "However, we are showijug that the margin of profit we receive for handliiig, financiiig and » refinipg sugar will uot hear reduction. ' "There is no sign in the World's market that ihe present selling prices of sugar will shortly return to a paying level, while almost every producihg country is still increasing its output." Mr Knox pointed out that the crop at all mills suffered from deficient rainfall, That at Fiji was the lowest on record, hut good Spring rains had been experienced which should ensure a good crop for 1931. No profit came from Fiji, but the New Zealand 10finery had heen supplied with sugar from other sources and Was , working on norjnal lines. Regarding accounts, Mr Knox said, "We are charging to depreciation fund the cost of reparations in Fiji due to the December hurricane. This amounts to £60,000, We recommend the same rate of dividend as formerly, ten per cent per annum, and a bonus of If per cent. As this represnts four per cent on the cost of your assets, this pay-i ment cannot be eonsidered unauly high." The report was adopted.