FALL Op SUGAR.
Considering the fact that the directors of Tate and Lyle had to withstand the effect of an enormous fall in the price of sugar, it is scarcely surprising that there should have been a reduction in the dividend from 15 to 10 per cent, and that it should have been found advisable to transfer i80,0no front the Dividend Reserve. On the other hand, it should lie noted a further sum of 126.050 was added to the General Reserve. At I he annual meeting the President of the company. Sir Ernest W. Tate, gave a most interesting review of the position which sugar refineries had had to face during the year, and in the light of his statements the results achieved by the company must certainly be regarded as satisfactory. Sir Ernest reminded shareholders that some few years apt he pointed out how greatly the company was affected by any heavy fall in the price of sugar. That was at a time when raw sugar was 24s. per ewt., but the fall in the past year had. he said, been front 9s. 9d. to 4s. 9d, per cwt., a drop of more than 30 per cent. In the opinion of Sir Ernest Tate this fall had been caused primarily by an accumulation in the hands of producers of a large surplus of s%.,rar as a result or the general disinclination of sugar users to hold stocks, lie did not think that actual consumption showed much decline.
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