Show i Sugar Company's Profit for Year Exceeds Million J Net et of Shown in Annual Report Big Gain Over t Previous Fiscal I Period Perio Official Points Out The utah Idaho Sugar company made a net profit of the fiscal year ended last February 28 after reserves re- re 4 serves had been set up WIllard T. T Cannon vice president and gen general ral manager reported to stockholders at their forty forty- third annual meeting Friday in company offices in the Vermont Vermont Ver- Ver mont buildIng This sum he said is greatly in excess of a slight profit made in the preceding fiscal year He described the last fiscal year period as one of the bet since peak years Reserves he reported were set up f for r depreciation of plants and other re real l estate and for federal and state Income taxes The taxes he said totaled totaled to- to Durin During the fiscal year th the company purchased tons of sugar beets py- py an an average of a aton ton upon d livery he reported Under Un- Un tier der contracts more payments will be beade made ade from time lime to time lime if b by sales returns Sold in 30 States An additional payment was made April 1 and the final payment ment will wilI be made October 1 he be said The company sold pound bags or of sugar in 30 states dur- dur lag the an increase of 41 41 per percent cc cent t over oyer sales the preceding fiscal year The net return from sales was 23 cents a bag more than the preceding year which recorded the lowest returns returns re- re turns in company history he said aid The company compan has contracted for 1934 beets on substantially ally the same t the previous year rear non rep reported Because of an impending im- im pending serious water shortage in Utah and Idaho the estimated acreage acreage acre acre- age or of beets beets' does not nol exceed 80 per percent percent cent of laSt years year's crop and may re- re suit in operation of 10 company compan factories factories fac- fac tories against 12 last year S To Tonnage Increases Tonnage or of beets bought durIng the fiscal year ear was vas per cent more year year before and per cent nore than the average of oC the previous pre i ous Live five years he reported The company corn com pany manufactured sugar in Utah Idaho Washington Wash Montana and South Dakota Total production during the period Was 33 pound bags an Increase In In- crease of per cent the pre pre- fiscal year Legislation is pendIng under Continued d on Pue Pae Two O SUGAR PROFIT OVER MilliON Net of Shown Shawn in Report for Fiscal Year Continued tram from Pare One whIch the t administration plans to stabilize the entire industry by means of limiting production and imports contributing to the American market mar mar- ket ket he be said Effect to Be Beneficial n It is planned to levy a processing tax on sugar and to make direct benefit benefit ben ben- payments to growers of sugar beets and can cane It is expected growers grow grow- ers em will get some added compensation tion for beets The effect of such control control con con- on your company cannot be foretold foretold fore fore- told but the general effect will be beben ben beneficiaL Mr Cannon listed the following company expenditures for the fiscal year Labor in manufacturing crop fuel including freight freigh natural gas railroad railroad rail rail- road freight I The board of directors was to meet late Friday afternoon to elect of fi- fi cers Bonds Retired Heber J. J Grant president reported that the company compan retired of its us bonds during the year and reduced reduced re- re a mortgage which ma trues January 9 9 1935 by We assured are by the holder that this note not will be extended upon request re- re quest Mr Grant said Sugar prices d 20 cents per pound bag on the local market Thursday followIng a drop in eastern east east- era ern markets Directors reelected were Heber J. J Grant Stephen H. H Love E. E O. O How ard George Albert Smith Fred E. E Smith Joseph F. F Nibley Paul F. F Key Key- sere ser Willard T. T Cannon Cannon- Ashby Snow Orval W. W Adams and J. J Eastman Hatch aU all of Salt Lake Jasper W. W Tully of San Francisco was replaced by Paul WatUs Wattis of Ogden The directors r reelected the fOUw Ing executive committee e members Mr Grant Mr Howard Mr Snow Ire Mr Love and Mr Adams Officers elected were Heber J. J 3 Grant president W. W T. T Cannon vice I president and gener general l manager Wal- Wal ter T. T secretary and assistant I treasurer and W. W treasurer trea trea- surer and assis assistant nt secretary |