W. R. Carpenter, Sol. Islands

Net Profit of £15,335

Net profit of Messrs. W. R. Carpenter & Co. (Solomon Islands) Ltd., for the year ended October 31, 1931, is shown at £15,335, compared with £14,078 for the previous year.

The directors report that owing to the continued low prices, the company’s operations had necessarily been restricted, and in order to ensure that the company would be in the position to take advantage of improved conditions, the directors have recommended that no dividend be paid to the ordinary shares, which are held mostly by the parent company.

From the 1930 account, a credit balance of £4,147 was brought forward, making the sum for appropriation this year £19,483. Interim dividend on preference shares, paid in May last, amounted to £4,000. The directors recommend a further payment, on that class of capital, making 8 per cent. for the 12 months—less 22½ per cent. for the month of October last—for which £3,850 is needed. Replacement and renewal reserve is to be increased by £3,500, which will make it aggregate £8,000; to reserve for bad and doubtful debts £2,000 is to be transferred, and £6,133 is to be carried forward at credit of profit and loss for 1931-32.

The position of the Company during the past three years is shown in the following table; :

Replacement Reserve ... 1929 ... 1930 ... 1931 £ ... £ ... £ Net profits .. 18,542 ... 14,078 ... 15,335 Pref. Div., % ... 8... 8 ... 8 8 Ord. Div., % ... 8 ... — ... — Amount .. 16,805 ... 7,985 ... 7,850

Liabilities—

Pref. Capital ... 99,812 ... 99,812 .. 100,000 Ord. Capital .. 112,000 .. 112,000 .. 112,000 P. and L. Account .. 21,007 ... 4,147 ... 15,483 Bad Debts Reserve .. 744 ... 3,245 Vent, in Abeyance ... 547 ... 235 ... — Creditors .. 12,791 ... 25,011 ... 2,934 W. R. Carpenter ... — ... — ... 13,878 Replacement Reserve ... — ... — ... 4,500 Contingent Reserve ... — ... — ... 500

Assets—

Total ... 246,901 .. 254,943 .. 249,296 ===