San Cristoval Estates, B.S.I.

A net loss of £584 was sustained in the year ended June 30, 1933, by the San Cristoval Estates, Ltd., Melbourne, as shown in the accounts now available. The previous statement was for the eighteen months ended June 30, 1932, and showed a net loss of £1210, of which £368 occurred at the copra plantations.

The present report states that the sale of the two copra plantations on the island of San Cristoval has been completed. The profit and loss debit bal ance is £1794.

Dealing with the company’s interest in the Vani koro Timber Co., Pty., Ltd., the directors say that while the affairs of that company have improved considerably, they were greatly concerned in the matter of the mortgage debenture held by the Kauri Timber Co., Ltd., over the assets and under taking of the Vanikoro company.

An agreement was reached whereby the San Cristoval Estates will transfer 15,000 of the £1 shares in the Vanikoro Co. to the Kauri Timber Co., Ltd., in consideration of the latter company re fraining from exercising its powers as a debenture holder. Principal balance-sheet items of the San Cristoval Estates, Ltd., compare as under:—

June 30, 1932. 1933.

Liabilities— £ £ Capital paid up 46,929 .. 47,481 Sundry creditors 1,780 .. 399 Bank overdraft 981 ..

Assets— Plantation leasehold 2,620 ..

Vanikoro Co. share account .. 42,750 .. 42,750 Vanikoro Co. loan account .. 2,750 .. 2,750