Solomons Development Co.
p. 23 · Read in the full issue
Islands Development
CO., LTD., sustained for the year ended March 31, 1934, a loss of £2743. For 1932-33 there was £660 net profit, and the trading debit balance is £1279. Paid-up capital is £95,000.
In their report the directors state that in view of the present-day values of coco nut plantations, the asset value of the company’s plantations has depreciated by £50,000. The debit balance shown in the accounts is thus raised to £51,279.
The board recommends shareholders to reduce, the paid-up capital by writing off the loss in asset values which the company has sustained. After writing off £50,000 the value of the plantations is £33,872.
Output of copra for the year was 789 tons, against 926 tons for 1932-33, and is the lowest since 1925. With copra values at present levels it is impossible, the board states, to make earnings meet expenditure.
The directors have agreed to waive their fees while losses are being incurred.
The total area of the plantations is 8157 acres.