Fiji

Trading Conditions In

Brown and Joske Ltd., a Fiji trading corporation, reports that the company made a profit of £1636 during the year ended March 31, compared with £306 for the previous year. With £2198 carried forward, there was available £3834, out of which were paid two half yearly dividends at the rate of 7 per cent, per annum on preference shares, ac counting for £1400. The balance is £2434. Gross profit was £9810, a fall of £2071.

Among the assets, freehold and lease hold land and buildings at £30,414, approximately £7800 higher than in the previous balance-sheet. This is due to further progress with a new building in the business block of Suva.

The directors report that trading con ditions in Fiji have not been good, but they have been better than in other Islands groups, due to the sugar industry, which in turn is dependent upon the pre ferential treatment accorded by Great Britain to sugar produced in the Crown colonies. The 1933-34 season was less favourable than that of the previous years and the community suffered accordingly- Low prices for copra caused a loss.

If prices remain at their present level (£8/10/- a ton at the end of June, compared with £27 a ton in 1928), the re serves of the company will need to be utilised to the full in writing down cer tain assets.

The reserves are stated in the balance sheet at £10,525. Capital is £69,440, of which £20,000 is in cumulative prefer ence shares.