B. N. G. Development Co.

Reports Smaller Loss for 1933-1934

From Our Own Correspondent.

Port Moresby, Nov. 10.

THE twelfth annual report of the British New Guinea Development Co. Ltd., which was presented to the shareholders in London in July, shows the loss for the year ended January, 1934, as £765/15/9.

Together with debenture interest (£8390/ 7/6) and loss brought forward from pre vious years (£3678/10/-), this brings the total debit at profit and loss account to £12,834/13/3.

The report states that the output of copra for the year was 2164 tons, as com pared with 1926 tons for the previous year.

Copra production, however, resulted in a loss of £1/15/6 per ton, as compared with a loss of 14/3 per ton in 1932-33. The average sale price was £2/17/4 per ton less than the year before, while the cost of production was reduced still further (£1/16/1 per ton less).

The total amount of rubber produced in 1933-34 was 787,769lb, as compared with 785,328lb for the previous year. Average net sale price was 6.19 d per lb, f.o.b., compared with 5.8ld per lb for 1932-33.

The cost of production was reduced from 4.55 d to 4.25 d per lb (Australian currency).

The report adds that the present year 1934-35 is likely to show greatly increased production in both copra and rubber.