B.N.G. Development
p. 54 · Read in the full issue
Declares 3% Dividend
Port Moresby, Aug. 15.
THE British New Guinea Development Co. Ltd., which first started operations in Papua in 1910, has declared a dividend of 3 per cent.
The annual report for the period ended January 31 shows a net profit of £16,532. Of this, deben ture interest absorbed £7684, leaving an amount of £BB4B. The directors recommended the pay ment of a 3 per cent, dividend (less income tax at 4/9 in the £), calling for £4379. This leaves a balance of £4470 to be carried forward.
The dividend is payable on the reduced capital of £191,412. Ordinary shares have been written down to 2/- each.
Output of copra amounted to 2219 tons, and rubber 792,6701 b. Including the Commonwealth bounty of 2d per lb, the average net price realised on rubber was 9d. Production of copra resulted in a profit of 36/6 a ton during the year.