DE BEERS.
In view of the unrestricted sale of diamonds won from alluvial deposits, new, however, controlled by the Precious Stones Act, shareholders of De Beers Consolidated had looked for a marked reduction in results for the year, and the Report shows that the amount brought from the Diamond Account was only £3,311,780 against £4,313,674. Therefore, the Directors have had recourse to the Dividend Reserve Fund to the extent of £450,000 before paying the final dividend of 5s. per share making 15s. per share for the year against 30s. per share fOr the previous year. This distribution was fully equal to expectations, and while the appropriation just referred to involves the whole amount standing to the Dividend Fund, the balance of profit for the year is sufficient to permit an addition of £550,000 to the General Reserve against £250,000 last year, .so that on balance the Reserves have been strengthened. The effect of recent overproduction from alluvial sources is, the Directors state, still evident in the congested state of the Diamond Market, but the Precious Stones Act appears now to be having a steadying influence.
(Continued on Page xiv.)
Previous page
