PlViPANY MEETING
ARGENTINE ESTATES OF BOVRIL LIMITED
SIDING at the thirty-fourth annual general meeting of Argentine Estates Bovril, Ltd., he d in London on June 16th, the Lord Luke, K.B.E. airman), said that on the assets side of the balance-sheet they would land, factories and buildings stood at £1,093,849. The increase of .616 over the previous year was almost entirely due to an item of £8,507 der the heading of " Cancelled land sales."
Many of their sales had been made on the basis of the purchaser paying deposit—in some cases the buyer did not complete his payments and climes they had to take over the land again.
Machinery and plant, at £341,552, was £10,843 up. £8,000 of this factory machinery and £2,300 of it farm machinery. The stocks of .e and stores item was down by £36,503. This was due to a reduction the cattle stocks after their heavy killing season last year, but, on the r hand, the stocks of manufactured products, &c., at the factory were The increase in the trading profit was, in the first place. due to er estancia results, but the results at the factory last year, on a kill loo,000 during the season, were more satisfactory than previously. Iw•ing to the improvement in cattle values their estanciIis had done . Higher prices had not only been paid for beef for export but also the local butchers' market. Before the war the Argentine used to some well over 7o per cent. of its beef at home and export the --those proportion might have shifted a bit owing to the demand for art, which keen demand had raised cattle values even beyond those the last war.
ere was little, if any, profit on the factory, as, after each contract was fixed, the price of cattle advanced above paying point. It was, ever, convenient to be able to industrialise cattle in the North of mina, at Santa Elena, without having to take them hundreds of south by train or boat.
en it was realised that they were farming well over a million acres . rg a quarter-million head of cattle, it was obvious that they were Os er-remunerated for the large capital they had expended on their tes and factories. They also still have some 50,0oo acres under cultiva- worked mostly by colonists on shares with them, but owing to a What poor harvest and to the low prices, particularly of maize, at I 4:3 a ton, their share of the crops did not cover the land taxes, &c., had to pay.
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