DE BEERS.
It was announced last April that the De Beers Company was changing the date of its accounts to December 31st, and that explains why the report and accounts now presented merely cover the six months ended last December; the financial year previously ended on June 30th. The change has been made to bring the parent Company's accounts into line with those of the subsidiaries. It must also be, noted that the present report does not include any dividend from African Explosives, normally paid in April, and that explains why interest and dividends on investments only came to £61,655 as against £323,897 in the previous full year. Expenditure, including £108,622 for interest on Debentures, was £280,038. In the full year the expenses were £895,819, and it looks; therefore, as though there had been some substantial reduction in outlays, a circumstance which would be expected by reason of the shutting down of certain mining properties; the costs under the head of mining were only £77,932 against £522,426. The accounts show that there was . a reduction in the unappropriated balance at Profit and Loss to £777,277 against £992,982 at the end of December last year. The directors report no material change in the position of the diamond market during the six months.
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