-BRITISH NORTH BORNEO POSITION.
It will be remembered that as an outcome of a controversy on the Board of the British North Borneo Company a year or so ago the contentions of the majority members in favour of a policy of conserving the financial resources was supported by a Committee of three shareholders appointed at the last general meeting. That policy is now being effectively carried out and the latest accounts practically combine the results of two years. Thus, a credit balance of £180,841 brought for- ward from the previous year is added to a profit of £117,000 for last year, making a total of £297,948. Out of this total, interest on Debentures and Certificates of Indebtedness absorb 288,439, Sinking Fund for Debentures, £8,482, while the part cost of the Debenture issue, contribution to Pension Fund, provision for bad debts, and the transfer to the Reserve of £110,000 all appear in the current accounts, no dividend being recommended at the present moment, while 252,899 is carried forward. Moreover, in the balance sheet various adjustments have been made and the Reserve is reduced to £17,848 after writing down various securities.
A. W. K.
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