DE BEERS' HUGE PROFITS.

Poverty Bay Herald, Volume XXX, Issue 9641, 16 January 1903, Page 4

DE BEERS' HUGE PROFITS.

KIMBERLEY, Nov. 21. The annual meeting of shareholders of the De Beers Consolidated Mines, Ltd., was held at 'the head office of the. company here to-day. Mr Alfred Beit was among those present. The directors' report showed that during the financial year, which ended on June 30, the diamonds produced had realised £4,687,194. The total expenditure amounted to £2,524,485, leaving a- profit of £2,162,709. The reserve fund stood at over £1,500,---000. During the you 1 the company had incurred a special war expenditure of £77,000. Alluding to the interests of the company outside diamonds, Sir Lewis Michel!

said they were still engaged m constructing what he believed would be one. of the best explosive factories m the world lon t he shores of False Bay. Their fruit farms m the Western Province were being successfully developed under the direct ion of experts from California; they were likely to bring fair returns. The Imperial Cold Storage Company, m wliich the l)e Beers Company retained an interest, had absorbed the Australian Cold Storage Company. Under responsible, experienced management this would be » benefit, to the country as well as a source of profit to them. The l)e Beers Company had been ac--lised of a big monopoly ; this was true m a sense, but they recognised their responsibilities m various ways, especially with regard to giants for education. In tins, as m other matters, the directors would be guided by the late Mr Rhodes's policy. Peace was 'the greatest interest of the. company, and none would be able to accuse the company of stirring up racial strife, because they needed peace to enable them to carry on their business properly. The report was adopted, and the sum of £10,CO0 was unanimously voted to the fund lor the national memorial to Mr Rhodes at Capetown. In 1901 the profit was £2,688,000. AVluit, we understand, is the first trial of linseed growing m the Whakatane district is on Mr C. VV. Harris' farm close I to the township, where 1£ acres has been ' sown down. Both Irish and Dutch seed have been used, and from what can be judged of the crop at present, the latter appears likely to give- the most satisfactory results.— Opotiki Guardian. 1 An indignant settler and sawmiller at Ohakune, m the Wanganui district, named Bell, wrote to the Wellington Land Board 'last week saying:— "As the. Government policy of crushing our settlement m this district has rendered the timber industry of no account, I notify you that if I can find anyone fooL enough to buy my place I intend to sell out my interest." He added that he had hoped for a change of Government so as to obtain a little justice m the shape of road expenditure, but was disappointed. Roads were only passable m winter when frozen, and invalid ladies had lo leave the coach and walk through the mud. Otherwise the driver would not be responsible for their lives. The store was closed, and tlie school teacher had sent m his resignation, and the settlers, owing to the difficulty of getting supplies, were being starved out. The Board considered that the chief grievance was against the Roads Department. One member, known for his almost slavish support of the- Government, declared that it was shameful the way the Roads Department was ignoring the claims of the .small settler, but bettering the position of the big ninholder.