50 



THE AGRICULTURAL NEWS. 



Febeuaey 17, 1906. 



DIRECTORS' FIRST ANNUAL REPORT. 



The Directors are now able to submit their first 

 Annual Report, together with a statement of the accounts 

 to September 30, 1905, embracing the first year's working 

 of the new f actor j'. 



The factory buildings, jilant, machinery, etc., were 

 supplied and erected under contract with the Minlees 

 Watson Company, Limited, of Glasgow, and their work, as 

 also that of Mr. Claude T. Berthon, the company's 

 consulting Engineer, has given every satisfaction. The 

 public opening took jilace on December 19, 1904, just eleven 

 months after the contracts were given out. 



Owing to prolonged drought, the cane crop on the 

 island during last season was reduced to a figure which it has 

 touched only three times in the last twenty year.s, and had it 

 not been for the high prices that prevailed for sugar during 

 the early part of 1905, the results of the year's working 

 would have been disajipointing. As it is, they have come 

 fully uj) to, and have even exceeded, expectations, for, after 

 jiaying all expenses, besides debenture interest, and setting 

 aside the agreed sum of £2,000 for sinking fund, and 

 also £1,000 I)y way of reserve fund, under the powers 

 reserved to the Directors in the Articles of Association, there 

 remains a surplus for the year of £3,956 9s. Sd. Of this, 

 2s. 6t/. per ton, or £43, has been allocated to outside 

 estates in respect of canes contributed by them. One moiety 

 of the remainder, or £1,942 10s. 10(/., is payable pro rata, 

 to the ' contracting planters,' and equals nearly 2s. 6i(?. 

 per ton of canes. The other moiety belongs to the 

 shareholders, but in view of the uncertainties of the future, 

 it is thought prudent for the present not to distribute this, 

 but to place it to their credit to be distributed hereafter, as 

 circumstances may permit. 



The factory was designed for an output of 3,000 

 tons of sugar per annum. Owing to the short crop, it will 

 be seen that the outimt last season did not much exceed 

 one-half of this, the jilanters supjilying under 15,500 tons, 

 and the peasants only 181 tons of canes, instead of the 

 25,500 and 4,500 ton.s, respectively, that were anticipated. 

 As the expenses and fixed charges would not materially 

 increase with a full output, it is evident that, in a normal 

 year, sugar can be produced at this factory at a very low 

 cost. 



The accounts have been drawn so as to show 

 results clearly, and in as much detail as is consistent with 

 due brevity. The averages per ton of both production and 

 cost are given. 



Two of the Directors, ^Ir. DuBuisson and lir. !Moody 

 Stuart, paid visits to the island at diflferent dates, in 

 order to overlook the arrangements, and to keep in touch 

 ■with the staff. They were well satisfied with all they 

 saw, and can testify to the industry and efficiency of all the 

 officials and employees of the company. 



In accordance with the Articles of Association, Mr. Du- 

 Buisson retires from the Board of Directors, but is eligible 

 for re-election. The firm of Messrs. Wenham, Angus ik Co., 

 Chartered Accountants, London, were nominated by the 

 board as auditors of the company. They retire, but offer 

 themselves for re- election. 



THE ANTIGUA SUGAR FACTORY LIMITED. 



Balance Sheet, Seitember 30, 1905. 



liabilities. 



8 



To debentures. — 



250 'A' debentures, f 100 each 

 15 'B' „ £1,000 „ 



£ s. d. £ s. 



25,000 



15,000 40,000 



To reserve fund ... ... 



Til profit and loss. — 



Balance at credit of prcjfit and loss 

 account ... 



1,000 

 3,928 1 8 



£40,742 13 4 



By Ciish in hands of agents 

 ,, debtors 



,, stocks and .stores in Antigua ... 

 , , stocks of materials and spare parts 



£ s. d. £ s 



994 1 2 



588 17 7 



1,010 19 10 



700 3,383 18 



By capital expenditure. — 



£ s. d. 

 Land, buildings, plant and 



macliintry 33,815 12 1 



Dwelling houses and other buildings 1,279 9 7 



Railway construction ... ... 5,518 13 11 



Railway rolling stock 2,548 9 7 



Preliminary expenses ... ... 94G 9 7 



Discount on debentures ... ... 1,250 



DeJucf.— 45,358 14 9 



Written off by way of sinking 

 fund 



2,000 43,358 14 9 



£46,742 13 * 



Profit and Loss Accovnt for the Year ended 



September 30, 1905. 



To canes purchased. — £. s. d. 



Tons. cwt. qr. s. d. 



Contriicting planters 15,333 17 1117 per ton 8,885 5 5 



" " „ 219 7 7 



103 15 2 



9,208 S 2 



4,085 11 



367 9 3 



€64 3 9 



(Per t...n of sugar, 8s. 0./.) 



