* CHARTERED COMPANY'S REPORT.
The latest report of the British South Africa Company shows a profit balance of E328,797 as compared with 2398,927 in the previous year. Moreover, this year the profit only includes i:86,482 from realization of investments, whereas a year ago the amount was £134,745. Income from dividends and interest is better at 1260,581 against 1166,790. On the other hand, mining royalties and, rents were £99,704 against 1127,921, but the previous year included 163,215. from Southern Rho- desia, sold in March, 1933, to the Government. The railway Position in Rhodesia has vastly improved. The new agreement With the Government will, it is anticipated, be implemented by the necessary legislation this year, and this will improve the (Continued on page 319.) Financial Notes . (Continued from page 317.) position of ,the Debenture holders as regards security, for it provides that no reduction of rates to produce a reducticin,of total revenue shall be made so long as the amount standing to the credit of reserve is less than twice the sum required for the annual Debenture service.
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