After making allowances for the difficulties which must have confronted
all industrial finance companies during the past year, the latest Report of the Charterhouse Investment Trust can be regarded as very satisfactory. There is a profit of £241,570, and the directors are able to maintain the 10 per cent. dividend for the year on the Ordinary with a sub- stantial carry-forward of £63,334. There are also further allocations to the Special and General. Reserves, the latter now standing at £250,000. In compliance with the require- ment of the new Companies Act, the balance sheet discloses very fully not only the names and particulars of any subsidiary company but even " shares acquired in course of business for the purpose of re-sale at cost or under." This last point complies with the requirement of the Act that when these share interests amount to more than half the share capitil of the company whose shares have been acquired, or when they constitute the majority voting power of that company, they come within the definition of Subsidiary," and have, therefore, to be shown in the balance sheet.
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