GROSVENOR HOUSE DIVIDEND.
It is pleasing to note that there is at last a material improve- 6:lent in the financial position of Grosvenor House (Park Lane); Limited. For the year-ending-June 30th last there was a net profit, after charging all expenses and Debenture interest, of £52,393. This has enabled the Directors to recommend a dividend of 5 per cent. upon the Ordinary Shares, which is the first distribution since the Company was formed in 1928. The good results are due to an increase in trading profits and also to the recent capital reorganization under which the 61 per cent. Debenture Stock was replaced by a 5 per cent. stook and the arrears of Preference dividend were funded. The full benefit of the Debenture conversion, however, has not yet been secured but will accrue in the future. The 6 per cent. Cumulative Preference dividend absorbed £15,000, and inter- est on the. Funding Certificates £2,394, while £4,871 has been applied in the purchase and cancellation of £6,480 Certificates. After paying the 5 per cent. dividend on the Ordinary, the sum of £53,679 is carried forward. Moreover, the report states • that the purchase, and re-sale of the freehold of the Company's property which took place after the turn of the year resulted in a cash profit of £59,375, which should add still further to the strength of the next balance-sheet.
A. W. K.
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