FORESTAL LAND.
Under the chairmanship of Baron Emile d'Erlanger, the financial policy of the Forestal Land, Timber and Railways: Company, Limited, has been a very conservative one, and this is again displayed in the Annual Report which has just been issued. The showing itself is good, the trading profits for the year having increased from £701,000 to /853,000. Of this amount, however, /182,000 is applied to depreciation of buildings, plant, machinery, &c., and that account now stands at nearly £1,500,000. Moreover, a further sum of £230,000 has been applied to the writing down of holdings in and advances to associated undertakings. The final dividend. of 7f per cent. on the Ordinary Shares has not been increased from a year ago, while the balance carried forward of £202,000 is also the same as last year.
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