ANGLO-PERSIAN OIL.
Full details of progress on the Anglo-Persian properties is usually reserved for the annual meeting, which this year will be held on the 2nd proximo. Meanwhile, however, the Report is of a thoroughly satisfactory character. It is true that the dividend is only 121 per cent. as against 174 per cent. a year ago, but profits have actually increased and the reduction in the percentage dividend is simply due to the
(Continued on page 748.)
fact that during the year shareholders have had a 50 per cent. bonus in new shares. Assuming for the moment that the capital had not been increased, the dividend would have ShdWn an jncrease from 174 to about 181 per cent. ',Once again there are large.allocations to -reserves and the balance 'sheet discloses a very liquid position.
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