" CHARTERED " COMPANY RESULTS
The full accounts of the British South Africa Company confirm the suggestion made last week on that basis of the preliminary figures. The dividends received in the year ended September 30th last on the company's portfolio of investments actually increased by over £roo,000 to £498,583. The decline of £284,077 to £402,573 in the net profit is wholly due to the shortfall in the other two main sources of revenue; copper royalties were nearly LI oo,000 down at £199,395 and the profits from the realisation of investments fell almost to ex- tinction at £8,992 against £266,773. This gives a total gross revenue of k706,970 against £960,o9o. Slightly higher ex- penses account for the balance of the decline. Copper has thus continued to provide a handsome revenue. What the " Chartered " Company has lost in royalties from the copper mining companies it has gained in dividends on its investments, many of which are also in the copper industry.
(Continued on page 200)
FINANCIAL NOTES (Continued from page 198)
The shortcomings of the share market account for the bulk of the fall in net earnings.
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