LIBERTY'S RESULTS.
Steadiness of income continues to characterize the business of Liberty and Co: and, notwithstanding trade depression, the profits for the la:st year showed only the trifling net reduc- tion of £3,000. The company ,maintains its dividend, there- fore, on the Ordinary shams. of 20 per cent., and in view of the fact that the profits exceeded £80,000 and the Preference dividend only requires £8,000, the Preference shares certainly came within the rank of well-secured industrial investments. Even the dividefld on the Ordinary shares only absorbs £20,000, and the company again adds 147,000 to the Reserve, bringing it up to £717,000 against a paid-up capital of £200,000. From the Reserve 177,000 is now taken to extinguish the item of Goodwill, which still leaves the Fund standing at £640,000.
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