13 JUNE 1931, Page 36

V.O.C. Posrrioei.

This is the story of the excellent showing made by the Vene- zuelan Oil Concessions, as was ably explained by the Chairman, Lord Bearstead, at the recent meeting. This Company's recent drilling has been highly successful, and it therefore has ample production in reserve. Thus, although it reduced its own production in order to assist the industry as a whole, it was able to pay a 17} per cent. dividend for last year. The dividend in the previous year was 20 per cent., but in the mean- time a new issue of shares had been made at par and the divi- dend for last year is really equal toy 20 per cent. on the' old capital, plus 10 per cent. on the new shares—a most satis- factory result for the shareholders'.

• A. W. K.