ANGLO-PERSIAN OIL.
The annual report of the Anglo-Persian Oil Company is an excellent one, the profits for the year of £5,206,762 con- stituting a record in the company's history. Moreover, this figure was reached after charging depreciation, debenture interest, royalty and income tax. The dividend of 20 per cent. on the ordinary shares compares with 12f per cent. per annum for the nine months' period covered by the pre- vious accounts. The company continues also to adopt a conservative policy, for no less than £2,164,000 is applied to reserves and depreciation, while there is the substantial carry-forward of £687,000. The balance-sheet, too, is a strong one, the total assets standing at £48,840,000 against £44,072,000 in the previous year, and of this increase nearly £500,000 is due to larger holdings of British Government securities.
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