V.O.C.
The profits of the Venezuelan Oil Concessions for the past year were naturally affected by lower prices of oil, and the total profit for the year of £1,085,666 compares with £1,206,430 in the previous year. Moreover, the actual production of the company was much greater. The cost of the dividend is proportionately greater by reason of the recent increase of capital in connexion with the amalgamation agreement with the V.O.C. Holding Company now in force. That agreement was not effective at the date of the latest balance sheet, in which the capital is shown at the former figure of /1,000,000, the 20 per cent. distribution costing £1,079,759, whereas in the previous year the company paid £1,114,877, which enabled the V.O.C. Holding Company to pay 22/ per cent.
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