19 JUNE 1926, Page 32


The Report of the Lobitos Oilfields is also a good one, showing an increase in the net profit from 2238,000 to £266,000. £50,000 is again placed to the Reserve, and a divi- dend is declared of 50 per cent., after writing off no less than £267,000 for depreciation. Moreover, the balance of the De- velopment Reserve of £100,000 has been added to the General Reserve, raising that fund to 2600,000. The balance-sheet is a strong one, showing cash £302,000, and investments 1263,000.