A PROSPEROUS TRUST.
The Investment Trust Corporation Limited, of which Mr. Robert Fleming is Chairman, has again done well during the past year. There have been several fresh issues of capital by the Trust in recent years, but on each occasion the increase has been justified by increased earning power. For the past year the amount at credit of Revenue Account, including the total brought forward, was 1462,389, which compares with 2887,525 a year ago. In spite of this increase in profits, the final dividend remains at 12 per cent. on the Deferred, givIflg however, with the interim dividend, no less than 20 per cent, less tax, for the year on the Deferred Stock, while 269,389 is carried forward. The Report adds that a valuation of the investments, based as far as pos.sible on prices current at the date of the balance sheet, shows an appreciation of about 21,750,000 over their book cost of 28,088,402. A general idea of the distribution of the investments is given in the Report, and during the year there has been a slight increase in the holding of Commercial and Industrial shares. By far tlx greatest percentage of the Trust's investments is concerned with holdings in Great Britain.
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