1 JUNE 1934, Page 30


The Annual Report of the Burmali_ Oil CoMpany is a good one and justifies -the increase in the Dividend from 20 to 221 per cent. The profit for the year Wag 1012,000 against £1,525,000. The amount placed to Reserve is £309,000 against £220,000, and after paying the increased Dividend and placing the larger amount to the Reserve, the Carry Forward is 2.574;000 against £486,000. In their - Report, however, the Directors still complain of the competition of surplus American, Roumanian and- Russian oil products, at prices based on the depredated dollar, 'arid 'referring to the future, the Directors say " prophecy at this stage as to the probable results Of the coming year would be unwise." Moreover, they emphasize the fact that economies dur- ing recent years have been such that there- is now less scope for further reductions in costs without _ sacrifice of efficiency. Since the Report was issued the shares have hardened fractionally. Allowing for the shares being now ex dividend, but assuming the .dividend -to be repeated a year hence the yield—at the present price of about 5k—would be about 4J: per cent.