COVENT GARDEN PROPERTIES.
At the recent general meeting of Covent Garden Properties Com- pany, Limited, the Chairman, Mr. Philip E. Hill, had a favour- able report to place before the shareholders so far as the income and interest on the investments was concerned, for revenues from those sources showed an increase of £27,868. On the other hand, profits on sales of investments amounted to £30,768, being a decrease of £41,857, because the realization• of investments during the period had been practitally- negligible. Mr. Hill explained, however, that current quota- tions for the. Company's holdings were higher than book values, while profits on sales of properties were slightly in excess of those of the previous year. In the course of his remarks Mr.. Hill stated that in January next it was proposed to redeem the outstanding First Mortgage 'Debenture Stock for £1,000,000, and they had under consideration the question of asking the Preference shareholders' permission to convert the balance of £500,000 Loan capital into Debenture Stock, to be issued as and when required. A survey of the properties, the Chairman stated, indicated further substantial increases in fixed revenue for some years to come, and the directors were (Continued on page 308.).
Financial Notes
(Continued from pays 306.) of opinion that a part of such increase might reasonably be expected in the current year.
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