" SOUTHERN " STOCKS.
Most of the annual reports of the English trunk railways have proved to be of a satisfactory character, but, perhaps' first place must be given to the statement of the Southern Railway, for while the ordinary railway earnings increased by £376,000, the total net income, including the receipts from (Continued on page 800.)
Financial - Notes
(Continued from page 298.) other businesses, rose by £526,000. - Moreover, in spite of a small increase in gross receipts, expenditure was reduced, and the final net revenue showed an increase of something like 1645,000. In this case, however, the 4 per cent. Debenture Stock has already been raised much higher than in the case of L.M. & S., and now stands at 106, although the balance of revenue remaining after paying the interest on the Debenture Stocks is smaller than in the case of the L.M. & S., namely, £3,596,000. On the other hand, the 5 per cent. Guaranteed Preference gives a yield of just • over £4 is. per cent. at the present price, and last year, after paying the interest on that Stock, there was a balance of revenue remaining of £2,980,000. A slightly higher yield is obtainable on the ordinary 5 per cent. Preference, which at the present price of 113 gives a yield of -£4 8s. 6d., but in that case the margin of balance. remaining after paying the interest was only £845,000.
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