* * * * A FINANCE COMPANY'S PROFIT.
A good feature of the Report of the Industrial Finance and Investment Corporation for the past year is the further increase in liquidity. The net profit resulting from sales of investments, interest and dividends, &c., was 1177,361, as compared with £175,124 for the previous year. Moreover, the Profit and Loss Account reveals a Reserve against Loans and Advances of £44,000, in addition to a Reserve for Fluctuations of Investments of £50,000. The Ordinary dividend is main- tained at 3 per cent., and the Company still pursues a cautious policy. The balance-sheet shows that the Cash has risen from £127,000 to £179,000, while the short-term Loans have risen from £2,000 to £102,918. There is also an advance in the Corporation's holdings of British and Dominion Govern- ment Securities, which now stand at over £371,000. A further satisfactory feature is that the items representing the value of Investments, Loans and Advances, &e., in countries in which moratoria and exchange restrictions are in operation now stand at only £697,000, a figure which compares with £1,035,000 a year ago and with £1,217,000 two years ago. At the present price of about 12s. for the £1 shares the yield is about 5 per cent.
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