* * * * PROFTTS n SOUTHERN RHODESIA
While earnings are inevitably affected by the vicissitudes fo the ranching industry, the capital position of Willoughby's Consolidated remains quite strong. Last year this old-estab- - fished Empire undertaking, whose principal business is the development of Southern Rhodesia, earned less, but this was due partly to a small loss on the ranching side and partly to a considerable drop in the profits from realisation of shares. As Colonel H. T. Fenwick explained at the meeting, the assets position is very satisfactory. The book value of £307,zot in respect of shares and debentures in companies was £41,254 below market prices at December 3 z st last, and although there had been a further shrinking in prices since, there was still a fair appreciation. The company still owns z,000,000 acres of land which, in Colonel Fenwick's view, must come into good demand with the gradual growth of population in Southern Rhodesia.
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