* * * * B.A.G.S. REPORT.
Following upon the announcement by the Buenos Aires Great Southern Railway Company that there would be no final dividend, the full accounts make a somewhat better showing than had been expected. Indeed, the Report makes it clear that the company could have paid about 11 per cent. final dividend without disturbing the total of the carry forward. The net revenue of the company for the past year (when converted into sterling) was £3,390,000 as com- pared with £3,432,000 for the previous year. A larger amount was required in Debenture interest and for the Preference dividends, but after paying the small interim dividend on the Ordinary and taking £430,000 from the Reserve, the balance forward is £716,000 against £310,000 a year ago. There was a decline in the gross receipts of nearly £900,000, but it was nearly all offset by economies in working, thus making the decline in net revenue trifling at the par of exchange. It was, however, of course, the depreciation in exchange which hit the company most severely, the exchange losses realized and unrealized amounting to no less than £1,064,000. To meet this situation and to cover depreciation in the valuation at the current rate of exchange of floating assets, local purchases, &c., a special transfer has been made from the Reserve of £430,000.
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