The Consolidated Gold Fields of South Africa celebrated its jubilee
this year, and in commemoration of that event the dividend earlier in the year was supplemented by a special jubilee payment of I21 per cent. During the past week the annual report of the Company has been issued, which shows that the 20 per cent. rate of dividend, plus the jubilee bonus, has been fully covered by the earnings, for the profits for the past year established an absolute high record. The Company is, of course, a holding company, and the revenue has been derived from dividends received from New Consolidated Gold Fields, the operating subsidiary. The dividends from that Company have risen from £691,000 to £1,033,000. The Directors continue to pursue a conservative policy in the matter of profit distribution and a further sum of £500,000 (against £300,000 last year) has been allocated to the General Reserve, raising it to £1,800,00o, while £ioo,000 has been placed to Reserve for Depreciation. Even after making these allocations and reserving £415,000 for U.K. Income Tax, the carry forward is £435,876 against £365,917 a year ago.