ANGLO - ORIENTAL MINING.
The Anglo-Oriental Mining Corporation, Ltd., which is the largest shareholder in London Tin Corporation, and is also in- terested in various other companies, has recently published an exceedingly good report. It covers a period of 16 months to June 30th last, and after deducting expenses and directors' fees, there was a favourable balance of /62,283, which com- pares with £27,915 for the previous year. Moreover the profit is the more noteworthy inasmuch as no revenue accrued in respect of the Corporation's principal investment, though increased dividends and interest were received from other sources. The unappropriated balance at the credit of profit and loss is now £176,526, and the reserve accounts amount to £247,500. The directors state that having disposed of all outstanding liabilities they are desirous of settling the arrears of Preference dividend in order that future profits may be available for distribution. These arrears to June 30th last amounted to £222,812. The directors propose, therefore, to appropriate out of the current profits a sum sufficient to pay six months of the arrears, and thereafter to continue paying off the arrears as funds accumulate. It will easily be seen that immediately to meet all arrears of the Preference dividend would involve fresh borrowing.
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