MIDLAND COUNTIES ELECTRIC.
The Report of the Midland Counties Electric Supply Com- pany for the year 1933 is a good one, showing steady progress. Two years ago the trading profit was £402,000, from which it rose a year ago to £433,000, while for the past year the total was £466,347. Out of this amount £135,000 was appropriated on account of depreciation on reserves in the undertakings owned and operated by the Company. The profits of the Midland Counties Company derived from its interests in the operating companies totalled £308,027 (against £291,649 a year ago), out of which £26,745 was required to meet Deben- ture and Loan interest, while £33,000 was placed to the Investment Reserve. The dividend is the same as last year, namely, 7 per cent., and the directors state that the electricity supply undertakings have developed satisfactorily during the year, while the whole of the traction properties have now been converted to 'bus or trolley systems with satisfactory results. The important place which these leading Power companies are establishing in the confidence of the investor would seem to be indicated by the fact that the £1 shares of the Company now stand at £2, so that the yield on the present rate of dividend is only 84- per cent.
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