The latest annual accounts of the Victoria Falls and Trans.
vaal Power Company show a continued expansion in pmfits, The dividend rose from 14 to 15 per cent., while the profit was £371,000 against £364,000, after meeting all expenses and depreciation. A further sum of £50,000 is added to the Reserve and the carry forward is greater at £133,000. The balance-sheet is also a very good one, the Investments including nearly £1,000,000 in War Loan and £500,000 in National War Bonds in addition to a very large holding of Treasury Bills and Cash. The strength of the balance-sheet and the sound security of the investment is reflected in the high price of the shares, at which the yield, even on the high dividend, is less than 5- per cent. The quotation probably also indicates expectations of still better things to come.
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