The Phoenix Oil and Transport Company did well last year,
for, notwithstanding the low level of prices, profits were increased from £223,553 to 2,239,099. The conservative policy as regards dividend distributions is maintained, however, the dividend announced being only 6d. per share. A sum of 2213,506 is added to various reserves, including £200,000 to investment reserve, while the substantial amount of £142,175 is carried forward. It is stated in the report that during last year the policy of the management was to improve the methods of producing and refining and to effect general economies, no effort being made to increase the output of crude oil. During the current year, however, to gain the full advantage of the improvements, drilling activities have been increased and for the first five months of the year production showed a considerable increase and is reported to be steadily advancing.
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