CENTRAL MINING RESULTS.
As might have been expected from the high price of Gold and the favourable conditions on the Rand, the latest report of the Central Mining and Investment Company is an excellent one. The profit for the year was £655,614 as compared with £515,598 a year ago, and the Dividend is 11} per cent. against 71 per cent., with a transfer of £170,000 to the Reserve. The balance-sheet too is a strong and liquid one, the total of Cash being as high as £4,416,000 compared with £2,230,000 a year ago. Investments also show appreciation for the year. British Government and India Government Securities stand at £1,767,000 as compared with £1,574,000 a year ago. The General Reserve is now up to £1,100,000, while Depreciation Reserve Account stands at just under £1,000,000. The strength of the balance-sheet gains in importance at this juncture by reason of the fact that the Company is contemplating an issue of £1,000,000 in 5 per cent. Cumulative Preference Shares, the terms to be announced at the forthcoming general meeting. In view of the strength of the balance-sheet it should be pos- sible to issue the Shares at a moderate premium.
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