ARGENTINE NAVIGATION.
The Argentine Navigation Company, which is under British direction, with Lord Kylsant, Chairman of the Royal Mail Steam Packet Company, as its head, provides an example of the reward of patience on the part of those investors who have held their shares through the lean times of some years ago. The company has no debenture debt, but the dividend on its Cumulative Preference Shares fell into arrear. During the last lour years, however, the company's fortunes have re- covered, and from the profits of the year 1927 74 years' dividends on the Preference shares were paid, thus bringing the Preference dividend up to date and permitting a resumption of Ordinary share dividends in respect of 1928 at the handsome rate of 10 per cent., which entails a similar rate on the Prefer.
ence shares. That the interests of sound finance have not been made subservient to the desire to get back to the dividend- paying stage may be gathered from the fact that in each of the last two years a sum of £100,000 has been placed to Reserve ; depreciation on the fleet has been regularly written off, while in addition to its Reserve account of £200.000 the company has an Insurance account of £264,175. A. W. K.
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