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' COLUMBIA GRAPHOPHONE.
The favourable impression created by the excellent Report of the Columbia Graphophone Company was strengthened by the speech delivered at the Annual Meeting by Lord Marks. The Report had shown a strong balance-sheet with invest- ments and cash amounting to over £1,582,000, and the Chairman stated that all the investments were in long or short-dated gilt-edged securities, while the company has a reserve of no less than £2,751,000, and in the balance-sheet goodwill is placed at no value," whereas, of course, its value must be a very high one. The profits during the year were excellent, and it was clear from the statement made by Lord Marks that increased sales and profits in this country had tended to offset any effect produced upon the company's sales in the United States owing to the temporary depression there. A good feature, indeed,-of the policy-of-the-company, as it affects shareholders, is the manner in which the company's business has been spread over many countries. 'This should
have a steadying influence upon profits and dividends. -
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