GROSVENOR Housz.
It is clear that the undertaking known as Grosvenor House (Park Lane, Ltd.) is making good progress. The first report issued a year ago was a satisfactory one, but the capital had not then become fully operative. It will be remembered that Grosvenor House has replaced the old building with a block of modern flats, while there is now a hotel which was opened in May of last year and a further 129 rooms have since been added to it which were completed on May 14th of this year. There have also been other important extensions and improvements during the year. Even now, therefore, the full earning capacity of the concern has probably not been revealed, but the second annual report shows that there was a net profit, after deducting interest on debenture stock, &c., of £111,061, which represents fully 11 per cent. on the ordinary share capital. The °directors are utilizing a substantial portion of profits in writing off the whole of the debenture stock discount.
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