I am glad to see that, after many trying years
owing to drought and other adverse conditions, the Australian Estates and Mortgage Company, now known as the Australian Estates Co., Ltd., has experienced happier conditions for the past year. They were certainly needed, for, in spite of sound management, the company was in considerable arrears of the dividend on the Preference shares. For the past year, how- ever, the gross profit was £278,243 as compared with £133,525. Thus, whereas a year ago, after providing for interest on the Debenture stocks, there was a debit balance of £18,402, the company is now able, after meeting interest on the Debenture stock and paying the Preference dividend for the year to June 30th, 1933, and transferring £15,000 to the Reserve, to carry forward a credit balance of £19,536. Moreover, the balance-sheet shows a good financial position. The annual meeting will be held on Thursday of next week.
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