CONSERVATIVE POLICY JUSTIFIED.
The conservative policy persistently pursued by the directors of the Australian Estates and Mortgage Company finds justi- fication at the present time, the Report for the past year showing that owing to the fall in wool values, there is a decline in profits for the year of about £100,000 (they still stand at the splendid total of £356,000) while the directors refer to the fact that the outlook is affected by the drought in the Queensland areas, though in New South Wales the outlook is better. ACcordingly the directors are very prudently reducing the rate of distri- bution on the Ordinary Shares to the level of 1923, namely, 6 per cent. Indeed, although 10 per cent. was paid for 1924, the shareholders then described 4 per cent. of the dividend as a bonus. Thanks, however, to the conservative policy of the board, shareholders have certainly no cause for anxiety with regard to the prospects of the company. A. W. K.
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