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FORESTAL LAND.
Although there was a slight reduction in the last dividend announced by the Forestal Land, Timber and Railways Company, the chairman, Baron Emile, d'Erlanger, made an encouraging statement at the recent annual meeting. The lower dividend is, of course, directly traceable to recent developments in the leather trade which became overstocked at high pikes; and as a consequence there was a falling off in the demand for the tanning extracts manufactured by the company. This, however, can doubtless be regarded as. only a temporary phase, and meanwhile the Board ts.pursuing the conservative policy of slightly reducing the dividend-froth 9 to 7 per cent., increasing at the same time the carry forward to just over 1250,060. With that' carry -forward, Baron Emile remarked, he had "little doubt that Itifficient provision had been' madeto enable the company to pay a fair dividend in almost any eirctunstances they could foresee for the' current year. Resolutions were passed at the meeting for the raising of-further capital to the extent of 11,000,000 in 6 per cent. ten-Year notes, part Of the Proceeds of which' are required to bring the company's' African estates to full maturity and' productivity.'
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