Financial Notes
(Continued from page 738.)
OIL DIVIDENDS.
During the past week three of the leading Oil companies, namely, the Royal Dutch, the Shell and the Burmah, declared their dividends, and in all three cases the results were regarded by the market as satisfactory. In the case of the Shell and the Royal Dutch the distributions were at the same rate as last year. In the case of the Burmah Company the distribu- tions was 20 per cent. for the year, less tax, as against 171 per cent., less tax, for the previous year. The Burtnah Company had pursued a very sound and conservative financial policy in the past, and the present trade depression has apparently enabled expenditure on fields, always treated as a revenue charge, to be reduced, while depreciation on refineries is less. The net profit for the year was £1,524,635 after charging £397,500 for depreciation, whereas the profit for the previous year was £1,499,495 after charging £637,173 for depreciation and £350,000 to Taxation Reserve. There would seem also to be hopefulness with regard to the future, for the addition to the Reserve has been reduced this year and the carry
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