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GENERAL ELF-cram RESULTS.
If we consider the wide area covered by the operations of the General Electric Company and the general conditions in the heavy electrical industry last year, the report of the General Electric Company must, I think, be regarded as a thoroughly satisfactory one. The profit for the year of £1,013,000 shows n reduction of merely £45,000 compared with the preceding year, and as against this small decline in net profit may be set the fact that there has been a saving in Debenture interest through the recent conversion operation of the 7 per cent. Stock, while there is a prospect of a further saving next year in connexion with the conversion of the 5 per cent. Debenture Stock to a 4f per cent. issue. The net result of the year's operations is that after increasing the Reserve allocation from £130,000 to 2137,750;1%e 8 per cent. dividend on the Ordinary capital is maintained, while the balance carried forward of £421,246 is rather higher than last year. The balance-sheet, too, shows a very liquid position, the holding of Cash and British Government Investments amountmgg to over 22,000,000. The Directors state that the export business has been somewhat restricted by lack of purchasing power and also by reason of foreign restrictions on exchange and on imports. Some improvement, however, is noticeable in Australia.
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