PASTORAL PROFITS.
The pastoral companies in Australia for the most part pursue a conservative policy in the distribution of profits, and that is well considering the extent to which earnings are dependent upon circumstances beyond the control of directors or management. The latest Report of the Scottish Australia Company showed a distinct improvement in the position, and at the annual meeting the Chairman, Mr. J. C. Inglis, attributed the improvement to " reasonably good seasons " as well as to the material rise in the price of wool. Indeed, as regards the last factor, he stated that the earnings would have been substantially larger had the normal clip of wool been available from the recently acquired properties in New South Wales. Referring to the recent setback in the price of wool, Mr. Inglis was of the opinion that the fall since July had been inexplicable
and unjustifiable and he looked for improvement. * * * *
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