AUSTRALIAN ESTATES.
Inevitably the accounts of the Australian Estates and Mortgage Company for 1929 reflect the unfavourable con- ditions in Australia, and it is not surprising that on this occasion there should be no dividend for the Ordinary share- holders. Indeed, the directors have been obliged to take £100,000 front the Reserve (after crediting Profit and Loss with something from Contingency Account) to cover the requirements of Debenture and Preference dividends. The gross profit for the year was £112,000 against £284,000, and - allowing for expenses only about £13,000 was available to meet Debenture interest of over £84,000, and a Preference dividend of £32,500. Here again, however, the company is,. benefiting by a conservative financial policy in the past. .
A. W. K.
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