The profits which are now being made by some of
the gramophone enterprises seem to savour almost of the romantic. In the case, for example, of the Vocalion Company, whose report was issued the other day, the profit for the year, after providing nearly £90,000 for amortizations and depreciation, was just under £100,000, and yet only two years ago the profit for the year was under £2,000. It should be noted, however, that the figures include special profits of nearly 130,000 on the sale of the company's factory in Australia and other assets. The directors are able to pay a final dividend of 30 per cent., making 40 per cent. for the year. It is results such as these which stimulate the imagination of speculative buyers of certain shares in the industrial group; but it' may be, well, perhaps; to remember that' we' are dealing with a luxury industry and one, moreover, in which a competitive element seems to be entering more freely,
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