TIMBER PROFITS.
Notwithstanding unsettled 'conditions- in the tireber trade, • resulting in some measure from the present- state of affairs in Russia, the latest Annual Report of Denny, Mott & Dickson, Ltd., shows that the company during the past year did Well. The profit for the yearof £100,101 compared with 1.89,234 in the previous year. In spite, however, of this excellent" result, the directors are continuing to pursue a -very conservative .policy and are merely maintaining the 6 per „centz..dividend on the Ordinary, carrying forward the unusually large amount Of 275,080. This carry-forward compares with £50;880 a .year ago and only £34,845 two years ago. The directors, however, consider that a policy of caution is justified by the persistent depression in the general tilde of the country, and undoubtedly the policy is one to be commended in the ultimate interests of the shareholders.
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