" LUXURY " INVESTMENTS.
The actual Profit and Loss account, which it should be noted covers a period from April 20th in last 'year to September 30th of this year, shows an income of only about 1115,000, and after expenses and directors' fees the profit is only 116,115. This, however, is apart from the enormous sums required for depreciation. Moreover, the Preference dividend up to the end of last year absorbed nearly 114,000, so that the amount carried forward now is only 12,315, while the dividend op the 6 per cent. Preference shares is in arrear from January let last, and the Ordinary capital has received nothing. Results such as these immediately following a fusion are certainly disquieting and may serve, perhaps, as a reminder of the risks which must almost necessarily attend investment in an industry if not actually of the luxury class at all events coming within a very different category from concerns dealing with indispensable articles of use or consumption.
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