4 OCTOBER 1930, Page 50

* * * • AN IMPORTANT TRUST.

Notwithstanding the many unfavourable factors operating during the past year, the directors of the City and International Trust, Ltd., were able, recently, to publish a thoroughly satisfactory Report showing a small increase in gross income and a dividend of Oi per cent, on the Ordinary Stock. At the annual meeting held on Tuesday, the Chairman, Mr. Louis H. Kick, gave a most interesting address to the share- holders in the course of which he explained the manner in which the sound principles which should characterize an investment trust are being carried out in the case of this particular company. In the first place he made it clear that it was intrinsic merits, from the investment standpoint, that guided the Trust rather than a desire for early capital apprecia- tion, while in the second place he gave statistics demonstrating very plainly how carefully the risks attendant on all invest- ments were spread by the system adopted. That system provides for a large proportion of capital being invested in gilt-edged stocks, while even geographically the investments are spread over a wide area. One of the many advantages enjoyed by trusts established on these sound principles is that while times of depression, such as those through which we are now passing, may temporarily affect dividends and prices, ultimate recovery is practically certain, while in the meantime there is also little probability of any serious dis- turbance even of the general average of dividends earned on