FINANCIAL JOTTING.

Press, Volume LXIV, Issue 13112, 11 May 1908, Page 2

FINANCIAL JOTTING.

(r_OK OCR OWN CO_BISPONDKMI.)

130 Fleet, eta-eat, LONDON. March 27

Tho report for the past year of tho Savoy Hotel shows a profit to the credit of the trading account of £1G0.4_0, being tiro h__est- since the Savoy extensions were completed. This," with tho balance brought forward from last year, makes a total of £166,786. After payment of interest charges there remains a balance of £72,503, out of whkh £15,000 has been placed to the credit of tho general reserve fund, and £13,060 has been applied in reducing the mortgage and debenture loans of the company. After payment of the dividend on the preference shares for twelve months the directors recommend a dividend of 5 per cent., on the ordinary shares, leaving a balance of £7053 to be carried forward. Restaurants and light-refreshment places in London always pay, provided they are well managed and are carried on in an attractive way. lno report of tho cabins is out tnis week and it shows gross profits amounting to £'©300 against a year ago, or a rise of £2100, while tho net profits are £•'3OO higher. A dividend of 4 per cent, on the ordinary shares is paid. Before the lloyal Society of Arts, on Tuesday, the Agent-General lor Western Australia read a paper on 'The Mineral Resources of Western Australia." In the course of lus remarks, he claimed that at the present time the ajinual gold output of his colony was only two or three points less tlian half ot tho total for the whole of Australasia. That was, the Stato of Western Australia produced as much as the other five Australian SUitos and New Zealand- together. He claimed his State to be the largest goldi producer in, the world while the nch- !>.(•<:» and rapid development of tho mines could ha-rd-ly be paralleled, in any country in the world. The paper contained copious information of a statistical character. Of three half-yearly Rand dividends announced this week, the Crown Reel s 100 per cent, is 10 per cent, less than the rate paid for the corresponding period of Last year, while the Ferreira Deep's 17i per cent, and 'the Jumpers Deep's 5 per cent, repeat tho distributions made twelve months ago. I am iinformed at the Rank of New Zealand that the whole of the Dunedin City conversion loan nas been taken up," a.i>out half being conversions of old bonds and the other half cash. T3ie issue, in fact, was a little oversubscribed, and a most satisfactory feature is that not one penmy was underwritten.

According to the Stock Exchange, the Franco-British Exhibition is going to save the financial situation. Everything is going to boom, and when people enquire the reason' the answer will be, "Oh, it's the Exhibition." The old underground lines, the tubes, the omnibus amalgamated or not, the cross-Channel services, with ferries or without, tho hat-shops, the drapers, the bum-shops the hotelts and the restaurants are all going to benefit and shares and dividr . Jt, are goinc* to rise to the delight of shareholders and the public alike, during the progress of the comine; Exhibition. It Is to be hoped that all these expectations will be fulfiUed and that London will have a roarirrg year, for it can very well do with it!

In his presidential address at the annual meeting of the London Chambers of Commerce yesterday, Sir Albert Spicer, M.P., said the successive Government were recognising Chambers of Commerce, and they would do so still more whon they felt that, coming into con-tact with Oharnhers of Commorre they were in touch with those who were truly representative and were fully acqu-aimted with the views of the commercial wortd.