Berlin, Jan. 26.
For the frst time in three years the Krupp munition works have showed a profit. Thor statement Feleased here yesterday showed prompt of 6681.60! marks, It was learned that this gain was largely due to new sales effected within Germany—Havas, usually considered necessary for a savings bank, but this is dictated by the present period of ancial uns certainty and the conservative polley which governs the Bank. "§1,461,318.9 of the bank's assets are in cash, while collateral loans account for $1,444,- 886.28. Thus. approximately 50° per cent. of the total assets are either in cash or in short term loans.
The portfolio of debentures, which at the end of 1033 represented 1134 per cent. of the bank's investments, was, pursuant to the decision of the Directors, reduced last summer to only 1% per cent., thus avoiding the Joss which would have resulted from the general depreciation in debentures during the last quarter of 1934, and liquidating a substantial profit over the original cost.
The Bank's real estate consists of improved income property in Hong-ong yielding a satisfactory return, purchased for its investment value and its stabilizing effect in a period of currency fluctuation.
The Bank's operations for the year show an operating profit of $52,255.54, in addition to which $19,689,091 prompt was realized from sale of debentures, making the total liquidated profit for the year $7214403.
Text read from the printed page and cleaned; old type leaves the occasional error.