"The Underwriters Savings Bank. whose accounts have already been Published, follows 2 conservative policy, paying 6 per cent on ite shares and adding all further profits to reserves.
"The Post Mercury Company, Federal Me. US.A., publishers of the "Shanzhai Evening' Post & Mercury." reported net profits in 1993 of $54.- 41.20 after setting up reserves for all contingencies. This provided for 7 per cent. on the outstanding preferred shares and earned in addition 11.95 per cent. on the comfnon stock.
Other real estate Interests are concentrated in our investments in the Metropolitan Land Ca.. Lid., and FR. Smith & Ca, Ltd.. in both of which we have large holdings but not control. These companies are exceptionally sound. The Metropolitan Land Ca. Ltd, has steadily earned more than its regular 6 per cent. dividend despite the inactive State of the land business. Shares in Smith & Ca, Ltd. General Managers for the Metropolitan Land Ca, constitute an exceptional invest-turn. ment with better than ordinary re-
"We also value highly"our shares in the China Engineer, Ltd. a particularly well-managed enterprise which earned in 1938 17.6 per cent. per share and paid dividends of 10
"Our substantial holdings in the International Investment Trust Ca. Ltd. have not yielded large divi-@ends but are satisfactory from the viewpoint of diversification and lquiaity, "Our company is in a particular ly good position to watch and control its investments, and all the important ones are now in good condition. Considering that many aff-ated enterprises are young and'have ut most of their first earnings into working capital or reserves, it is reasonable to expect increasing cash returns from them in the future.
Text read from the printed page and cleaned; old type leaves the occasional error.