Morning journal and courier., 1891-11-19
PROFlTs'sINCE CAPITALIZATION.

w. ~ PROFlTSIsINCE CAPITALIZATION.
 The success of the business since it's capitaliza- tion has been enormous. The first years trading or the English company, after providing Tor the in a return to the shareholders of a dividend of per cent on the F. eferred Stock and 1715 per cent. on the Common Stock, besides placing to reserve S21S25O and carrying forward to next years account $62419.
 For the second fiscal year (ending July 31, 1SaD
 6 per cent. interest was paid on the Debentures
 and dividends of per cent on the Preferred
 besides the caneellation of Ssos of pebentures
 and the carrying forward to next year of S1000O0
 as undivided profit. Had the directors not
 Debentures, a dividend of s5ls per cent could
 have been paid on the Common Stock, besides
 carrying forward the $1O0000 as undivided
 profits.
 The summarization of the foregoing shows that
 the profits of the business, during the past two
 years have been sufficient to enable the Direct
 to pay back to the shareholders S749, ,325, pay
 the interest on it's Debentures (amounting to
 S68 93), retire and cancel over $500, 900 worth of
 the same, and carry to the reserve fund over
 S100 000-a showing without parallel in the his
 tory of industrial enterprises.
 PROSPECTS. a most prosperous condition, and is steadily improving This is specially so in Great Britain branch was opened in Switzerland which has already given a satisfactory return for. the money invested. The German and English branches show large increase in profit and a reduction in working expenses over previous years, and as an evid. nee of the prosperity of all branches it may be stated that the aver ago yearly profits of the Australian house alone, since the capitalization n of the business, has been sufficient to pay the whole of the Debenture interest, as well as per cent. per | annum on the Preferred Stock. The
 States, consequently. can be applied to paying dividends on the Common Stock. Arrange | these preparations into France, Belgium and other Continental countries, where the field is equally as promising and while the business in Europe is slower in developing than in this country, it is at the same time far more profita ble and permanent when established. The re- duced cost of production and cheap advertising
 rates make the profits greater, while the con, servatism of the people, although difficult to confidence which makes their patronage con Staut and durable.
 PREF ERRED STOCK. The s,per cent Cumulative, Preferred Stock of offered for subscription, is safe high-cass se- curity, affording assured rate of interest, worthy the attention of the most conservative investor.
 SUBSCRIPTIONS. The right is reserved to reject any subscription | or to accept it in part. If any subscription is wholly rejected, the amount deposited on appli- cation will be returned. If the whole amount ap- piled for be ot allotted, the amount paid on ap plication will be applied to the sums to become due on the al otment.
 Receipts will be given for all payments made, and engraved Trust Company Certificates issued l by the Central Trust Company will be delivered | at once after final payment is made | .Ang installment may be paid in advance under
 discount at the rate of per cent. per annum, and | Stock issued at once.
 Failure to make payment of any installment | may operate as forfeiture of all previous pay | mentS.
 Dividends are declared and paid every six months by the English Board of Directors in London, after thorough examination of the books and business by chartered English ac. countants. In this country the sem-annual divi. dends are paid by the Central Trust Go mpany as soon as they are received from London, such | dividends usually being paid in April and Octo- Der of each year.
 TRANSFER AGENTS: CENTRAL TRUST CO.,, NEW YORK. REGISTRAR OF CITIFICATEs: UNION TYR UST CO.,, NEW YORK. Application will b3 made to the New York Stock Exchange for dealings in the stock.