er to the Court Line, mentioned in these
notes last week, has issued its report. This is the Cressington
Steamship Company, which owns two modern tramp steamers of slightly over
7,000 tons each. The company was very fortunate in that one of these
vessels was delivered in February, 1915, it having been contracted for
at pre-war prices. The profits for the year amounted to L50,015, as
compared with L6,861 in 1914 (when only one vessel was trading). The
dividend for the year is 15 per cent, L7,072 is allocated to
depreciation, L22,000 for special war profits and income-tax, whilst
about L3,000 is being carried forward. The financial position of the
company is such that if its ships were sold at L2 15s. per ton,
shareholders would receive the return of their capital in full. On
present prices, however, they would probably fetch over L15 per ton. The
shares are now quoted at 28s.

The Bengal Iron and Steel Company, whose report has also been issued
during the week, has had an interesting career; it works large iron ore
and coalmining areas in Bengal. At first the company did well, but then
it went in for an unfortunate steel venture and fell into arrears with
its preference dividend. This was overcome, and during the past few
years the company has done well, particularly from its coal business.
The report for the year ended September 30th, 1915, shows a working
profit of L144,913, as compared with L79,200 during the previous year.
This considerable improvement enables the company, after writing off
various old items, to place to a general reserve L20,000, and to declare
a dividend payable quarterly of 24 per cent on the L224,850 of ordinary
shares, which compares with 12 per cent a year ago. By way of a change,
the report states that the trading results would have been even better
had war conditions not prevailed.

EMIL DAVIES.

8. _The New Statesman_, May 27, 1916:

Markets have displayed unwonted cheerfulness during the past week, and
all sorts of peace rumours are in circulation. It is more than likely,
however, that it is the firmness of the market which is responsible for
the rumours, and not _vice versa_. There is a steady stream of orders
from the Midlands and the North, where people are making money, and
these have the effect of putting up prices in several of the markets.
The Brazilian Funding Loan, which was recommended here on the 29th April
at 74, has been noticeably firm, and is now 77-1/4. It still appe