B. S. T.
A year ago the Report of British Shareholders Trust was favourably affected in special degree by the financial activities connected with the flotations of new loans, and on that occasion the directors were able not only to pay a dividend making 7 per cent, for the year, but to transfer 1125,000 out of the profits to the General Reserve. This year, as was to be expected, there was a reduction- in the profits, but thanks to the sound and conservative policy adopted in previous years, the directors were able again to maintain the dividend at 7 per cent. and to transfer a further 130,000 to the General Reserve, raising it to 1330,000. -