11 FEBRUARY 1938, Page 46


The full accounts of the Imperial Tobacco Company (of Great Britain and Ireland) confirm the estimate based on the preliminary figures that the net profit for the year ending October 1st last had exceeded £10,75o,000 for the first time. Profits amounted to £10,757,014, compared with £10,642,952. It has already been announced that the total distribution is to be maintained at 25 per cent. tax free, and the allocation to reserve at £25o,000, so that the whole of the year's extra profit is being retained in the balance carried forward, which is increased by £257,638 to L1,441,405.

The balance-sheet bears all the signs of a much larger turnover. The company has reduced its cash holding by £2,162,190 to £1,478,554, and allowed its stock in trade to expand by £2,536,757 to £35,841,542. There have also been extensions in the fixed assets. Land, buildings and plant have been increased by £217,175 to £5,179,878, and interests in the subsidiary companies have risen by £287,093.

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