12 APRIL 1935, Page 46

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The Report of this most important industrial undertaking, revealing as it does the position of the manifold industries in which the Company is interested, has come up to the best expectations. The gross profit for the year was £7,965,038, against £7,663,945. Once again £1,000,000 is allocated to Depreciation and £1,000,000 to Reserve, and, after paying 8 per cent. on the Ordinary shares and 2 per cent. on the Deferred, the carry forward is £608,451, against £566,139. The report shows that the profit relates solely to the year's operations and includes no sum from profits on the sale of investments. No credit has been taken for foreign dividends where exchange restrictions prohibit the transfer of cash representing such dividends.