12 OCTOBER 1929, Page 37

**** RAPHAEL. TUCK.

Raphael Tuck and Sons, Limited, continues a steady record of profit earning, despite changes in fashion, the dividend on the ordinary capital having been 8 per cent. for the past six years. Earnings last year amounted to 10:1 per cent. on the capital, and extra security for the Pref- erence dividend is given by the provision in the Articles that after paying 8 per cent. on the Ordinary shares one- third of the surplus goes to a fund for the equalization of dividends until £200,000 has been reached. This special Reserve now amounts to £81,945 in addition to the General Reserve of £48,042. This special fund is separately invested. The capital consists of £250,000 in £5 51 per cent. Preference shares and an equal sum in Ordinary £1 shares. The 51 per cent. Preference shares are quoted at 87s. 6d. and the Ordinary at 22s. 6d.

A. W. K.