Financial Notes
A.B.C. IMPROVEMENT.
DCBING the past week critici.. was offered front certain quarters with regard to present conditions of the Aerated Bread Company. and hi reply to the criticism, which took the form of a circular, the Board made a very prompt and what appeared to be an effective rejoinder. That reply, moreover, has since been Strengthened by the publication of the Annual Report. which disclosed a profit of t171.00n while the directors were able to recommend a dividend of 5 per cent, on the Ordinary shares. Against the trading profit for the year the directors charged £00,737 for depreciation, and £25,000 for income tax, leaving £91,737, out of which Site Preference dividend absorbs £25,593. After paying the
per cent, dividend there is a balance forward of £20.847 against only £15,550 brought in. Moreover, the directors also state that in addition to the amount mentioned as set aside for depreciation, expenditure upon improvements amotmting to over £54,000 has been charged against the profits of the company. On the other hand, the balance. sheet shows a rather small balance of cash and there is a Bank Overdraft of i1411,00KL * * * *
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