13 DECEMBER 1935, Page 42

' In view of „the Report of the Tobacco Securities

Trust, disclosing losses in shellac sustained by a subsidiary company of the Trust, considerable , interest was, taken hi the 'recent annual meeting of the Trust. The Chairman, Mr. Reginald McKenna, dealt very frankly with the position of the Dean Finance Company, which sustained the loss, stating that the CoMpany took over the heavy shellac position. in order to safeguard loans it had made against the • commodity, and ' the whole loss was estimated last May at, E288,000.' Mr. McKenna explained, however, that the Company had since been able to sell a fair amount of shellac at rising 'prices, reducing the loss to about £170,000. • After stating that a grave and regrettable mistake had been made, Mr. Mclienna was able in. reasSuiri.. "shiliehOlIirs of the Tobacco Securities Trust that the estimatedlosa on shellac was covered by the combined net revenue of the Company and Tobacco Invest- ments Limited, and profits of the Dean Finance Company un of her t ransactions, .without taking into account dividends on the shares in tobaCco companies allocated to the Securities (For Company Meetings, see pages 1009, 1011, 1014.)