A GOOD BREWERY REPORT.
The latest report of Benskins Watford Brewery is a good one, and out of the profits of 1145,933, a sum of £20,000 is (Continued on page viii.1 added to the reserve with a further £25,000 to reserve for improvements to licensed houses, and £5,000 to pension fund. The company declares a dividend of 10 per cent and a bonus of 15 per cent. In addition, the shareholders are notified of a proposal to distribute bonus shares in the proportion of one new ordinary share for every two at present held. This bonus will require a sum of £152,000 to be provided by capitalization of the reserve. Power is also being taken to increase the ordi- nary capital by 690,000 shares, the balance or any part to be available for issue in the future. The new capital is required in part for the purchase of recent properties acquired and to extinguish banking loans. The policy is one which seems to be justified by all the evidence given in the latest Report.
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