PROFITS FROM PAPER.
The Annual report of Bowater's Paper Mills shows good progress for the past year. During the year an increase was made in the company's capital, and the results now disclosed thoroughly justify the issue. The trading profit for the year, including interest from investments, was £103,201, as against £74,206 for a previous period of nine months only. The directors are able to pay a dividend of 71 per cent on the ordinary shares after adding further amounts to capital re- serve and depreciation, which marks an increase of 11 per cent on the previous year. The balance sheet also discloses a satisfactory position. In view of the steady increase in profits, it looks as though the 71 per cent. Cumulative participating preference shares might ere long receive something in addition to the fixed 7/ per cent dividend, the shares being entitled to 25 per cent of surplus profits after the ordinary shares have been paid 71 per cent.
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