FINANCIAL NOTES
GAS COMPANY'S PROGRESS.
If a period existed—and it did—when holders of gas stocks feared for their dis idends in view of the introduction of electric light, those fears must have been pretty well dissipated inrecent years as a result of the success which has attended some of our largest gas undertakings. Certainly at the recent meeting of the Gas Light and Coke Company, of which a report will be found on another page, the Governor, Mr. Watson, had a very cheerful story to tell the stockholders. During the last three years it appears that the sales of gas in the country have increased by something like 20 per cent., while the sales of the Gas Light and Coke Company increased last year by 61- per cent.
CO-PARTNERSHIP.
And not the least interesting part of Mr. Watson's speech to the stockholders was his reference to the success which has attended the principle of co-partnership in the gas industry, and he urged the more general adoption of that principle as a means for bringing about better relations between Capital and Labour. Their own co-partners, he pointed out, now held nearly /500,000 of the Ordinary Stock of the Company, in addition to large sums on deposit. Unfortunately, however, it appears that a deadlock has arisen at the moment with regard to wages and conditions, and the Governor of the Gas Light and Coke Company pointed out that while workers were receiving wages of about 80 to 120 per cent. above pre-War, and consumers were paying about 50 per cent. more for-gas, shareholders only received an increase of about 10 per cent. in their income, although they were also hit by the heavy Income Tax. It must be hoped, howeyer, that in this dead- lock the good feeling which has hitherto accompanied the car partnership experiment may help to a solution of the present difficulties.
TOBACCO PROFITS.
Once again the Imperial Tobacco Company of Great Britain and Ireland has produced a report showing great prosperity. The net profits increased by 1900,000, while an examination of the accounts suggests that the position is even more favour- able than indicated in the mere bald statement of profits. One of the outstanding features of the 'balance sheet is the increase of over 16,000,000 under the head of Government investments, an advance which more than explains the reduc- tion of about £1,800,000 in the cash on hand.
HARROD'S RESULTS.
Although the full report of Harrod's Stores has still to he issued, the preliminary statement shows that the year has been a good one, the profits for the twelve months ending the 31st ultimo amounting to 1635,000, and showing an increase of 16'7,000 for the year, and about 1.150,000 increase compared with 1922-23. The dividend is raised from 11 to 15 per cents., while 125,000 is placed to the Reserve, and the Carry. Forward is increased by nearly 113,000. The Chairman should have a g: o 1 account to give to the forthcoming meeting of share- holders.
A GOOD INDUSTRIAL REPORT.
Another industrial or wholesale business which has shown good results for the past year is that of Cook, San and Co. of St. Paul's Churchyard, the net profits for the year ending December 31st last showing an increase of £22,000 over the previous year. In addition to paying 7 per cent. on the Ordinary shares and is. per share on the Deferred shares, the sum of £100,000 is added to the General Reserve as compared with only 150,000 last year. The balance sheet also shows a very liquid position. Cash standing at £346,000 against £257,000, while hi7,h-class Investments---of which full particu- lars are given in the balance sheet—stand at 2457,000, against X t27,000.
LORD BRADBURY'S APPOINTMENT.
While it will be admitted that an admirable selection has li:•en made by the Treasury in their appointment of Lord Bradbury in the place of Viscount Inchcape as an ex-officio director of the Anglo-Persian Oil Company, there is general regret that Viscount Inchcape should have felt it necessary to resign. That he should have taken that course in view of his multifarious and important engagements in other directions is not surprising, but by reason of his vigour and intense personality, combined with his wide knowledge Of commercial and financial affairs, Lord Inchcape is an asset that can ill be :pared from any great undertaking.
SCDAN DEVELOPMENTS.
It is satisfactory to note that the Sudan Light and Power Company, of which Lord Meston is the Chairman, has con- cluded '11th the Sudan Government an important concession. The group concerned in the matter includes Callenders ('able and Construction Company, Limited, Dornian, Long and Company, the English Electric Company, and the Prudential Assurance Company. A very important pro- gramme of work is to be carried out, including the construc- tion of a bridge across the White Nile connecting Khartum and Omdurman. It is to be presumed from the quatter which has secured the concession that British materials wilt be largely used and that British industries, therefore, will
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