15 FEBRUARY 1935, Page 36


Following upon the announcement last month of an increase in the dividend on Imperial Tobacco shares from 20 per Cent. tax free to 22 per cent. tax free has come the Annual Report, fully justifying the increase in the dividend, the profit for the year being £9,589,000, against £8,115,000 in the previous year, in which year moreover the profit included £521,000 from special advertising provisioN.. The balance-sheet shows that advantage has evidently been taken of the rise in Stock Exchange securities to realize a portion of Government and other securities, the total now being £8,297,895 against 112,442,536 a year ago. The market 'value of the securities still shows an appreciation of £600,000 over last year.