By reason of the fact that the Red Triangle group properties were only absorbed as from the 1st July last, it is somewhat difficult to compare the accounts of the Associated Portland Cement Manufacturers Limited for the past year with the previous twelve months. All the same; however, it is useful to note the net addition on the year to the book value of the properties of the Associated Company of about 11,560,000 as compared with the previous eapitalb%tion of that group. The capital liabilities Of the Associated Company advanced by about 2680,000 in shares and £900,000 in 5 per cent. Debenture Stock in order to pay for the properties acquired. The profits of the Associated Company, whose dividend has been Maintained at 8 per cent, per annum-4 per cent, was paid on the new shares—went up in greater ratio than the capital investment, and in addition to normal charges the profits bore part of the cost of the new capital issues and expenses in connexion with the acquisition of the Red Triangle properties. The following table compares the figures of 1931 with 1930 :
Trading profit .. f534,781 5968,386 Interest and dividends, .. 420,369 356,326
955,150 1,024,713 Debenture interest, rte. 192,119 197,094 Depreciation reserve .. 267,1511 312,150 Debenture redemption .. 108,231 115,506 Preference dividend .. 127,584 137,500 Ordinary dividend (8 per cent.) .. 240,000 260,000 Carried forward .. 160,964 163,427
The balance-sheet shows the Taxation and Contingency Reserve separately for the first time at 2/75,000.
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