Although the latest report of the Imperial Tobacco Company for the past year showed a heavy reduction in the profits, the balance-sheet continues to reveal an extraordinarily strong and liquid position, fully justifying the retention of the 20 per cent. dividend. Thus, as compared with the previous year, the balance-sheet now shows investments ih Government and other securities totalling no less than £12,442,537 as against £11,950,037 a year ago. Moreover, their market value is now stated to be 113,537,631, or more than £1,000,000 above book value. In addition to this security, however, loans to Corporations and other unquoted investments stand at £1,698,262, against 1781,478 a year ago, and cash itself is about £75,000 more at 24,675,000.