Most of the brewery companies are now showing an improvement in their position, partly, no doubt, as the result of the recent modification of the beer duty. The report of Courage and Co. shows that the net profit for the- past year was £418,312 against £330,651, after allowing for depreciation. After placing £40,890 to Property Reserve, £26,300 to Rebuilding Reserve, £25,000 to Plant and Machinery Reserve and £5,167 to Staff Bonus Reserve, the directors declare a final dividend of 12 per cent. on the Ordinary shares, making 17 per cent. for the year, against 12k per cent. in the previous year, leaving £109,550 to be carried forward.