GOOD BREWERY PROFITS.
A year ago Friary, Holroyd and Healy's Breweries, Limited, enlarged its capital by a 200 per cent. share bonus, while a public issue was subsequently made at the price of 38s. per share. Notwithstanding this issue, however, which raised the issued ordinary capital from £141,000 to £423,000, the dividend for the year just closed is 15 per cent. as against 12 per cent. which had been paid on the lower capital for the previous eight years. The profit, in fact, was £141,778 as compared with £101,119. A sum of £25,000 is placed to the reserve, while the carry-forward is increased from £3,053 to £16,629. To express the position in another way, it might be said that although the dividend was 12 per cent., the company actually earned about 24 per cent. on the ordinary capital.
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