The Reports of Raphael Tuck and Sons Limited usually make a very consistently good showing, and for the past year, notwithstanding trade depression, the net profit, after meeting all charges and depreciation, was nearly £28,000 against £36,000. The directors are able to pay a 5 per cent. dividend on the Ordinary shares against 7 per cent., the amount carried forward of £13,522 comparing with only £12,506 a year ago. The balance sheet is a good one, the item of cash being £58,314, while quite apart from Investments of £78,546 specifically earmarked against the Special Dividend Reserve Fund, Government and other stocks stand at £19,344. The floating assets largely exceed the amount due to creditors.
A. W. K.