18 JANUARY 1935, Page 36

ERLANGERS.

Indications of an expansion in activity are also visible in the annual balance-sheet of Erlangers Limited, an expansion accompanied, moreover, by a full maintenance of liquidity. The increase in activity was shown in an advance of £758,000 in the total of Acceptances ; the increase, it is believed, is largely connected with internal trade demands. The Directors report " a further gratifying expansion of the Company's business." Nevertheless, there is a con- tinuance of the conservative policy as regards distribution of profits ; the dividend on the Ordinary Shares at the rate of 4 per cent. per annum is simply maintained, with a larger balance carried forward.