PROMISE AND PERFORMANCE.
I know that this title is usually selected with a view to emphasizing a contrast. In the case of the first Report of the Drapery Trust, however, it is a case of performance amply fulfilling the promises in the prospectus. It is one thing to make an issue of participating preference shares, but quite another to find that the fixed dividend is exceeded. For the first year of its existence, however, the 7 per cent.participating preference shares in the Drapery Trust are receiving an additional .1 per cent., a dividend of 8 per cent. being declared on both the ordinary and the preference, while the su-bstantial amount of £75,000 is carried forward. Moreover, there are points in the Report distinctly-suggestive of a further expan-
sion of profits in the current year. * * * *