19 APRIL 1940, Page 38

PROFITS AND E.P.T.

We shall not have to wait much longer for light on Excess Profits Tax darkness which now envelops the prospects (Continued on page 580) FINANCE AND INVESTMENT (Continued from page 578)

of so many ordinary shares. I see that Mr. J. E. Galloway, in his review at the meeting of P. H. Galloway and Co., the wholesale chemists, emphasised the effect of a bad " standard " on the tax liability of a company now benefiting from past capital expenditure. This undertaking succeeded in raising its profits last year from £19,567 to £23,321, both figures being struck after tax. The ordinary dividend was increased from I° to I r+ per cent.