COURTAULDS' DIVIDEND. • Some of the shareholders in Courtaulds Limited
doubtless felt disappointment with regard to the cautious statement which accompanied the recent interim dividend of 2i per cent., free of tax, against 14 .per cent, a year ago. List year the interim dividend was followed by a final payment of 6 per cent.; 'making 7i• per cent.,' free of tax, for the year. The Directors now state, however, that the present interim rate-
• has been decided upon solely with the object of more nearly equalizing dividends, as foreshadowed by the Chairman at the last annual meeting. • The Directors further state that "the present trading position does not warrant the expectation of a higher total distribution for the year than was made for 1934, for while business in England is satisfactory, prospects in America are not encouraging." As a result of this state- ment the shares have fallen sharply, though there is a ten- dency to recovery based on a recognition of the extremely catitious policy which has always characterized the C,ourtauld Company's distribution of profits.
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