The profits of Allied Newspapers being shown this year in the net form, comparison with the previous year is difficult. The results, however, are so good that the point is, is a sense, immaterial. In tax free form they amounted to 2760,000, which exceeded those of any previous year, and the Directors are able to pay the increased dividend of 11 per cent. for the year, less tax. Moreover, even this increased dividend has not been paid without large allocations to the Reserve, that fund having been raised from £177,000 to £647,000. From that reserve the directors have taken a sum equal to the total at which the Preliminary Expenses of £527,000 stood previ- ously, thus extinguishing that item from the balance-sheet. A further striking feature in the balance-sheet is the fact that the whole of the Ordinary Share capital in the company's Northern Subsidiary is entered at the nominal figure of £3,007, which would seem to indicate a further hidden reserve. At the annual meeting the chairman, Sir William Berry, made an interesting reference to the recent general strike, and especially to the better understanding which he considered had been reached between the proprietors and the men.