19 MARCH 1932, Page 36

GODFREY PHILLIPS.

Having regard not only to the trade depression, but to the increased duty on cigarettes during the final quarter of last year, the annual report of Godfrey Phillips, Ltd., is a very good. one; the trading profit of £150,289 is only ablait £29,000 less than a year ago. The directors,lsowever, in view of the trade outlook and the higher duty on tobacco and cigarettes, are pursuing a cautious policy in the matter of dividend distribution, the present dividend on the ordinary shares only being 5 per cent. as compared with 10 per cent. a year ago. The directors have, in fact, preferred to increase the balance forward from £17,111 to £84,572, while a further small sum is placed to reserve raising it to £950,000.