TOBACCO PROFITS.
Some five years ago the net profits of Ardath Tobacco. Company—the concern which manufactures " State Express " and other cigarettes—achieved the remarkable total of £715,000, but three years later there was a decline to £455,000. For last year the profit was £460,427, as compared with £460,206 in the previous year. • The Company is controlled by Universal Tobacco Company, which holds practically all the Ordinary capital, on which the dividend is steadily main- tained at 12 per cent., free of tax. The public holds the 0 per cent. Cumulative Preference Shares of the Ardath Com- pany and these are exceedingly well secured, the balance-sheet being a very strong one. Indeed, at the current price of the Preference Shares of about 30s., the yield to the investor is only a fraction over 4 per cent.
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