GRAMOPHONE DEVELOPMENTS.
Columbia Graphophone shares fell back slightly after the issue of the last annual report, which, perhaps, is not altogether surprising, for the shares are only of 10s. denomination and the price had been raised to nearly £15. It is obviously very difficult for boards of directors to earn profits commensurate with such a high market valuation, which, after all, is no concern of theirs, and it is a very remarkable tribute to the management and organization of the company that for its last financial year it should have earned the equivalent of over 90 per cent. upon the capital as it stood in the previous year, before the distribution of a bonus of 100 per cent. in new shares to shareholders. On this enlarged capital it has paid a dividend of 45 per cent.
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