The recent increase in the dividend on the Ordinary capital of Pinchin, Johnson and Company, the paint manufacturers, from 15 to. 17f per cent., prepared the market for a good Report. It now appears that the total profit for the year was £317,083 as compared with £250,956 in the previous year. All departments contributed to the improved results and the oversea companies showed very gratifying progress. The Directors are now proposing to create 300,000 new 4 per cent. Second Cumulative Preference Shares of £1 each and subscribers of these shares at par will be entitled to subscribe for one new Ordinary Share at 28s. for every four new Prefer- ence Shares. Resolutions for carrying out the proposals are to be submitted at a meeting on April 8th. The ordinary general meeting will be held, however, on the 27th of this month. The present price of the Ordinary Shares (10s. Shares) is just on 40s., so that on the latest dividend the present yield to the investor is about /4 7s. 6d. per cent.