COURTAULDS.
In harmony with the warnings to speculators made from time to time by the chairman, the final dividend of CoUrtaiilds was at the modest rate of 10 per cent., making 15 per cent., free of tax, for the year. Speculators in the market were dis- appointed, and the shares weakened, but genuine holders of
Courtuald shares, including those who have received handsome bonuses in the past,. will, 'fancy, be in no way perturbed by the continuance of the conservative policy which has always characterized the management of Courtaulds. As a matter of fact, the profits amounted to no less than15,172,000, or an increase for the year of nearly 2600,000. Moreover, there is a further allocation of £1,000,000 to the Reserve, while £1,395,000 is carried forward against £1,223,000. Nor should it be for- gotten that the dividend is paid free of tax, and while at the present price the yield on the Ordinary shares of only 3/ per cent is, of course, in the ordinary sense of the word small for the ordinary share of an industrial concern, the management commands confidence both as regards maintenance of profits and as regards future possibilities.
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