Most of the shares of the Drapery Trust are held
by Deben- hams, Ltd. The shareholders of that concern, however, and of Debenharns Securities, Ltd., as well as the preference share- holders of the Drapery Trust itself, are so numerous that it may be useful to comment upon the Report which has recently been issued. The net amount received from associated com- panies was £401,705 against 1417,720, but, on the other hand, the amount of Income Tax charged against the profits is only 113,599 against 284,707 in the previous year. On this occasion, however, the gross amount of dividend paid by the Trust is charged against the appropriation of profit instead of the net amount only, the 10 per cent. ordinary dividend requiring 1150,000 with tax upon it, whereas the 8 per cent. dividend for the previous year absorbed 196,000 net, and similarly, the 7 per cent, preference dividend with an extra 1 per cent. by way of participation requires £192,000 gross against /153,600. Last year, after payment of the 8 per cent, dividend, the amount carried forward was increased from 174,769 to 1131,145, whereas this year the sum remaining to be carried forward receives a relatively small addition at £134,392. Since the date of the previous balance-sheet further investments have been made resulting in an increase in the book value from 24,341,631 to 14,748,231. There has been no increase in the capital, but secured loans outstanding have risen.
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