ODHAMS AND NEWSPRINT COSTS
Lord Southwood explained to the shareholders of Odhams Press on Wednesday that the reasons for the fall from £340,192 to £260,067 in the company's net profit were the higher price of newsprint and higher labour costs. Though he would offer no prophecy for the immediate future, he was satisfied that with a return to normal international conditions and a reason- able reduction in the cost of newsprint, which is the com- pany's chief raw material, the company would return to a period of increasing profits. He also disclosed that the im- portant subsidiary Odhams (Watford) had made very satis- factory progress. During the past year it has been able to pay its own preference dividend and to make a refund to the parent company.