26 NOVEMBER 1937, Page 42


A year ago the annual report of Tube -Investments, the Company which controls a group of tube manufacturing companies and works in liaison with Stewarts and Lloyds, showed considerable expansion in activities and profits, and now for the past year there is to be noted a 3o per cent. increase on the year in the dividends received from subsidiary and allied companies. The dividend for the year ending October last is 23f per cent. against 17f per cent., and the increase is the more noteworthy inasmuch as the dividends are payable on the full Ordinary capital of £3,239,190, plus the 500 Liaison Shares which are equivalent to £500,000 of Ordinary Stock. Both the profit statement and the balance-sheet are good, and in the matter of profits account has been taken of the earnings of the subsidiary companies only to the extent of the declared dividends. It is shown in the balance-sheet that Cash has been reduced by nearly £800,000, which probably indicates the fuller employ- ment in the business of money raised by last year's capital issue. The consolidated balance-sheet of the group shows -that the (Continued on, page 977.)


(Continued from page 976.)

total bank balances are only about £50,000 less and stand at £1,339,000, while the surplus of assets over liabilities is /250,000 up at £1,254,000.