A PROSPEROUS BREWERY.
The latest report of Hoare and Company indicated con- tinued prosperity in the brewing industry, the profits for the year having increased from £44,000 to £553,000. This good showing is not without interest also to shareholders of the City of London Brewery Company, which, it will be remembered, recently sold its houses to Hoare and Company, receiving in return a block of shares of the latter. The final dividend now announced by Hoare and Company is 18 per cent., making 22 per cent. for the year against 19 per cent. for the previous year, when, however, the full benefit of the acquisitions from the Commercial Brewery and the City of London were not yet felt. In addition to paying this fine dividend, the Reserve Fund is increased by £102,521, and now stands at £1,135,000, a sum which is not so very far removed from the total of the Ordinary capital, which stands at £1,919,000. For the moment, however, notwithstanding the present prosperity, brewery stocks are rather under a cloud owing to the cryptic reference to the industry in the King's Speech. With all deference, however, to any Prohibition advocates, share- holders, I think, may feel that their industry is a sound one, while the revenues rendered by it to the State are beyond question substantial.
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