DRAPERY TRUST PROFITS.
A cautious policy is also displayed in the latest report of the Drapery Trust covering -the year ending Hay 31st last. The reduction in income was not great, the total being £381,386, against £401,705 in the previous year, while the net profit was £285,873, against £845,247. The directors, however, have reduced the dividend on the ordinary shares from 10 to 7 per cent. carrying forward a balance of 1147,265, against 1134,393. The report states that substantial aniotmts have been retained by the subsidiary and other companies in increased amounts carried forward and allocations to reserves, while all preliminary expenses have now- been written off except in the case of one company in which a controlling interest is not held in the Drapery Trust. More- over, it should be noted that the profits of the Trust were reached after writing off the loss incurred through the Whop of the Austin Friars Trust, Limited, the reduction in profits, in fact, being due to that loss. The former deputy-chairman, Sir Frederick Richmond, is now chairman of the- Drapery Trust, the former chairman, the Marquess of Winchester, having resigned from the Board during the year. _
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