GUINNESS.
In the case of Arthur Guinness, Son and Company the dividend was unchanged at 22 per cent. plus 5 per cent. bonus, and the report disclosed an increase of profit of no less than £276,271. This increase in profit is equivalent to rather more than 44 per cent. on the Ordinary Stock. It appears, however, that in the previous year the 22 per cent. dividend entailed a reduction in the balance carried forward from £846,647 to £706,800, whereas this year the balance carried forward is raised to £811,724. It is probable, too, that some part of the higher profit was attributable to the reduction in the rate of income tax. The balance-sheet is a strong one, with £4,643,569 of Investment securities at less than market value and £1,895,229 of cash. The £1 Ordinary stock of Guinness now stands at 112s., giving a yield to the investor on the basis of the last dividend and bonus of about £4 17s. per cent. * * * *
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