SOME GOOD BREWERY REPORTS.
During the past week the reports have been published of Guinness' Brewery, Watney Combe Reid, and Friary, Holroyd and Healys. In all three cases the results disclosed are entirely satisfactory. I referred last week to the increased dividend announced by Watney Combe Reid, and since then the annual report has been issued confirming the favourable impression created by the announcement of the higher divi- dend. After providing for depreciation and all bad and doubtful debts, the net profit amounted to £1,268,002, as compared with £1,098,076 in the previous year. A sum of £350,000 is carried to Property Improvement and Contingency Reserve, replacing an equal amount taken from that account to provide for expenditure on improvements. After paying the final dividend, making 13 per cent. for the year, against 10 per cent. for the previous year, the carry forward is also increased from 1277,551 to £301,651. It is clear, therefore, that the higher dividend is consistent with a conservative policy, an impression confirmed by the balance-sheet itself, which shows British Government Stocks standing at £1,661,089 and the cash balance at £311,047. The Deferred £1 Stock now stands at about 62s., giving a yield to the investor of approximately £4 4s. per cent.
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