BOVRIL DIVIDEND LOWER.
Bovril have not thought it prudent quite to maintain the high standard they set themselves when they advanced their deferred dividend a year ago to 61 per cent. The final dis- tribution is reduced from 4 to 3+ per cent., bringing the total ,iividend for 1938 down to 6 per cent. The allocation to reserve is simultaneously reduced from £65,000 to £35,000. The balance carried forward is increased by £2,488 to £73,852, whereas in the previous year it was reduced by £1,288. Share-, holders therefore have the satisfaction of knowing that even in a less favourable year the company has added to reserves a sum equivalent to 3-1- per cent. on the deferred capital. Profits, it would appear from the preliminary statement, must have amounted to about £25o,000, as against £281,964 in 1937.
J. D. M.
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