COURTAHLDS.'
• Although, following upon the dramatic announcement of the 100 per cent. bonus, the report of Courtaulds may have provided no further sensational disclosures, the statement Was received with general approval in the market—in fact it may be said to have steadied and consolidated the appre- ciation which had already titken-phice in the shares as-a con-. sequence of the good dividend and bonus. The actual profit for the year was 24,836,000 -against £3,841,000. The dividend was at the same rate as the previous year, namely, 25 per cent. free of tax, while as regards the fine bonus of 100 per cent. in shares, the Directors in their _report repeat the caution uttered at the time of the announcement, namely, that the bonus is distributed " in order that the larger capital of the Company may more nearly represent its actual assets and that this proposed increase of capital does not necessarily imply any increase in the total amount of profits to be dis- tributed in the future, which must always depend upon earnings.", ' • - 4
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