NOBEL'S PROGRESS
A good feature of this Company for some time past has been the soundness of 'its balance-sheet, and while the recent increase in the dividend on the Ordinary and Deferred Shares is scarcely represented by a corresponding increase in trading profits, the balance-sheet shows that the increased distribution is thoroughly justified by the actual financial position. A very large amount was brought forward from the previous year, a part of which has now been definitely set aside for the Reserve, and the General Reserve now stands at £1,000,000. The cost of shares in constituent companies has been further written down and the same process has apparently been pursued with regard to other industrial investments, but gilt-edged secu- rities show an increase for the year of about £60,000. The Report also speaks hopefully as regards prospects for business in Oversea markets, though, of course, conditions have been prejudiced by the stoppage in the coal industry, which has affected the home explosivei 'business. The Directors, how. ever, express the hope that the result will' be repaired in part by an improvement in the outcome of the activity of the con. stituent and associated companies, while the income received from general investments tends to expand. The Company is now paying 10 per cent. on the Ordinary and 5 per cent. on the Deferred shares.
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