PROFITS OF COMBINES.
Whatever may be said from the ethical standpoint with regard to industrial combines, there can be no question that it is in those directions that shareholders at the present time are mainly reaping their harvests. No more striking example of that fact could be furnished than by the great Tobacco combinations. During the past week the Report has been issued of the Imperial Tobacco Company, the financial strength of which seems steadily to increase. The net trading profit for the past year amounted to 28,881,000 as compared with 28,365,000 for the previous year and the dividends for the year, including bonus, amounted to no less than 24 per cent. free of tax as compared with 224 per cent. for the previous year. Moreover, a sum of 2500,000 is again transferred to the Reserve, bringing it up to £6,0007000 while 2250,000 is set aside as provision for pensions. The balance sheet is also a very strong one, and in addition to the reserves the total of cash stands at 24,268,000 or more than 11,000,000 above the level of last year, while investments in Government and other securities amount to £13,659,000.
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