LiPrOis's PosrrioN.
It remains to be seen whether when the Report of Lipton's is issued a year hence the recommendations recently made by the Committee of Enquiry will have resulted in -an improved position, but the need for such improvement is clearly indicated in the latest report made up to March 31st last. For that year it is shown that the profit before meeting the Debenture interest (which requires £56,000) was only £15,400, whereas for 1926 the total was £86,844, and for the preceding year £142,713. To meet the debenture interest £50,000 has been taken from the reserve, but nothing, of course, is paid on the
preference or ordinary shares. The directors announce that they have decided to refit a number of branches and depots and to close or transfer to other sites certain other unprofitable ones. For that purpose, £100,000 has been taken from the general reserve. In the balance-sheet the
goodwill still stands at the high figure of £1,446,000.
A. W. K.
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