POWELL DUFFRYN.
In examining the annual reports of the Powell Duffryn Steam Coal Company, it must be remembered that this is now a holding concern for the merged undertaking of Powell Duffryn Associated Collieries, which themselves are amal- gamated in Powell Duffryn Associated Collieries, Ltd. The income of the holding company for the financial year ended March 31st last was £319,844, and this compares with £280,484 for the previous year. The dividend is raised from 6 to 7 per cent. with a carry forward of £6,641. The Powell Duffryn Associated and Welsh Associated Collieries made net profits for the year of £739,000 against £721,000. A sum of £150,000 was transferred to the General Reserve, while the Preference dividend takes £126,000, and that on the participation shares held by the holding company and Welsh Associated Collieries takes £450,000. The report states that the process of consoli- dation is continuing. The directors state that the export market last year showed little improvement, and trade was also affected by the Spanish War.
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