TOBACCO PROFITS.
The profits earned by the leading tobacco companies are so stupendous that even allowing for reductions during these times of depression the figures are still very striking. All the same the annual report of the Imperial Tobacco Company shows the rather severe fall in profit for the past year of a little over £1,200,000 ; the profit for last year was 18,647,000. The dividend and bonus, therefore, is at the rate of 20 per cent, in all against 221 per cent, in the previous year ; this distribution, it should be noted, however, is tax free. Moreover, a further sun, of 1,500,000 is allotted to the reserve though the balance forward of £1,075,000 is down about £200,000. The balance-sheet is a strong one with cash, Government securities and Corporation Loans standing at no less than £17,300,000.
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