CEREBOS.
Prosperous conditions are also revealed in the report of Cerebos, Limited, whose net trading profit for the year to Novem- ber 30th last was 1246,976, as against 2249,062 for the previous year. Moreover, a sum of 243,848 is now written back from the Investments Depreciation Reserve, and the company's investments show a substantial appreciation on book value. Consequently there is a total amount available for distribution of 2413,274 as compared with 1323,074 in the previous year. A year ago the directors paid a dividend of 30 per cent., tax free, adding 250,000 to the reserve, in addition to £43,848 placed to Investments reserve. The directors now recommend a 30 per cent, tax-free dividend, with an addition of £100,000 to the reserve and a carry forward of 1163,274 against 2123,074 brought in. The reserve has now been raised to 2348,824 and the directors propose capitalizing 1250,000 of that amount in order to distribute a share bonus of 50 per cent- In 1927 there was a capital bonus of 331 per cent. and a further 25 per cent. in 1928, since when, however, the company has been able to pay for four years 30 per cent, tax-free dividends. The balance-sheet is also a strong one, showing British Government securities and other investments with a market value of 1618,000, while the total of cash was 1224,000.
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