UNITED MOLASSES POSITION
Very many industrial companies are now finding it impos- sible to complete their reports and balance sheets at the tisual date. United Molasses Company, which not only conducts a highly important molasses import trade, but also owns a large fleet of tankers, is among these. The annual meeting, usually held in December, will not take place until next spring. But there is an additional reason for delay. The company hopes soon to reach an agreement with the Ministry of Supply concerning the terms under which it will, under the control of the Ministry, import, store and distribute molasses in the United Kingdom. When agreement is reached the books will be closed and a new financial year started.
Meanwhile shareholders are not to be made to wait until that indefinite date for their dividends. A second interim dividend of 15 per cent. is declared which covers earnings up to September 3oth when the financial year would nor- mally have ended, and makes 221- per cent. as in the previous year. There is not to be any further dividend for that period, but there will, the directors hope, be a final dividend for the broken period up to the closing of the accounts. Here is tangible evidence which the interim report confirms that business has been satisfactory. The molasses business showed a substantial increase, and the tankers were fully employed at remunerative rates for the greater part of the year to September 3oth. The volume of business has been maintained since the war began, 'and all the tankers are in commission.
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