TAXATION AND THE BREWING INDUSTRY.
The Chairman of Mitchells and Butlers, Sir William Waters Butler, has long been regarded as an expert not only upon the brewing industry but on all matters relating to licencmg, and his comments at the annual meetings of the company are always awaited with exceptional interest. At the annual meeting which was held last week Sir William drew attention to the fact that the extra brewery tax, although it had only operated for nine months of the company's financial year was in the main responsible for the fall in brewery profits, the drop in the profits of Mitchells and Butlers being £113,534, or the equivalent of nearly 4 per cent. on the Ordinary capital. Moreover, Sir William gave further evidence of the seriousness with which he regarded this effect of onerous taxation upon the financial outlook for the company by stating that although the total reserves were more than sufficient to support the (Continued on page vi)
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