A GOOD INDUSTRIAL COMPANY.
Special interest attaches to the latest report of Timothy Whites and Taylors, Limited, for the year up to September 28th last because it is the first to show the effect of the merger with the Taylors (Cash Chemists) Trust and Taylors (Cash Chemists) London Companies, the management of which was taken over on April 1st last. At the time of the merger proposals the chairman of the companies, Mr. Philip Hill, estimated that after payments of the preferential dividends something like £122,510 would be availaile for reserves, fees and Ordinary dividends. As a matter of .fact, the latest accounts show that the amount available for these purposes is £128,176. The directors are able, therefore, to increase the dividend on the Ordinary shares from 17/ to 22/ per cent., while the balance carried forward is higher at 136,984. After providing for all merger and issue expenses, the sum of £344,185 was available to apply as to £224,870 to Develop- ment Reserve, £89,315 to the General Reserve, raising that fund to £100,000, and £30,000 to Staff Pensions Fund.
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