SCRIBBANS.
Another instance of good results in the face of generally adverse trade is furnished in the annual report of Scribbans and Company, Limited. For the year ending April 30th last the dividends are maintained at the same rate as in the previous year, which means that on the Deferred shares there is a final dividend at the rate of 22f per cent. per annum, less tax, being 25 per cent. on the profits available and equivalent to a total distribution of 19i per cent. per annum, less tax. There. was just a small reduction in the profits, but the 'directors point out that the company, in pursuing the policy of sales development, referred to in the last report, had charged the whole of the expenses thereof against the profits, thus preserving intact the sum of /35,000 carried to Development Account last year. This year £25,000 is again transferred to that fund and £27,635 is applied in writing off the balance of expenditure in connexion with, acquisition of new business. The balance sheet shows a 'total of cash in hand of nearly /42,000.
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