NOTHING LIKE LEATHER.
It is refreshing in these days of trade depression to note such a good and industrial Report as that represented in the latest annual statement by J. Sears and Company, the Northampton boot and shoe manufacturers and retailers. For the past year, after making due provision for expenses of the capital issue, the profit was £323,415, as compared with £814,580 for the previous year. The Ordinary shareholders received a dividend of 221 per cent., tax free, and the " A " shares 3s. per share as a final payment, making 4s. 6d. tax free for the year. The sum of £25,000 is again transferred to the Reserve and the balance carried forward of £134,237 is practically identical with a year ago. The balance of issue expenses remains at £90,000, but goodwill has been written down to nothing. Freeman, Hardy and Willis, Limited, which is controlled by Messrs. J. Sears, report a net profit for the year of £268,537, and the latter company received from their subsidiary in dividends on their shareholding about £223,000.
A. W. K.
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