ARGENTINE TOBACCO PROFITS.
Shareholders of the Argentine Tobacco Company, who some years ago agreed to amalgamation with Piccardo and Company, a native company working under Argentine law, have every reason to be satisfied with the result of taking the advice of their directors, for Piccardo and Company's profits have shown consistent expansion. Cable advises received by. Messrs. Eilangers with regard to the latest figures for the year ended June 30th last state that the profits for the year were $6,289,749 (Argentine Paper), an increase of over, $200,000, and, thanks to the very conservative financial policy adopted in the past, rather more liberality is possible in the matter of dividends, the distribution on the Preference shares being raised from 8 to 9 per cent., while the Ordinary shares will receive 101, against 8} per cent. The surplus profits permit of the appropriation of $314,487 to the Reserve Fund, while $1,500,000 is transferred to Contingencies Fund. The shares of Piccardo and Company are dealt in on the Stock Exchange, the price being 12i for the shares of $100 (Argentine Paper). The Argentine Paper dollar is worth approximately Is. 8d.
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