HARRISON GROUP OF NEWSPAPERS.
At least four of the companies in the Inveresk Paper group are able to show good results for the past year, namely, Illustrated Newspapers Limited, Illustrated London News and Sketch Limited, Caldwell's Paper Mill Company Limited,
and Olive & Partington Limited. The accounts of Illustrated Newspapers, however, do not include in the present return any profit from the holding in Illustrated London News and Sketch, whose report is issued separately. Therefore, it must be presumed that the Illustrated Newspapers' profits have been derived from Sphere and Tatler Limited, Amalgamated Trade Publications Limited, the Graphic and Bystander, and the Horton Kirby Paper Mills Limited. Illustrated Newspapers Limited reveals 'a profit of £268,884, and a dividend is declared of 8 per cent., while the directors write off £21,243 from.pre- liminary expenses. The Illustrated London News and Sketch profits for the eleven months to November 30th were
£76,142 against £76,173 for the whole of the previous year, and this company pays no less than 451 per cent. per annum for the period. C,aldwell's Paper Mills made a profit of £81,446, and pays 12 per cent. free of income tax, and Olive and Partington Limited, which shows profits of £77,681, pays 15 per cent. on the ordinary shares after placing £10,000 to reserve and depreciation fund.
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