RUBBER TRADING PROFITS.
Profits in rubber, and especially on the large usage of rubber, are by no means confined to the producing companies. A striking example of this is furnished by the results achieved during the past year by Hecht, Levis and Kahn, whose annual meeting was' held Friday in last week. The company has been engaged in trading in .rubber—that is to say, in the buying and selling of the commodity—for something like three-quarters. of a century, and at the annual meeting the (Continue? on page 187.) FINANCIAL NOTES (Continued from page 184.)
chairman, Mr. Walter Fletcher, referred to the great increase in the volume of trade experienced from about December in last year to the following May. Rubber, in common with other commodities, experienced great activity during that period, with a sharp rise in the price, and for the entire year there was a profit on trading, plus profits and less losses of subsidiary companies and including reserves formerly made for depreciation of investments and not now required, of £228,091. The directors were able to pay a final dividend of 15 per cent., making zo per cent. for the year, and a cash bonus of is per cent. The directors also recommend a bonus issue of Preference shares to the Ordinary shareholders to a nominal amount equivalent to to per cent. upon the Ordinary share capital of the company. These Preference shares are to rank for dividend from March 31st last. The chairman also spoke hopefully with regard to the outlook, and as regards the past year, during which such substantial profits have been earned, he stated that the expansion was due principally to the great increase in the actual volume of trading in rubber. Mr. Fletcher pointed out that the whole of the stock carried by the company was hedged by forward sales in pursuance of the company's policy of not running large open positions.
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