SCRIBRANS.
In view of the schemes for enlarging the range of the Company's products, the Directors of Scribbans Limited announced in their recent report that they were considering it wise temporarily to reduce the dividend on the Ordinary shares to 5f against 7 per cent., while the distribution on the Deferred Shares is 1517.2 against 191 per cent. a year ago, although the profits for the year of £222,599 showed only a small decrease compared with the previous year. The Directors, moreover, have transferred £20,000 to Development Reserve and £10,000 to the General Reserve, carrying forward £23,217 against only £13,926 brought in. At the annual meeting, the Chairman, Mr. Philip E. Hill, gave the share- holders details with regard to proposed further expansion. It had been determined, he said, to provide the capital required for extension out of revenue, a circumstance which, of course, explains the cautious policy with regard to the dividend. Mr. Hill gave some further details also showing the extent to which the Company had strengthened its financial position over a period ofyears.
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