Judging from the Reports recently issued of certain leading companies,
it looks as though the old phrase "there's nothing like leather" would have to give place to "there's nothing like tobacco." The report of the British American Tobacco Co. issued during last week, shows that the company estab- lished a record figure of profits at £6,354,000 as compared with £6,196,000 in the previous year. The tax-free dividend of 25 per cent, is maintained, but the amount distributed is on a much larger capital owing to the company's large bonus distribution of shares in the preceding year. After paying the present dividend no less than £2,319,000 is carried forward, being an increase of just over £250,000 upon the sums brought into the accounts. One of the principal changes in the balance sheet is a reduction in the amount of loans to associated companies from £.8,589,000 to 15,390,000. On the other band. investments in associated companies have risen from £16.900,000 to £20,100,000.
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