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SELFRIDGE DIVIDEND LOWER.

Selfridge & Co. show a smaller reduction in net trading profit—a decline of £36,996 to £448,090. But the amount required for taxation has risen steeply from £35,750 to £8o,000, so that the ordinary dividend has had to be reduced from 15 per cent. to 8 per cent. The balance carried forward has been reduced by £24,051. The public interest in the ordinary shares is through the ordinary and preference capital of Gordon Selfridge Trust, which holds all the ordinary shares of Selfridge & Co. The dividend payable by Selfridge & Co. on this occasion only covers the preference dividend of the trust company. It is difficult to see how there can be anything for the ordinary shares.

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