COURTAULDS' DIVIDEND.
The declaration by the Directors of Courtaulds, Limited, last week of a final dividend of 3 per cent., making 5 per cent. for the year, free of tax; compares with 8 per cent. for the previous year, and the distribution was pretty much in accor- dance with market estimates. To pay even this reduced dividend, however, the Directors had to transfer £450,000 from Contingencies Reserve and to reduce the balance carried forward from £190,000 a year ago to £147,000. In their Report the Directors state that, in view of present world conditions and the decline in general values, they have decided to reduce further the values placed upon the Company's interests abroad to the extent of £1,000,000, to cover which they have applied £300,000 from Capital Reserve and 2700,009 from the General Reserve. On the other hand, the Directors havemot taken credit for the improved sterling values of other holdings abroad resulting from the appreciation of exchange.
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