DRAGE'S.
Making allowance for the general depression, the Report of Drage's Limited—which is now controlled by the Drapery 'Trust—is a good one, the profits being a little over £158,000, as compared with about £172,000 for the previous year. The 'Directors have, however, pursued a conservative policy in the matter of dividend distribution, and the Ordinary dividend is 25 per cent., tax free, as compared with 62i per cent. for the previous year, subject to tax. The Directors state that in reducing the Ordinary dividend they have thought it advisable to place 125,000 to the Reserve, no allocation having been made to that Fund a year ago. The Ordinary capital is only £100,000, and the reduction in the dividend, therefore, is fully accounted for by the allocation to the Reserve.
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