CARRERAS RESULTS.
Whatever other industry may feel the effect of bad times nothing seems able to check the great prosperity of the tobacco trade. The interim dividend of 15 per cent. just announced by Carreras, Ltd., shows, it is true, no advance over that of a year ago, but then it has to be remembered that the distribu- tion has been on a much larger capital, because in conjunction with last year's final dividend there was a capital bonus of 50 per cent. Therefore, the present dividend must be regarded as really equal to about 221 per cent. on last year's capital, which moreover had previously been increased by bonus. additions. Indeed, if the most recent dividend be translated in terms of the capital of 1924, the distribution, allowing for its being free of income tax, would be more like 70 per cent. Judging, however; from the extraordinarily high price of the shares, giving a yield of scarcely more than 3 per cent. free of tax, shareholders would seem to be anticipating a still further expansion in profits with a possibility of further bonuses. * *
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