INTERNATIONAL TEA.
The Directors of the International Tea Stores have pub- lished a good report for the financial year ending April 28th last. A year ago the trading profit was £794,000, which compared with a record figure for the previous year of £885,000. For the past year the trading profit, though not approaching the record total, was £824,000, showing an increase of about £30,000 over the previous year. The Directors are able to pay a final dividend of 18 per cent. making 30 per cent. for the year with a good balance forward, the dividend being at the same rate as last year. It is now proposed to increase the capital by the creation of 700,000 additional Ordinary Shares of 5s. each, of which 549,752 are to be offered at the price of 20s. per Share to the Ordinary Shareholders in the proportion of one New Ordinary for every ten Ordinary Shares at present held. A balance of 150,000 Shares is to be offered at the same price to the Directors, Departmental Directors, Heads of Departments, and Selected Managers, and other employees, but no per- mission to deal in this line of 150,000 Shares on the Stock Exchange will be applied for until after the expiration of three years from the date of issue. The prices at which the Shares are offered constitute, of course, a "considerable bonus, inasmuch as the present prices for the Ordinary Shares is about 32s. 6d. at which the yield on the basis of the 30 per cent. dividend is about £4 lls. per cent.
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