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B.A.T. SUBSIDIARY.

Interest in the new subsidiary Trust company of the British American Tobacco Company has been considerably stimulated by the announcement that Mr. Reginald McKenna, of the Midland Bank, is to be the Chairman and that another member of the Directorate will be Lord Bradbury. Both of . these appointments were confirmed at the meeting held- this week of the B.A.T. Company. In his address the Chairman, Sir Hugo Cunliffe-Owen, gave a .very interesting resume of the remarkable history of the company during the.past twenty- five .years, its progress being, indeed, one of the most con- spicuous features of industrial activity during the.. period. Needless to say, shareholders quickly adopted the resolutions:

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