a- - - a * . * - • Coen - I - Art.13's, Although
the profits of Courtatild's'for the past year showed a material reduction,-the report on the whole was a more favourable one than the market had anticipated. having regard to the general trade depression. The actual profits total X3,841,000 against £4,-111,000, but the latter figure was reached after providing L500,000 for the Employees' Pension Scheme and transferring £200,000 to a special reserve for insurance. At present there is no announcement of similar allocations, and the transfer to the general reserve is reduced from £1,000,000 to t750,000. On the other band, the carry forward is only £9,000 lower at the very large total of SI ,037,000, while the general reserve is to be increased by £1,250,000 transferred from certain taxation reserves. A year ago the dividend was at the rate of 25 per cent. and the market had been prepared for -a reduction to 20 per cent. When it Was known, therefore, that the dividend was to be 221 per cent. tho shares rose appreciably.
A. W. K.
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