* * * * SPILLERS HIGHER PROFITS
Flour-milling in Great Britain is very largely in the hands of three companies : Ranks, Spillers and the Co-operative Whole- sale Society. The Co-operative Wholesale Society is not a Stock Exchange company ; Ranks are a holding company, and the earnings of the operating company, Joseph Rank and Sons, are not disclosed. For information about the progress of the industry, therefore, one has to rely very largely upon the accounts of Spillers. The information from this source is reassuring. Profits for the year ended January 31st amounted to £652,256, against £586,224. The company has on this occasion to meet the dividend for three months on the new shares which were issued in exchange for the ordinary shares of Hosegood Industries, though it does not appear as yet to have received a dividend on the Hosegood investment. Profits are, however, amply sufficient to provide the usual 15 per cent. on both classes of old capital, the proportionate 3+ per cent. on both classes of new shares, and to make increased reserves. A total of £23o,000, against £175,000, is provided for taxation, and £75,000, against £5o,000, for reserves, leaving a balance of £168,169 to go forward, against £166,675 brought in.
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