HARROD'S (B.A.) PROFITS.
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The jiteit profit. statement 'of Harrod's (Buenos Aires) is a good one. Thanks mainly. to the receipt of much larger divi- dends_ from its 'holdings in South American Stores (Gath and Chaves); profits for the :year total £427,000 against £301,000: After putting aside £29,952 for depreciation and taxes the balance remaining permits payment of interest on the Funding * The weekly_ articles on .t6.rinancoL-Public and Private " by Mr. Arthur W. Kiddy will be resumed in our issue of November 19th. Certificates, a full dividend on the 8 per cent. Preference shares, a reduction, of Funding Certificates, and the placing of £17,228 to Reserve. A dividend of 5 per cent. is recom- mended on the Ordinary shares, still leaving 167,309 to be carried forward. In view of the Comparatively low yield on the Ordinary shares, at their present market price, it looks as though a still further expansion in profits were anticipated. The Ordinary shares, it may be noted, are entitled to divit dends up to 13 1-3 per cent. on the 15s. shares and to 20 per Cent. of any surplus profits. The balance goes to the Deferred shares.
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