7 JULY 1928, Page 40

LIPTON&

The annual report of Lipton Limited for the past year is a depressing document showing a loss, even before meeting debenture interest amounting to £56,000, of £32,538. A year ago there had been a profit of £15,399 subject to debenture interest. It would seem that a large part of the loss now shown has been caused by the writing off of depreciation of stocks and by loss on departments now closed, while it is pointed out that some time must elapse before the full benefit of the reforms now being carried out can be reflected in trading results. Nor is it surprising to find that the report fore- shadows a probability of a writing down of capital. At the present time " Goodwill " figures in the balance-sheet at no less than 11,445,620 1

* * * *