BRITISH TOBACCO.

Auckland Star, Volume LXVIII, Issue 291, 8 December 1937, Page 4

BRITISH TOBACCO.

HUGE PROFITS DISCLOSED. BEST YEAR SINCE 1930. DIVIDENDS TOTAL 10 PER CENT. Net profits at £911,'586, declared by the British Tobacco Company (Australia), for tlie year ended October 31, compare with £007.761 the previous year, and are the highest recorded since 1930. The report of the directors states: — "Following the close of the accounts for the year ended October 31, J930, special dividends were received from subsidiary companies declared out of their accumulated profits for past yeais, which were | dealt with as follows: Dividends received, £307,170; payment of bonus dividend of 9d per ordinary share, £305,042; balance carried forward, £2128. Net profits, alter deducting all charges ami expense.-s for management, etc., and providing lor income tax, are £911.380. From this is deducted preference dividend of o'/i> per cent, £06,507, and lour interim dividends on ordinary share® aggregating 8 per cent, , £650,757, leaving a Balance of £161.122. To this is added the amount brought forward. £36.013. and the balance from special dividends. £2128. leaving an available balance of £202,863. The directors have now declared a final dividend of 2 per cent on the ordinary shares of the company, payable on December 31, 1937, amounting to £162,689. leaving a balance of £40,174. The above figures do not include the company's interest in the undivided profits of the subsidiary companies." The directors' report also states that while business prospect* for 1938 are satisfactory, the payment of a final dividend of 2 per cent this year should not be regarded as meaning that a similar distri-» but ion can be looked forward to regularly in future. Past Years Compared. Result* from the profit and loss account over the past decade have been: — 12 lu'ths Ordinary t>> Profit. dividend. Oi-t. L p.c. v.rjß 0i0..-,ofi to ri:!.140 1929 1.0 11.307 11 591.791 in::o 1,071.072 12 1 ::r. 1031 7 17.0UT S 0r,0.7."7 . lit 32 f>X.V-!i!l « -ixs.nlix in.-13 r»sr..r,n fi -|xx.o<;x| i!t:u r,R.-.K.-»n « -tss.oc.x I'.cir, r.Rr. :i."O 0 .»r«.mis 1 i 1 .*< 1; r, 1',7.7H1 7 r>ii!i.4l2 1937 911.3RR 10 Si.'{,llo Each year the preference dividend of 6'/i per cent has taken £96,507. Balance-Sheet. Chief balance-sheet items, compared with those for the previous year, are as follow:—• LIABILITIES. £ C Taid capital 0,610. ISO Same I'rrditors 17.K24 -—n.11113 l'rofit and loss ... 202.863 -f160,2.">n ASSKTS. Shares, subsidiaries 7.722.192 Same Illinois 2,1 03,1i25 ~ 1."7.07 i; Cash 14,or>(> —720 Total 0.539.573 -f 1.Vi.3 !7 Of the paid capital, which is unaltered at £9.619.186, £7.722.192 is invested *1 subsidiary companies' shares and most of the balance in advances to those conipa n ies. The subsidiaries comprise W. D. and IT. O. Wills fpaid capital. £6.112.4051, British Australian Tobacco (paid capital. £7.150.91X1. the States Tobacco Co. ipaid capital. £.303.418). and S. T. Leigh and Co. (paid capital, £233,985). Information for Shareholders. In a circular Accompanying the annual report, the directors state. "11 icgard to the question of supplying sliavboMers illicit with information in regard to our subsidiary companies. the directors have decided to furnish ordinary shareholders with a consolidated statement of assets and liabilities, in the form of a b.il mccsheet of British Tobacco Company 1 Australia), Limited, and ifs subsidiary companies. The fnrurcs required, however, for this statement will not be available until late in January. 1938. I