Brown Brothers' Report.
Page 4
If you've noticed an error in this article please click here to report it so we can fix it.
The report of the directors of Brown Brothers, Ltd., for the year ended December 16th last, which has just been issued, shows that the •profit, after making due provision for all taxation and depreciation and directors' fees, amounted to £50,325, to which must be added a sum of £940 brought forward from the previous year. Of this sum, £10,875 will be absorbed by the payment of a dividend for the year on the 7i per cent, cumulative preference shares. The reserve fund benefits to an appreciable extent—in the first place by a transfer of a sum of £3,345 in accordance with the articles of association (10 per cent, of the net revenue), and the additional allocation of £6,574, thus bringing the total fund up to £100,000.
After these provisions have been made and a dividend of 5 per cent. on the ordinary shares is paid (this will absorb £18,750), £5,721 remains to be carried forward to the next account.