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174 
HIGHER TILLING AND B.A.T. PROFITS.
Page 126
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T"report of Tilling and British Automobile Traction, Ltd., for the year ended December 31, 1934, shows a profit of £276,877, which compares with £235,265 for 1933. Dividends on the participating preference shares, making in all 10 per cent, for the year, absorb £20,000, whilst a 10 per cent. dividend (5 per cent. was paid as an interim) on the ordinaryshares accounts for £200,000, and one of 5 per cent, on the bonus ordinary shares for £25,000. After deducting these amounts, in addition to a transfer of £10,000 to the general reserve, there is a balance of £184,050 to be carried forward, contrasted with £162,173 brought into the accounts.
In the report mention is made of the fact that a provisional agreement has been reached with the London Passen
c64 ger Transport Board relative to the claim for compensation in respect of the transfer of the company's London bus undertaking, and this will, in due course, be submitted to the Arbitration Tribunal for confirmation.