GUINNESS PAY LESS
Arthur Guinness, Son and Company, the Dublin brewers, sprang a surprise on the market last week by reducing their bonus from 5 per cent. to 2 per cent. The usual final ordinary dividend of 12 per cent, is maintained, so that altogether the company are paying 26 per cent. on their ordinary stock, as against 29 per cent. for the previous year. The net profit figure of £1,386,403 shows a fall of £120,195, a reduction which is not out of line with the general run of brewery profits, which have been affected by higher raw material costs and taxation. Clearly, the directors feel that the times call for a conservative policy. They have added Doo,000, against nil, to reserve, while carrying forward only £28,974 less at £876,311. As usual, the balance-sheet shows exemplary strength. Invest- ments, standing at £4,950,884, are carried at a figure below the market price on June 30, and the cash holding was £806,516, while stocks at £1,840,657 were carried at a slightly lower figure than last year.
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