B .A.T.S
British American Tobacco Company, whose issued capital stands at £34,178,761, has world-wide interests in the cigarette and tobacco trades. It was known that the company and its associates had suffered from floods in the U.S.A. a year ago and from the present hostilities in China.. The profit increase of £218,694 to £5,76o,449 therefore took the Stock. Exchange by surprise. At the meeting this week the Chairman, Sir Hugo Cunliffe-Owen, announced that the losses to the American subsidiaries resulting from the floods amounted to about $5oo,000 and confirmed the fact that sales in China had been curtailed. But he remained confident of the future, pointing out that the business had been steadily strengthened over a number of years. He asked shareholders, however, not to regard the 1J per cent. tax free bonus, which was added to the usual dividend of 20 per cent. tax free, as a permanent
innovation.
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