12 JUNE 1926, Page 46

AN INDUSTRIAL RECOVERY.

Once again the Report of Waring and Gillow shows marked progress, the net profit for the past year being £187,000 as against £161,000. It is true that the Ordinary dividend is simply maintained at 10 per cent., but it must be remembered that this represents about double the distribution of the previous year, a capital bonus of 100 per cent, having been distributed in the meantime. The balance sheet shows that the whole of the goodwill has been written off, while bank overdrafts have been liquidated. Cash and Investments now.. stand at £366,000 against 1169,000 last year, while the carry forward is increased from 1114,000 to 2147,000. A. W. K.