STEWARTS AND LLOYDS
The full accounts of Stewarts and Lloyds, the steel tube manufacturers, show that profits have again sharply advanced. The result is highly creditable in that it covers the year ended December 31st, which was a period of recession in the iron and steel industries and does not cover the latest recovery. Trading profits, including dividends from the subsidiaries, amounted to £2,649,107 against £2,505,796. Moreover, a sum of £404,836, against £214,190, was retained by the subsidiary companies. The parent company has, however, increased its depreciation allowance from £373,581 to £508,388, with the result that the net profit brought into account was almost the same as for 1937 at £1,931,234, against £1,929,314.
As already announced, the company is maintaining the deferred dividend at 124 per cent. on a larger ranking capital. The reserve and tax appropriations amount in all to £1,225,000 against £1,250,000, and include a new item of £500,000 for the maintenance and development of the export trade. The balance to be carried forward is £179,544, against £170,159.
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