12 NOVEMBER 1937, Page 44

A WELCOME RECOVERY.

The material rise in profits of Brown, Bayley's Steel Works, noticeable a year ago, has made further progress and enables the company, after a lapse of something like sixteen years, to resume dividends on the Ordinary capital. The results for the year are the more satisfactory because the profits had to bear the charge of two years' Preference dividend, and, bearing in mind that fact, it is evident that even the present dividend on the Ordinary shares of to per cent., tax free, does not fully represent the increased earning power of the company. The last distribution on the Ordinary shares was 71 per cent. in respect of a twenty-months' period ended in July, 1921.