NOTHING LUKE LEATHER.
In view of the fact that boots and shoes, in common with many other articles, have shared in the recent downward movement in prices, it was only to be expected that the latest report of Freeman, Hardy and Willis, Limited, whose business is now closely allied through share ownership with J. Sears and Co., should show some reduction in profits, especially in the present general depression. As a matter of fact, however, the net profit for 1932 of £247,028 merely showed a reduction of about £12,000 from the previous year's total and there is still the high dividend paid of 9s. per Deferred share against 10s. a year ago. The balance- sheet, too, is a strong one, with a large holding of cash, and, inasmuch as the dividend only involves a payment of about 1107,000, a very large margin of cover is shown for the 6 per cent. Preference shares.
Previous page
