A WELCOME IMPROVEMENT.
The results of the English Steel Corporation—a concern which was formed to -fuse and rationalize the steel-making activities of Vickers, Arinstrongs and Cammell Laird—show most encouraging results for the year 1934. It may be recalled that for 1932 there was a trading loss, before providing for depreciation, of 1219,495 • in 1933 there was a .trading profit of £176,040, reduced, however, to a net profit of /18,550 after providing for Debenture interest and setting aside £100,000 to Depreciation. For last year, however, there was (Continued on page vi.)
(Continued from page 516.) R trading profit of £498,908. After deducting £62,295 for Debenture interest and other sums for Sinking Fund, works dismantled and reconstructed, and depreciation, there is still a balance of £258,893. In the previous year, however, there was a debit balance of £241,773, so now there is a credit balance of £17,120.