Having regard to the present trade depression, the decline in profits shown in the Reports of the Cargo Fleet Iron and the South Durham Steel and Iron Company was less than might have been anticipated. The Cargo Fleet Iron profits were £83,809 against £92,985 before allowing for depreciation and Debenture Interest, &c. Depreciation set aside was 148,000 against 150,000, so that the total charges against profits amounted to £82,833 against £90,448, and there is, of course, no dividend on the share capital, of which 95 per cent. is owned by the South Durham Company. That concern made a profit of just over £85,000 against £95,471, and the amount charged for depreciation was reduced from £40,000 to £30,000. The Ordinary shares again receive a 6 per cent. dividend, but nothing is declared on the " B " Ordinary shares. The balance forward is practically unchanged at £138,898.