VICKERS' PROGRESS.. When the recent dividend of Vickers Limited was
announced at the same rate as a year ago, namely, 8 per cent. on the shares at their present written down value, the market we a little disappointed, :but since the appearance of the report it is seen that there has really been good progress, and that the maintenance of the dividend. at the former rate expresso a thoroughly sound conservative policy adopted by the present board. It is true that there has been a trifling decline in net profitS, but the decline.is more apparent than real, being . partly connected withthe 'changes in the arrangement of the accounts. The ' company now operates purely through 'subsidiaries, and no depreciation -has to be written off hr - the parent concern. The balance sheet is' a clear one and shows a strong position. The total of cash is £1,349,000 as against £1,257,000, while British Government Securities total £8,827,000 against 12,186,000. -In fact the total of fiat -class Securities in the balance sheet is now £5,416,000 against Ord), £8,399,000. Moreover, there is a further large addition to -the reserve of £250,000, raising it to /750,000 and also a large carry forward. It is clear that' -on. the profits now being earned a much higher dividend could be paid, but the Directors :very wisely in view of past events and the general uncertainty of the industrial outlook, are preferring to strengthen the "position at all points.
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