A GOOD DRAPERY REPORT.
In these days of industrial depression it is always refreshing to note signs of recovery in the reports of industrial concerns. Such signs are certainly apparent in the latest report of Frederick Gorringe, Limited, whese profits for the year ending January 31st last were E32,800 as against £26,662 for the previous year. To the extent of £3,264 the higher figures were due to investments profits, while £1,000 no longer required as reserve against Income Tax liability was taken in. Trading profits, however, themselves improved, and the dividend on the Ordinary Shares, which was reduced to 7 per cent. a year ago, has now been restored ; the final dividend proposed at the rate of 11 per cent. per annum raises the distribution for the whole year to 9 per cent., with 122,493 carried forward as compared with £20,317 brought in. The balance-sheet also discloses a sound financial position.
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