CALICO PRINTERS' Loss The results of the Calico Printers' Association
for the year ended June 30th are frankly disappointing though not altogether unexpected. This co-npany, which is much the largest unit in the printing section of Lancashire's textile industry, used to enjoy an excellent dividend record up to 1929. But it has never really regained its stride after the great reduction in Lancashire's export trade which occurred in 193o and succeeding years. Up to 1936 the preference dividend was regularly met by transfers, when necessary, from reserves, but the practice then had to be discontinued. For the year ended June 30th there was a net loss of £149,780 against a loss of £93,542 in the previous year. This year's figure is struck after providing £356,762 (a reduction of £10,466) for depreciation and upkeep and the usual £128,000 for debenture interest. The loss has been covered by a transfer of £15o,000, against £5o,000, from reserve. leaving a credit balance of £40,028 to go forward, again-t £39,8o3 brought in. There is no preference dividend on this occasion, leaving the dividend in arrear from December, 1935- In spite of the lean years through which the company has passed, it still holds substantial reserves. There will still bc. £45o,000 in the general reserve and £I,Ioo,000 in the capital
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