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VICKERS' REPORT.
That the profits of Vickers Limited should have undergone some curtailment during the past year of exceptional trade depression was almost a foregone conclusion, but the report gives very clear evidence of careful and economical manage. ment, for while the gross profit was down by about £130,000. the decline in net profit was only £45,000. The smallness of the reduction in trading profits was partly due to the fact that the charge for Income Tax was reduced by £86,000, assisted by a recovery in respect of the previous year, while for the decline in gross profit the greater part was connected with the re- duction of income from Vickers-Armstrongs, which paid only six months' dividend on its " A " Preference shares in place of ten months in the previous year.
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