A GOOD RECOVERY.
On the whole the reports of Industrial Companies which are being issued just now are of a satisfactory character. In a few instances quite bumper profits are being shown, but quite as encouraging are the reports of companies which recently were doing badly, but now are showing considerable improvement. Thus, in the case of Thomas W. Ward, Limited, there was a profit for the past year of £107,000, whereas for the three previous years losses had been shown. Out of last year's profits a sum of £31,758 has been written off for Depreciation, and the directors now propose to pay the balance of arrears of dividend on the First Preference shares to June 30th, a dividend' on the Second Preference shares (tax free) for one and a half years to December 31st, 1932, and a dividend on the Employees' shares (tax free) for one and a half years to December 31st, 1932, carrying forward £34,721. The 5 per cent. First Preference shares, on which interest has now been paid up to date, stand in the market at about 21s. 3d. xd., so that the approximate yield on the basis of the present price is about 41 per cent.
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