7 APRIL 1928, Page 33

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A GOOD RECOVERY.

A very striking recovery in profits is shown in the latest annual Report of Stewarts and Lloyds, the well-known steel tube makers. After setting aside £175,000 for depreciation as compared with only £75,000 last year, the net profit was £441,000 against £187,000. A sum of £175,000 is placed to the Reserve, and after paying a dividend of 5 per cent. on the Deferred against only 21 per cent. last year, the carry forward is increased from £106,000 to £115,000. With so large an allocation to the Reserve this time, it would seem only to require a maintenance of profits at the present rate to warrant

a further increase in the dividend. A. W. K.