At the time of the reconstruction of Vickers, Limited, the view was expressed in these columns that the reorganization appeared to have been conceived on such sound and even drastic lines as to promise well for the future. That antici- pation is now being justified by results, and the speech delivered at the recent meeting by the Chairman, General the Hon. Sir Herbert Lawrence, was an encouraging one, showing that a marked recovery had followed the adoption of the capital reduction scheme and the recommendations as to future management. This, of course, is the more striking in view of the events of last year, and, indeed, Sir Herbert Lawrence mentioned in his speech that the excess cost of fuel and raw materials amounted to £200,000. Substantial economies, however, have been effected, and not only were the financial results for the year satisfactory, but the outlook appears to be more hopeful.