* * * * PRINTING PROFITS.
When allowance is made for the general industrial depression to which the printing business usually shows sensitiveness, the annual Report of Waterlow and Sons, Limited, is an eminently satisfactory one, indicating sound and prudent management. The net profit is-1196,000 against £214,000, and not only is the dividend of 15 per cent., tax free, on the Deferred Shares maintained, but a further sum of £30,000 is added to the Reserve, while the amount carried forward is raised from £46,722 to £52,150. The balance-sheet is also a good one disclosing a thoroughly liquid position, the Cash on Hand standing at the very high total of £450,264 as compared with £399,658 last year. At the present price, and allowing for the final dividend and bonus, the Deferred Shares give a yield of well over 6* per cent.
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