NAPIER DIVIDEND HINT.
If holders of D. Napier and Sons 8 per cent. non-cumulative Preference shares and Ordinary shares are disappointed not to have received a dividend in respect of last year, they have a more definite assurance from their chairman as to the future than they could have hoped for. Sir Harold Snagge went so far at last week's meeting as to say that the end of the waiting period had been reached at last, and that unless all the Board's calculations were upset the past year's results foreshadow the resumption of dividends at no distant date. He reminded shareholders that two or three years ago the Board were con- sidering returning the Preference capital to shareholders because they could not employ it, and contrasted that state of affairs with their present doubts whether they would have enough liquid capital to satisfy their future programme of extensions.
J. D. M.
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