WHITWORTH AND MITCHELL.
A somewhat disappointing Report has been issued during the past week by Whitworth and Mitchell, the makers of " Wemco," " Tricoline " and other fabrics. A year ago the Report was a good one, but for the past year the profit was £70,749 against £100,849 in the previous year. As a con- sequence the dividend is now reduced to 6/ per cent. as compared with 10 per cent. a year ago. The Directors attri- bute the less favourable results to the import and exchange. restrictions in oversea markets. The balance-sheet, however, is a strong one, showing nearly £240,000 in cash and first- class securities. The Directors regret their inability to find a more profitable use for these liquid assets, and say that if some means cannot be found during the present financial year, they will have to consider some method of returning capital to shareholders. The capital is £1,000,000, equally divided into 6 per cent. Cumulative Preference and Ordinary Shares, so that these liquid assets represent nearly 25 per cent. of the capital. The 6 per cent. Cumulative Preference Shares stand at about 21s. 6d., and the Ordinary Shares at the same price, thus giving an approximate yield at their present prices of about 51 and 6 per cent. respectively.
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