A SOUND INDLIETRIAL.
Conservatism has for many years characterized the conduct of the financial affairs of Waterlow and Sons, Ltd., the well- known printers. Thus; although for the past year there was an increase of over 130,000 in the profits, the greater part has been used in increasing the allowance for depreciation which has been put up from £53,677 to £86,003. The dividend is maintained at the former rate—namely, 121 per cent., with a bonus of 6d. per share, both free of tax, ,making 15 per cent. tax free in all, while £30,000 is added to the reserve, raising it to £590,000. The balance sheet also shows a liquid position with cash standing at £532,030, while, investments have risen from £28,703 to 178,671. At their present level, the deferred shares give a return of about 71 per cent.
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