--• :' A - •Gorrii:RucovEny. ' A cheery report ; has: jut-been
Published 47 the important : ! shipbuilding and, engineering firm Of Swan, Hunter and ! Wighath Richardson. : Thinks to' conservative finance that i company withstood- the severe . depression in the' Shipping i industry without hilvi4 to- pass the dividend on the Ordinary Shares altogether unti1,1933. Even then at last year's annual meeting the chairman was , ablC to speak -cheerfully with regard- to the future, saying that they; had- more wOrk in hand and that they had reason to hope that the worst was over. His remarks are now amply ju-stified. in the accounts ;pre- sented for the year 1934 as they' show a profit, after Provid- ing for depreciation, of 6111,189 against only 188,129, in 1933. The available . balance now therefore permits _Of a distribution of 3 per cent. on the Ordinary, _capital, leaving . /26,280 to be carried forwhrd, : The report' states that the company launched' 48,767 tons of shipping last year against only 10,889 tons in 1.933, and the report refers to a good . progranune of work in hand. The p shares of the couipany ., now stand at about-16s. thus making the return to the investor at the present price: about 31- pd. cent.- It must be remem- 28 bered, however, t. t, as recently.. as 190.1 the company- was - paying a dividend :%..6 per cent., And much. higher dividends -
were paid in prey years. "
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