INTERNATIONAL NICKEL.
Although the report of the International Nickel Compri)? for 1932 revealed a net loss for the year of 8135,000 after allow- ing for all interest charges and depreciation, but not for the - Preferred dividend payments, the result was no worse than the market had anticipated. In the previous year there had been a profit of over 85,000,000 and dividends of 45 cents per share were even paid on the Common Stock. Much has (Continued on page 408.)
Financial Notes
(Continued from page 406.) happened, however, in the meantime and the Company's busi- ness was undoubtedly gravely affected by the conditions in the United States, for the total nickel deliveries in the Ameri- can market were 37 per cent, lower than in the previous year, although for the rest of the world the deliveries were only 7 per cent. down. Moreover, a reassuring feature of the report was the improving tendency later in the year. The second quarter of 1932 marked the lowest point of the de- pression, the succeeding quarters showing improvement and in the final quarter there was actually a net profit of $157,000. The Directors are able to report important economies and the balance-sheet reveals a strong financial position. Cash and Securities at the end of the year stood, in fact, at $5,793,100 against $3,112,020 at the end of 1931. This was largely due to reduction of stocks and sums due by debtors.
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