A STEADY RECOVERY.
The recent announcement by Vickers, Ltd., of an increase in the dividend from 4 per cent. to 6 per cent. had prepared the market for a good report. and expectations have been com- pletely fulfilled. The gross profit was £970,352 against 1816,362 for the previous year, and the net profit £613,261 against 2543,364. Moreover, it is only when the report for last year is examined that the extent of the improvement becomes clearly revealed, for in 1933 profits were aided by two non-recurrent items, mainly by profits of £77,295 on realization of British Government securities, and second by a credit to the income tax account in respect of an item in dispute, settled in favour of the company. The balance-sheet too shows a strong position, especially as regards liquid • assets, with Cash and British Government securities standing
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