A SOUND SHIPPING CONCERN.
A good feature of the Reports of Furness, Withy and Co. is the stability shown in the matter of profits. It is true that for the past year the net profit was £523,000 against £528,742, but the great depression in the shipping industry as a whole has to be borne in mind, and over a period of four years there has been an average of net profits of about £544,000. More- over, for some years past the company has placed £200,000 each year to depreciation, while the dividend and bonus, both tax free, have been consistently maintained at 71 per cent. The carry forward on the present occasion is rather smaller, though amounting to the substantial total of £150,000, while in their Report the directors refer to the continued depression in the shipping industry as a whole.
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