3 FEBRUARY 1939, Page 40

ASHTON BROTHERS RECOVERY

It is heartening in these times of cotton trade depression to find a spinning and manufacturing company which has greatly improved its position even if the company be a small one. Ashton Brothers, of Hyde, mentioned in the Venturers' Corner last summer, have now cleared off all their arrears of preference dividend and come into the picture with their first ordinary dividend since 1927. The gross profit for 1938 amounted to £70,332, against £41,075, and the net profit, after depreciation and debenture service, to £52,578 against £23,764. Out of this profit the company has discharged the last 25 per cent. of arrears due on its 5 per cent. preference shares compared with a mere 15 per cent. in 1937. It is carrying £20,000, against nil, to reserve and distributing 5 per cent. on the ordinary shares. There remains a balance of £19,019 to go forward compared with £13,866 brought in.