TURNER AND NEWALL.
Despite the reduction in the dividend, the Report recently issued of Turner and Newall was generally regarded by the Market as satisfactory in the light of the general trade de- pression, and this impression was confirmed at the recent annual meeting. The Chairman, Mr. Samuel Turner, showed that there had been considerable economy in production and increased efficiency in distribution. In the matter of dividend policy, however, the directors had quite wisely been influenced by the fact that the world depression had affected the volume of business done by the. Unit Companies during the last three months. Therefore, he said, the Board had in mind the necessity of helping the company with such financial strength that it should be able, out of its own resources, to meet the vicissitudes of the future, social, political or economic.
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