RICHARDSONS WESTGARTH DIVIDEND
It is pleasing to see Richardsons Westgarth, the marine engineers of the North East coast, resuming ordinary divi- dends. The payment of 71 per cent. now announced is the first for ten years. It is payable on a drastically reconstructed capital, for the old ordinary shares were written down from LI to is. in the 1938 reconstruction, and at the same time the company was given more earning power through the merger with the North-Eastern Marine Engineering Company, and with George Clark. Probably the credit for the present divi- dend may be given mainly to the 1938 reconstruction, for the big increase in shipbuilding activity has occurred too late to have had much effect on the company's financial year ended March 31st. It is to be expected, however, that the dividend has been covered with a good margin of earnings.
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