7 SEPTEMBER 1934, Page 34

The latest annual report of R. and W. Hawthorn, Leslie

and Co., the Newcastle-upon-Tyne engineers and shipbuilders, is a very satisfactory one. Whereas for the year 1932/3 there was a substantial loss on the year's working, the results for last year show that after charging for depreciation, interest and fees, there was a profit balance of over 116,000. Con- sequently the directors are able to recommend a dividend of 44 per cent., carrying forward /9,949. A year ago there was a tax free distribution of 2/ per cent., which was made from profits on sales of investments. The Company has a general reserve of 1880,000, and the liquid position of the company is strong. The 10s. shares are now quoted at about 10s. 9d, making a yield to the investor of just under 41 per ' cent.

* a a