A GOOD REPORT.
Having regard to the many adverse influences affecting shipbuilding at the present time, the Report recently pub- lished by Swan. Hunter and Wigham Richardson, of New- castle, is undoubtedly a good one. Not only is the dividend of 8 per cent., free of tax, on the Ordinary shares maintained, but £70,000 is placed to the Reserve and a corresponding sum to the Special Reserve for the equalization of dividends. No doubt the company is experiencing all the advantages resulting from sound financial methods in the ,Past, but there is also evidence as to the efficiency of present managenient and also of efficiency of organization. The Report, for example, records with some natural pride that during the past year the tonnage launched from the company's yards was 189,560 gross tons, and it is stated that although this total was below the full capacity of the works, it was greater for the year than that of any other firm or group of builders in the world. All the same, in referring to the outlook the Report adopts a very cautious tone in a reference to the scarcity of new contracts.
* *
Previous page
