AN INDUSTRIAL IMPROVEMENT.
The latest Report of John Brown and Co., the shipbuilder- for the financial year ending March 31st last,- shows quite IL remarkable improvement. The trading and . investmei:t Wantinuedent page 858,) Financial. Notes
(Continued from page 856.) income amounted ta 1228,086, . against only £78,308 for the previous year, when, moreover, the revenue was augmented by 153,000 from Contingencies Reserve. Interest charges, how- ever, absorbed £97,812. Depreciation £33,948 and Income Tax £21,050, the balance of 197,672 being carried forward, as compared with £18,471 brought in from the previous year. Among other things, the Report states that the fitting-out of the Queen Mary ' is proceeding satisfactorily at Clydebank, while the Directors state that negotiations have reached an advanced stage for the redemption of the Company's existing 6 and 6i per cent. Debentures, and also for the liquidation of the bank loans, which appear with Sundry Creditors and Reserves for Contingencies in the balance-sheet at over £1,000,000. It is proposed to issue a new Debenture Stock bearing a lower rate of interest and redeemable over a long period.
A. W. K.
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