* * * * HARRISONS AND CROSFIELD.
I find that I am constantly having to chronicle in• stances of recoveries in the fortunes of industrial concerns. Certainly the recovery shown in the latest Report of Harrisons and Crosfield, Ltd., is a remarkable one. A year ago there was a good increase in profits, but for the year ending June 30th last the position is even better, the net profit being £261,504 against £214,339 a year ago. The Directors, therefore, are able to recommend a final dividend of 15 per cent. on the Deferred Ordinary (making 20 per cent. for the year) as compared with only 10 per cent. a year ago, while after making this payment the balance carried forward of £134,556 is well ahead of the corresponding figure for last yeai. The £1 Deferred Ordinary Stbck of • Harrisons and Crosfield stands at about £7 so that on the basis of a 20 per cent. dividend the yield to the investor is just under 3 per cent., but under the Articles of Association Deferred Ordinary stockholders have the option of applying for allotment at par of Deferred Ordinary shares to the extent of one half of their Additional dividends in excess of 10 per
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