JOHN BROWN'S RECORD PROFITS John Brown and Company, the shipbuilders
and steel manu- facturers, achieved a new record in profits for the year ended March 31, a year which included the worst phases of the recession in the industries in which the company operates. The net profit of £550,682 shows an increase of L23,709 over the previous year's, and the final dividend is maintained at 12} per cent., tax free, again making a total distribution of 172 per cent., tax free, for the year. Since the company is largely engaged in armament work of one kind and another, the directors are fully entitled to point out that the capital was several years ago reconstructed and that the present roe. shares were originally of Li denomination. On the original nominal capitalisation, the dividend therefore appears at the more modest rate of 81 per cent., tax free.
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