The report of the board of directors of Messrs. Mappin Webb, Ltd., the silversmiths and jewelers, just issued, and disclosing a big drop in the profits for 1922 does not come as a surprise in face of the intimation circulated recently that there would be no final dividend for last year. Mappin and Webb name two factors as responsible for the adverse trading year—one, the depreciation of stocks, and the other, the fall in the exchanges of the countries in which the company has branches. All such losses, the board says, are provided for and it is confidently expected that the company will now continue to make profits as formerly. Improved conditions abroad, says the board, will mean a rapid return to former prosperity. The net profits of the company for 1922 were $86,695 as against $397,130 in 1921. After allowing for a preference interim dividend and an interim dividend of 2½ per cent on ordinary shares $128,500 was carried forward against nearly $190,000 brought in. Some $200,000 is written off out of general reserve for special depreciation. In 1921, ordinary shares received 10 per cent.
Source: The Jewelers' Circular - 11th April 1923