Mappin & Webb, the big silversmiths here, have had a bad year, their activities having been seriously affected by adverse foreign exchanges, the “overseas” branches of the business showing, as a result, practically no profit. The trading profit of around $119,000 for 1923 was converted into a net loss of some $195,000 after allowing for directors' fees, a large sum for stock depreciation, amount written off on plant, sinking fund, debentures interest, etc. There will be no dividend. In 1922 the profit was around $85,000. The directors say they think the stock depreciation has now been adequately disposed of. Some $125,000 has been brought forward and there is a reserve fund balance of around $96,000, leaving a credit of approximately $28,000. The firm's stocks are now valued at $1,956,000, compared with $2,506,000 a year ago.
Source: The Jewelers' Circular - 30th April 1924