In Great Britain the shipbuilding, armament and heavy engineering industries still suffer the after-effects of the War. As result the British iron & steel trade (notably Vickers Ltd., and Armstrong, Whitworth & Co.) has suffered. Last year and the year before Armstrong, Whitworth had heavy losses. Vickers's earnings have been so poor that the company two years ago reduced its capital from $128,420,000 to $88,396,287, in order to make its dividend rate look respectable.
These companies, as well as other British iron & steel concerns, might have joined the European Steel Entente formed a...
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