Volume Three - The Pontoon Era - The new pontoon commissioning and its early use . . .

March 1918 - Penarth Pontoon - "That ship-repairing is an exceedingly active and prosperous industry is no secret, and there is every probability of big profits being made for several years to come. The concerns, however, are all Government controlled, and the lion's share of the extra profit goes to the Government under the Munitions Act levy. Still, the firms have their pre-war standard, with allowances for extra capital employed, and are able to give the shareholders substantial returns.

The Penarth, Pontoon, Slipway, and ship-repairing Company (Limited) in their report for 1917 show little reduction in the profits, after providing for the munitions levy, &c., but the earnings were more than double those of 1913, and the dividend is maintained at 10 per cent, which is two-and-a-half times the 1913 rate.

Besides this £2,500 added to reserves, £3,000 added to depreciation and renewals fund, £500 applied to debenture redemption, and the carry forward is increased by £500 to £3,132. The share capital is £50,900 and there are debentures for £42,000. The total assets are £174,256, which includes over £25,000 in cash and War Loan. The profits and dividends for the last five years compare:-

* after providing for munitions levy, & c." Western Mail [164] 01 March 1918.