They show what I already knew: economic condition getting gradually better until 1929, the year of the Wall Street Crash. Wenlock seems to have been in pretty good shape from the middle of the decade, with profits increasing and money being set aside. A dividend of at least 10% on the ordinary shares was paid every year. Not sure about the preference shares, as they aren't always mentioned in the newspaper reports. My guess would be that 5% was paid every year.
I've not looked at what happened in the 1930's yet, but I know the first few years were some of the most difficult of the interwar period, with beer production falling. I expect things won't look so rosy.
I must try to find out what a typical profit per barrel was. The two years I've looked at for Whitbread show a profit of 8 or 9 shillings per barrel. If Wenlock's profit per barrel were similar, they'd have been brewing around 250,000 barrels a year, which seems way too high.
|Wenlock Brewery profits 1921 - 1929|
|brought in||net profit||carry forward||to reserve||dividend ordinary shares||dividend preference shares|
|1927||£83,267||£119,201||£97,469||10% + 5% bonus|
|1928||£97,469||£122,047||£118,266||10% + 7.5% bonus||5%|
|1929||£118,266||£109,343||£126,359||£50,000||10% + 7.5% bonus|
|Gloucester Citizen - Wednesday 22 December 1920, page 6.|
|Aberdeen Journal - Wednesday 10 December 1924, page 11.|
|Dundee Courier - Wednesday 10 December 1924, page 2.|
|Aberdeen Journal - Tuesday 08 December 1925, page 11.|
|Western Daily Press - Wednesday 09 December 1925, page 8.|
|Western Daily Press - Wednesday 08 December 1926, page 10.|
|Aberdeen Journal - Wednesday 07 December 1927, page 10.|
As Wenlock hung around until the 1960's, we know they survived the 1930's. Many who entered the decade in worse shape didn't.