1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
26
27
28
29
30
31
32
33
34
35
36
37
38
39
40
41
42
43
44
45
46
47
48
49
50
51
52
53
54
55
56
57
58
59
60
61
62
63
64
65
66
67
68
69
70
71
72
73
74
75
76
77
78
79
80
81
82
83
84
85
86
87
88
89
90
91
92
93
94
95
96
97
98
99
100
101
102
103
104
105
106
107
108
109
110
111
112
113
114
115
116
117
118
119
120
121
122
123
124
125
126
127
128
129
130
131
132
133
134
135
136
137
138
139
140
141
142
143
144
145
146
147
148
149
150
151
152
153
154
155
156
157
158
159
160
161
162
163
164
165
166
167
168
169
170
171
172
173
174
175
176
177
178
179
180
181
182
183
184
185
186
187
188
189
190
191
192 
East Kent—good profits
Page 148
If you've noticed an error in this article please click here to report it so we can fix it.
-E,OR the year that terminated on September 30, East Kent Road Car Co. made a net profit of £194,219. This compared with £161,838 the previous year. The dividend is maintained at 10 per cent. But for the Wilson clamp-down on distributions one feels there may have been an increase. That the price of these shares was lifted Is. to 20s. nominal following the news was well justified. On the face of things these are grim days for the shareholders of British Motor Corporation (shortly to be styled "British Motor"). And it must be freely admitted that to 'take anything in the nature of a hopeful, optimistic view even medium-term requires more than a modicum of courage.
But this is certainly not how Sir George Harriman and his men in the BMC boardroom see things. "We have not let the day-today problems of a difficult year, or questions of immediate internal reorganization, deflect us from the vital need to plan for the future", he comments. "Good. What is the future?" one may ask. As Sir George rightly points out, products of the industry are wanted on a world-wide basis and increasingly so. The demand is unlimited. In the home market, the squeeze is deeply damaging. But it won't last for ever; indeed some important voices are being raised to the effect that the brake should be slightly relaxed.
During the current year a saving of £10 million plus will be effected on the wages bill. The year's results will include a full contribution from Jaguar. Despite these helpful factors the restoration of the profits level is going to be no easy matter. On the horizon looms the prospect (no more than that at the moment) of entry into the Common Market; an entry that should help BMC substantially. On the commercial vehicle side the Guy range will fill a gap in BMC's heavier section.
At the moment, therefore, the picture appears to be divided into two of light and shade in about equal parts. All that stock markets have to latch on in the prevailing economic gloom and mess are factors distant by about a couple of years—the likely state after the squeeze. It is not without significance, I feel, that the price of BMC Ordinary shares has hardened to around ifs, in recent days, which suggests buying based upon this size of view. And I think these courageous people will have their courage rewarded.