Leyland Motors Issues Accounts For Two Years
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THE accounts of Leyland Motors, Ltd., have just been issued for the years ended September, 30, 1940, and 1941, the delay in presenting them for the first period being due to protracted negotiations with the authorities on contracts prices. The statement of Mr. C. 'Basil Nixon, chairman, which accompanies the report, makes it quite clear that an equitable compromise has now been reached.
The 1940 appropriation account shows that after making full provision for taxation, deferred maintenance and contingencies and after paying interim dividends on the preference shares, there is a balance of £178,753, from which dividends amounting to£69,666 have since been paid. The balance of £109,087 is carried forward to 1941.
The 1941 appropriation account shows that after making full provision' for taxation, deferred maintenance, reinstatement of assets and contingencies, and after paying interim preference dividends, there is a sum of £197,940, from which dividends arnotuating to £65,230 have,, since been paid. A final dividend of 5 per cent. (less tax) is to be paid on the ordinary shares, which will take a further £22,500, leaving £110,210 to be carried forward.
The chairman's statementpoints out that 1939-40 was a transitional period; during both years under review, there were also heavy charges, such as War Damage Act premiums, which, with taxation, reduced the available profits. He also mentions that the motor industry has been built up by private enterprise in spite of discouragement, excessive discriminatory taxation and definite Governmentatobstruction, and has become one of the most important factors in the industrial machine.