Clarify Export Policy, Say A.E.C. Directors
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OPENING his speech at the annual V./general meeting of the Associated Equipment Co., Ltd., Mr. C. W. Reeve, C.B.E., chairman, paid tribute to Lt.-Col. J. T. C. Moore-Brabazon, P.C., M.P., for the valued assistance which he gave the company during his membership of the Board, which he resigned upon being appointed Minister of Transport.
Mr. Reeve mentioned that the gross profit made in the past year was the highest recorded by the company, and was due to a largely increased turnriver and a favourable period of civilian, as opposed to war, trading. The financial background of the company was materially strengthened in the year.
Dealing with the question of export trade and the response which the company made to the appeal of Ministers, Mr. Reeve said the concern obtained a record volume of .orders from overseas, chiefly from non-sterling areas. It was able, at the beginning of the period, to ship a large number of vehicles at remunerative prices, but, latterly, it has not been possible to obtain the materials to complete production. In the view of the company's directors, the export policy of the country requires a lot of clarifying, especially as bad feeling may be created amongst overseas buyers, when orders are accepted but not fulfilled owing to the difficulty of obtaining materials.