in the Money
Page 30
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IN the year ended September 30 last, I the East Kent Road Car Co., Ltd., made a Profit of £56,843. after providing for taxation and depreciation. The sum of £27,440 was brought forward from the previous year.
Atter providing for reserve and payment of a preference dividend of 61 per cent. less tax, the directors proposed to pay 1 dividend of 10 per cent. and a bonus of 5 per cent, on the ordinary shares, both less tax. A balance of £30,171 remains to be carried forward.
In the year to July 31 last, Joseph Lucas, Ltd., made a net profit of £364,394, against £370,270 a year earlier. After deducting certain charges and bringing in £117,136 from the previous year's accounts, a balance of £429,863 remained for distribution.
Interim dividends accounted for £32.268 and the directors propose to use a part of the balance of £397,595 to pay final dividends of .21 per cent. on the A preference shares (5 per cent, for the year), 3 per cent, on the B preference shares (6 per cent, for the year), and 121 per cent, on the ordinary shares (15 per cent for the year), all less tax After providing for reserve and employees' benefit funds, a balance of £134,754 is carried forward.
A final dividend of 10 per cent. on the ordinary shares (making 15 per cent, for the year) is proposed to be paid by Wellivorthy Piston Rings, Ltd.
The balance, shown in the company's profit and loss account for the year to July 31 last, is £46,464, to which is added £23,235 brought forward from the previous year. After providing for income tax, dividends and reserve, £27.773 remains to be carried forward.
The company's leport has been circulated in an attractive illustrated brochure, containing pictures of the Wellworthy works and products.
After charging depreciation, etc., Sheivoke and Drewry, Ltd., made a profit of £50,602 in the year td July 31 last. Having provided for taxation and a dividend of 10 per cent., less tax, a balance of £17,357 is carried forward.
A net profit of £128,088 was made in the year to September 30 last by the Western National Omnibus Co., Ltd. The net profit in 1944-45 was £126,350. Income amounted to £468,102, against which had to be set vehicle licences at £94,121, directors' fees £2.250, ctepreiia tion £28,475, taxation £215,000 end the writing off of leasehold pioperties, '£168. An ordinary dividend of 5 per cent,, tax free, has been declared, and £53,265 is carried forward, A net profit of £22,140 as made by Lake and Elliott. Lid., in the year ended July 31 last. The final dividend of 16 per cent, on the ordinary shares makes 20 per cent. for the year. A balanoe of £58.831 is carried forward.
Heenan and Fronde, Ltd., last year made a trading profit of £37,901, which is increased by miscellaneous income to £105,485. A final dividend of 10 per cent. is to be paid, making 15 per cent., with a 5 per cent. bonus, for the year. A balance of £12,363 is carried forward. The net trading profit of Hepworth and Grandage, Ltd., after providing for E.P.T. and depreciation, was £176,479. Income tax awl other charges reduced the net profit to £111,579, plus £17,319 brought in. A dividend of 171 per cent. is to be paid and a balance of £63,148 carried forward.
Subject to claims by the Ministry of Transport. McNamara and Co., Ltd., last year made a net profit of £36,280. Dividends to be paid by the company were announced by "The Commercial Motor" on November 29. Questions relating to the interpretation of the company's contract with the Ministry have not yet been decided, and the profit cannot therefore be definitely svited.
MANUFACTURERS SEND RESOLUTION TO MR. ATTLEE
ON behalf oT 4,000 . concerns, the National Union of Manufacturers has sent the following resolution to the Prime Minister: •' The National Union of Manufacturers strongly believes in individual liberty of action in all sections of the community within the limits of good citizenship, and upholds the right of the individual to sell his labour free from coercion equally with the right of the manufacturer to produce and market his goods free from restrictive practices." AFTER reviewing the arrangements made with the S.M.M.T. for the disposal of surplus motor vehicles, the Ministry of Supply has cancelled that part which referred to commercial vehicles.
Actually, last March the Ministry decided, owing to the accumulation of vehicles in its parks, to supplement the trade scheme by auction sales, a step in the direction of the present policy. The agreed scheme will, however, continue in respect of cars.
The S.M.M.T. and M.A.A. would have preferred to have continued with the original scheme, holding the view that the orderly disposal of vehicles in sound condition. at reasonable prices, is preferable to offering them for sate by auction. Many were designed for special war purposes and require extensive modification to make them safe and suitable for civilian requirements, also in some instances spare parts are non-existent and cannot be made available, but the Ministry holds that the steps taken to impress upon purchasers the provisions of the Road Traffic Acts, coupled with the gpod sense of the buyers, provide a sufficient safeguard.
We would point out, however, that some people, having bought special vehicles, are now being informed that they cannot obtain licences because they are over the legal width.