Austin Profits.
Page 38
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The report of the directors of the Austin Motor Co. shows that the net trading profit for the year ended September 30th last, after making provision for interest on debentures, the sinking fund reserve, directors' fees, maintenance and depreciation and income tax, was £406,469. From this sum £290,829 is appropriated for the reorganization of capital, leaving a balance of £115,639. The directors propose to pay the seven years' arrears of dividend to June, 1927, on the 7 per cent. preference shares and a dividend for the half-year to December 31st, 1927. This will absorb £105,000. The balance will be carried forward. It is expected to be able to make substantial payments during the present financial year on account of the arrears of dividend on the B preference shares.