Taking the profit and loss account, you will see that the gross profits are £833,640, as compared with £647,515 in 1935, which is an increase of ap-[proximately £186,000. This is a very substantial increase, you will admit, and speaks volumes not only for our manufactures but also for the enterprise and hard work of our sales organization.
It should be remembered, however, that a substantial portion of the company's income is derived from its investments.
As a result of the year's trading. we, therefore, recommend that we shall maintain the dividend on the ordinary stock at 15 per cent, and this is the eighteenth' occasion when I have had the pleasure of making this recommendation to the shareholders of the company, but my pleasure is augmented on this occa sion, because in view of the increase in the profits, we have decided to recommend you to approve the payment of a special cash bonus for this year only of a further 5 per cent.
The result of these operations, when carried through, will leave a balance of £397,817 to be carried forward to next year's accounts, which is an increase of about £7,600. (Applause.)
Sir T. O. Callender, J.P. (deputy chairman and managing director), in seconding the motion, said:—It gives me great pleasure to be able once again to address you at the annual meeting of the company. Your chairman has already dealt fully with the general business of the company, especially in this country, I will, therefore, only say a few words in regard to the overseas business and the widespread connections which we have all over the world which so closely concern me personally, Shortly after the completion of the Uhl River contract the Government of Madras placed with us Jarge overhead contracts, which afe now in course of execution: In addition, the progressive Indian State of Tavancore
Text read from the printed page and cleaned; old type leaves the occasional error.