BRITISH TYRE AND RUBBER COMPANY
INCREASED TURNOVER AND NET PROFIT SIR WALROND SINCLAIR'S REVIEW
THE annual general meeting of the British Tyre and Rubber Co., Ltd., was held on April 7th at the registered office of the company, Herga House, Vincent Square, London, S.W.
Sir Walrond Sinclair, K.B.E. (chairman and managing director), presided.
The chairman said: The net profit for the year, subject to taxation, amounts to £318,506, and with the amount brought forward for the previous year—namely, £54,033—makes a total of £372,5.39. From this sum the most important allocation is the provision for taxation, which this year amounts to £15o.000. Preference dividend paid for the year to May 31st, 1940, was "£13,500 net, premium and expenses on redemption of debenture stock £124, interim ordinary dividend of 3+ per cent. £19,687, while there are transfers to contingencies reserve £4o,00o, amount written off gcodwill, &c., £12,5oo, and allocation to general reserve £25,000. The net results after making these deductions leaves a disposable balance of £111,728.
At the general meeting held on October 8th, 1940, a further interim dividend of 4+ per cent., less tax, on ordinary shares, requiring £23,288, was authorised and subsequently paid, and the directors now recommend a cash bonus of 3 per cent., less tax, which will absorb £15,525, leaving £72,915 to be carried forward.
It may be taken that the productive capacity of the company, and indeed of its subsidiaries is being completely utilised, and this means that the machinery, plant, and general equipment of the group is being utilised to its maximum. While all possible steps are being taken to maintain its working efficiency, opportunities for overhaul and/or routine inspection are seldom available.
I now beg formally to move "That the directors' report and accounts for the financial year ended September 30th, 1940, as pre- sented. be and are hereby received and adopted."
Mr. B. H. Binder, F.C.A., seconded the resolution, and it was carried unanimously.
On the proposition of the chairman, seconded by Mr. Alan Sinclair (assistant managing director), the proposed cash bonus of 3 per cent. actual, less tax, was approved.
The retiring directors, Lieut.-Commander Sir Hugh Dawson, Bt., R.N., and Mr. Alfred Seeley, were re-elected and a hearty vote of thanks was passed to the chairman, directors and staff.
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