A Goon REPORT.
The Report of the Ford Motor Company for last year cceded the best expectations. The profit, before providing (Continued on page 640.)
- (Continued from page 639.) for depreciation, was £1,429,263, as compared with £943,070 in the previous year. Moreover, the increase in profits relates entirely to the Company's own trading, and the figures do not include any profits earned or dividends received from Stib- bidiaries. After making all allowance for depreciation and other charges, the net profit ig £483,663. It is true that this compares with £742,216 for the previous year, but the latter figure included special profits on exchange of £443,650 arising from the movement in the American dollar. The Directors are paying a dividend of 5 per cent., carrying forward £523,083, as compared with £388,170 brought in. The balance-sheet, too, discloses a very strong position, the Cash standing at o'er £1,000,000. The £1 shares nov stand at about 31s. 6d. ex dividend,, so that on the 5 per cent. dividend the yield; is only about £3 3s. per cent., but the Report and balance-sheet give good hope for the future.