A GOOD REPORT.
It is satisfactory to note the progress which has now been made after some temporary reaction by S. Smith &. Sons (Motor Accessories). During the year 1921-22, there was a pronounced setback. Latterly the profits have been going ahead, and for the past year the total of £110,521 constituted a high record. The dividend on the participating preferred ordinary shares is now being increased from 14 to 171 per cent., while on the deferred shares the distribution is 37/ per cent., against 25 per cent. In addition, the directors write off patents £10,000. while £25,000 is placed to the general reserve, raising it to £200,000, and the carry-forward of £43,079 shows an increase over the previous year of nearly £9,000. It is proposed to increase the capital of the com- pany, and preferred shareholders will have the right to purchase one new preferred share at £1 10s. for every three shares held, and deferred shareholders will be. able to acquire one deferred share at 3s. for every three shares held. Inasmuch as the existing preferred shares stand at £3 and the deferred Oates at .7s. 6d., it will be seen, that the new issue involves a substantial bonus.
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