COMPANY MEETING
WELWYN GARDEN CITY LIMITED
DIVIDEND AGAIN INCREASED RISING PROSPERITY OF THE TOWN
THE eighteenth annual general meeting of Welwyn Garden City Limited was held on June 15th at the Holborn Restaurant, W.C. Sir Theodore G. Chambers, K.B.E. (the Chairman) said :
The accounts again indicate steady improvement in our financial position and the directors have pleasure in recommending a dividend for the year of 4 per cent.
During the year an important subsidiary, Welwyn Commercial Buildings Limited, was converted into a public company, and an issue of £120,000 51 per cent. Preference shares was made. The parent company holds the £120,000 issued Ordinary share capital in the undertaking on which an initial dividend at the rate of io per cent, per annum has been recommended. This subsidiary is today one of the most important elements in the development of the Town, particularly in the provision of factories for letting.
Between March, 1934, and December, 1937, the rateable value of the Town had risen from £78,500 to £110,000, and in three years the population has increased by over 33f per cent., and at present stands at about 14,000. Nearly 6,000 persons are today employed in the town.
Mr. A. K. Graham seconded the resolution adopting the report and accounts and approving the dividend, which was carried unanimously.
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