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LEYLAND MOTORS.
The annual meeting of Leyland Motors will be awaited this year with exceptional interest as the Chairman will, pre- sumably, then give some explanation of the heavy fall in trading profits during the past year, the total being only £146,315, as compared with £296,561 for the previous year and £525,172 for the year earlier. Moreover, the actual net profit for the year was only £20,622, against £117,116 in the previous year. The Income Tax charged for the year, however, was no less than £58,807, being possibly a legacy from the previous year when profits were higher. A 5 per cent. dividend is now recommended on the Ordinary Shares, against 10 per cent. in the previous year, while the carry forward has been reduced from £93,835 to £29,520. On the other hand, the Cash position is a strong one, which would seem to justify the entrenchment upon the carry forward is the matter of dividend payments. A year ago the Chairman gave a hint as to the manner in which the company was affected by legislative restrictions on road transport in most of the Dominions, and it is possible that this handicap may have been felt more severely during the past year. A. W. K.
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