CABLE AND WIRELESS (HOLDING)
THE eleventh ordinary general meeting of Cable and Wireless (Holding), Ltd., was held on Friday, May 24th in London.
The Rt. Hon. Lord Pender (the Governor), presiding, said: The Holding company's income is derived from three main sources: firstly, from the traffic and other business of Cable and Wireless, Ltd., which is the Operating company ; secondly, from the dividend received on the investments of the Cable companies ; and, thirdly, from the manufacturing business of Marconi's Wireless Telegraph Company. The company's profit for the year at £1,218,427 is some £15,000 higher than for 1938, and to this sum should be added the balance of £2o5,000 brought forward from 1938. After paying the dividend on the 51 per cent. cumulative preference stock, absorbing £922,000, your directors are again able to recommend the payment of a divi- dend of 4 per cent. on the ordinary stock, requiring £275,000. Allow me to state emphatically that you may rest assured that whatever the future may hold in store for any of us, your directors will continue to do, as they have always endeavoured to do in the past, everything in their power to ensure the continued success and prosperity of your companies and to strengthen their position. The report and accounts were unanimously adopted.
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