BYARD MANUFACTURING
(Manufacturers of "Halo” and "Tango" Hair Nets, Laces, etc.) Ttjr ,5th annual general meeting of the Byard 91, eturing Co. Ltd., was e on July 76. in. ill'Nottinghant. Mrs. E. Phillips-Marder tchatrman and allaging director) presiding. The following is an extract from her circulated m"`tement: The results of the year's working do not 4114:e good reading, the trading profit, at £5,035, Dre-vW;mg a reduction of £11,209 compared with the l to-ns Year. Much of this reduction is attributab e truss ,fact that, owing to internal reorganisatiofn, sto;,...41aitY heavy provisions have been made . dead ' depreciation. In announcing the interim dtvht- re in November last year your Board made the ofecrvation that the dividend was "justified solely by t aaa state of the company's profit and loss account Feel strong liquid position." On that same basis, i .s4nilarly justified in recommending a final city - .1"a at the same rate, namely Ihelle. strength of the balance sheet is a tribute the u,:lsdorn of the cautious policy followed by t ekaP,anY over the past years. But your Board &oul.,Y recognises the need to make use of the re- op the that are available and they are continually zeii`.n.e lookout for means to expand the company s !Ities in a profitable way. orAti!hou,.., „ there are no indications of any up-turn lianr.";e likely to affect the current year, the installaf- tlaprt)% 4-to-date machinery and the elimination o tit r,hle departments should place the company .r,_"'ore favourable position for the future. The
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