. _ ASSOCIATED ELECTRICAL INDUSTRIES;
this week by Sir Felix Pole to the shareholders of Associated Electrical Industries, Ltd. One Was the satisfactory results There were two good features in the speech delivered
pre@ented for the past year and the other was the ambition disi5layed for even still better results. After making'substantial additions to the Reserve, with good provisions for depreciation, the directors are paying 6 per cent, on the Ordinary shares and carrying forward a substantial balance of £109,000: Moreover Sir Felix was able to give shareholders an impressive list of orders received from important directions for the ensuing year, these orders including one from the Uruguayan Government, the London Power Co., and the Liverpool Corporation. While, hOwever, orders in hand show an increase over those for the previous year," the position is less satis- factory as regards prices which in the opinion of Sir Felix " are far too low having regard to the very high standard of our products." In this connexion Sir Felix, referring to foreign competition, maintained that so far as the electrical manufacturing industry was concerned the Works of the com- pany were as well equipped and as up to date as any to be found in other countries. It is, he added :—
" Only in the case of price that we are at a disadvantage, due to our having no protected home market in which we can build up quantity production and so get lower costs ; to the heavy burden of taxation which we have to bear ; and to the lower rates of wages paid by our Continental competitors." A. W. K.