A SATISFACTORY YEAR THE first ordinary general meeting of Trojan (Holdings), Ltd., was held on August 27th at Winchester House, London, E.G.
Mr. F. L. Blow, J.P. (the Chairman), said that the accounts covered the working of Trojan, Ltd., the operating company, to June 30th, resulting in a gross dividend receivable from them of £26,375. An interim dividend of £I,600 received from Beans Industries, Ltd., had been reserved pending payment of that company's final dividend.
The directors considered the results to be very satisfactory. An interim dividend of 3 per cent. actual, less tax, had been paid and the directors recommended a final dividend of 7 per cent. actual, less tax. Great credit was due to Mr. Basil Monk, managing director of Trojan, Ltd., for the capable way in which he had handled the affairs of the operating company since capital was placed at their disposal by the Holdings Company. Time and money had been saved by the prompt action taken to secure in advance steel and other material to be used in the erection of the new works, also in entering into contracts for construction without the slightest delay.
Within a comparatively short time the new buildings had been erected and equipped with lighting and heating. Roads, sewers and floorings had been made. Plant and machinery had been transferred from the old works to the new buildings with the least possible disturbance of the output, and a large amount of new plant had been installed. That had been carried out in face of abnormal difficulties due to shortage of labour and material and a rising market in prices.
On the commercial side of the business important contracts had been obtained-exceeding £450,000 with others in view-which would keep the works steadily engaged for some time. During the past year the manufacture of commercial vehicles and accessories had amounted to approximately 5o per cent. of the turnover. In the current year the proportion would be smaller as output was increasing rapidly in other directions. New features were being introduced and the new Trojan commercial vehicles should meet with a popular demand. The directors recognised the need of well directed research work in all departments, to keep abreast of the times. At no period of industrial history had there been greater scope for enterprising engineering companies. The directors were optimistic about the future ; the connection with Beans Industries was a valuable asset and Mr. Monk had joined the board of that company. The final dividend now recommended would be paid on the increased capital, from which the full benefit would be derived in the next accounts.
The report was unanimously adopted.