BRITISH ALUMINIUM COMPANY
THE ordinary general meeting of the British Aluminium Company, Limited, was held on Friday, March 29th, in London.
Mr. R. W. Cooper, M.C. (chairman), said : We have further records to report for the year 1939 both as regards production and volume of sales, and in consequence an increase in trading profits of £170,646, Which accrued evenly throughout the year. There was a small reduction in revenue from interests, dividends, and transfer feis, making the total profit £165,945 higher at £1,075,796, compared with £909,851 for the year 1938. The aggregate production at our older works was higher, but the largest increase took place at our Lochaber Works, and we still have a materially greater output to look forward to from this source.
We feel confident, however, that the work which has been done in popularising our metal has been of a kind which will ensure that when happier times return aluminium will not be displaced from the position which it has won.
Dealing with the accounts, the chairman continued: We have combined the accounts in the balance-sheet for 1939 and have transferred from profits the sum of £150,000, raising the reserve account to £2,850,000. The credit to the reserve account is £50,000 in excess of that of the previous year, but the wisdom of strengthening reserves, especially in times such as those we arc passing through, will be readily appreciated, and, I feel sure, will meet with the approbation of the stockholders. The balance-sheet total now exceeds £14,250,000.
Adding the carry-forward from 1938, amounting to £144,094, to the profits of the year we arrive at a total of £1,219,890. Deduct- ing fees and the items I have dealt with as shown in the profit and loss account there remains a balance of £641,640. The dividend on the preference stock absorbs £90,000, and we recom- mend a dividend of 124 per cent. on the ordinary stock, requiring £375,000, leaving £176,640 to be carried forward, an increase of £32,546.
In co-operation with the Ministry of Supply we are engaged in very largely increasing the production of aluminium in this country, and work in this direction is proceeding energetically. You will realise that this is all the information which I am in a position to give you on these matters. We have built up our organisation to its present important posi- tion over a long period of time with great difficulty and under many setbacks. We can pride ourselves on our achievement, and stockholders will share our satisfaction in the knowledge that today we are able to contribute so materially towards the supreme effort required from all of us in the national interest. The report was unanimously adopted.