One of the most regrettable features in connexion with the
slump in the profits of Waring and Gillow, Limited, shown in the last Report, was the fact that the Report was preceded last June by quite an encouraging official statement. It says much for the readiness even of aggrieved shareholders to respond to the frank acknowledgment of error, and expressions of profound regret that Lord Waring's personal explanation in that respect did much to insure the adoption by the share- holders of the Annual Report and Accounts at the meeting which was held on Monday. In addition, a powerful and con- vincing speech was delivered by Viscount Brentford, in the course of which he had little difficulty in persuading the shareholders of two things—first, that the business of War- legs itself itself was a sound one with every promise of sharing in any trade revival ; and, second that the immediate interests of everyone concerned, including the shareholders and creditors, appeared to depend very largely upon the position being facilitated at the moment by the passing of the Accounts, that course in itself materially facilitating the raising of the necessary additional capital. An investigation, however, is being carried out by Viscount Brentford and Sir Barry Peat, and meanwhile Lord Waring has resigned the Chairmanship, while other directors have expressed their readiness to place their resignations in the hands of the Committee of Inquiry if called upon to do so.
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