FINANCE AND INVESTMENT
Like the Austin company Standard Mos.or was forging aheaa even in the nervous peace conditions of the year to August 3ist. Total income rose from £288,137 to £456,774 and after charging £112,543, against £90,667 ior plant depreciation, titc., profit was nea.iy douo_ed ai £322,492, a new nign record. 'fax provision has aosorbed £rfo,000 more at i5o,ouo, another £40,000, against nil, goes to A.K.P. expenditure, but even so the ordinary dividend is 21 per cent. up at 25 per cent., and there is £10,600 more to go forward at £75,138. This is a fine acuievement and is backed up by a strong balance-sheet in which current assets, including £488,409 in cash, L70,211 in building society deposits, and £78,572 in gilt-edged securities, amount to the formidable figure of L1,540,14.1. What is the war- time prospect? One must await the chairman's review for any dependable estimate but I cannot help feeling that one must be prepared for a more modest return on capital than the company, through its energy and skill, was able to show in peace conditions. Meantime, the board intimate that while it is intended to continue car production on a reduced scale if materials and labour can be obtained, the company's main effort will be concentrated on Government work. Two shadow factories have made considerable pro- gress and a third is being built. Standard Motor 5s. ordinaries, at 12s. 6d., yield to per cent. on the 25 per cent. dividend. Holders should see things through. * *
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