GUY MOTORS EXPANSION
Like every other commercial vehicle maker Guy Motors, Limited, is now engaged to capacity on Government work. This was made clear by Mr. Sydney S. Guy at the annual meeting when he stated that the works were now operating day and night and that a large volume of orders was in hand. It also emerges from his survey that even before the change-over to war-time production the company was going steadily ahead, as it had done ever since the reorganisation of 1935. Profits have been conservatively handled—last year's 15 per cent. ordinary dividend was. paid out of avail- able earnings of 33 per cent.—and the sale of the company's vehicles during the year had shown a continuous and marked increase in face of a sharp falling off in new registrations of commercial vehicles for the country as a whole. This is encouraging information for shareholders, since it holds out the hope that when special war-time work is over the com- pany will still be able to earn satisfactory profits. Guy Motors is. ordinary units, quoted around 2S., yield 7f per cent. on the dividend and 16* per cent. on earnings. They are a reasonable speculative holding.
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