COMPANY MEETING
BRITISH TYRE AND RUBBER
A SUCCESSFUL YEAR
Tim fifteenth annual general meeting of British Tyre and Rubber Company, Limited, was held on Tuesday, December 12th, at Winchester House, E.G.
Sir Walrond Sinclair, K.B.E., chairman and managing director of the company, said that the net profit amounted to £217,933, against ,C,177,118, and it was the eighth successive year in which the board had been able to report an increase in profit.
The immediate effect of the outbreak of war had been a sharp increase in demand for the company's products.
The year's results fully justified the maintenance of the ordinary dividend at the same level as for the past five years by the pay- ment of a final 43 per cent., making 8 per cent. for the year. On the matter of bonus, after careful consideration the directors had decided to recommend a bonus of 3 per cent., as against 2 per cent. thus maintaining the distribution on the same level as for the last three years, plus an additional I per cent. to cover the increased rate of Income Tax.
At the outbreak of war the rubber industry had reacted to the altered situation promptly and in a manner worthy of the occasion, and a Voluntary Control Panel had been set up. Taken as a whole, the increased prices since the commencement of hostilities were unquestionably less than the actual additional cost of raw materials to the manufacturing undertakings. An important aspect of trading conditions was that while, with a nation at war, their national effort must first be directed to the adequate equipment and efficient maintenance of the armed forces, and to the preserva- tion of essential services at home, it was equally important they should not overlook the fact that the nation was so vitally depen- dent on overseas trade. Export trade was more essential to the nation today than ever before. With a lead from the Govern- ment he was positive that the country's export industries would take full advantage of the opportunity offering, and by providing the nation with a free flow of foreign exchange, and purchasing power overseas, insure an appreciable measure of success, both in the present conflict and in the economic struggle which must inevitably follow it.
The report was adopted.
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