The annual report of the Austin-Motor Company for the past
year is an excellent one. Profits have increased greatly, the net profit for the year being 1406,000, after charging £262,000 for maintenance and £56,000 for depreciation, while £100,000 is reserved for Income Tax. But for the fact of there being arrears of Preference dividend, the directors doubtless would have been able to pay a dividend on the Ordinary shares. As it is, a sum of £290,830 is appropriated for reorganization of capital, and a, debit balance of £1,386;938 has now disap- peared from the balance sheet. Seven years' arrears, together with the dividend for the current half-year, are now to be paid on the 7 per cent. Preference shares, after which £10,639 is carried forward. Moreover, the directors announce that .they expect to be in -a position to make substantial payments on account of the arrears on the "B" Preference shares during the current financial year.
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