CABLE AND WIRELESS (HOLDING)
THE tenth ordinary general meeting of Cable and Wireless (Hold- ing), Limited, was held on May 17th in London.
The Rt. Hon. Lord Pender (the Governor) said that the profit for the year was £1,203,671, which was only £5,000 lower than last year, to which was added the balance of £199,000 brought forward from 1937. The directors had paid the dividend on the 51 per cent. cumulative preference stock, and now recommended a dividend of 4 per cent, on the ordinary stock, which left £205,000 to be carried to 1939 He would like particularly to stress the new Social Telegram Service of the Operating Company, for the directors believed that it marked a facility which would be popular to the public and Profitable to Cable and Wireless, Limited. Since the first of this month, the day when the new service began, it had been possible to send a social telegraph of 12 words to most parts of the British Empire for the sum of 5s., and they were anxious that that new service should have the widest possible publicity.
As to the outlook, he saw no reason why the 4 per cent, dividend on the ordinary stock should not be repeated in respect of the current year The report was adopted.
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