AUSTIN MOTOR PROGRESS.
The statements made at the recent meeting of Austin Motors, Ltd., may be said to have strengthened the favourable impression created by the report recently issued, showing that for the seven months to July 31st last there was a trading profit of £858,000 as compared with £1,297,446 for the previous twelve months. Nor can the directors be accused of trying to paint the picture too brightly in the official report, for the accounts showing the amount brought forward at December 31st, 1929, of 1657,629 might make it appear as if the carry forward had been reduced now by more than £400,000 to pay the dividends recommended. The balance as at December 31st last, however, represented the amount available to pay the four and a half years' arrears on the " B " Preference, the whole year's dividend on the Preferred Ordinary, the 20 per cent. on the Ordinary, and the Income Tax provision, amounting together to £581,677, and chargeable, of course, to the profits of the previous year. leaving the real balance forward at £75,952, now increased to £279,820, after charging dividends for the past seven months, which in the case of the 5s. Ordinary shares represents 60 per cent. The balance-sheet, too, is a strong one with a
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