COMPANY MEETING
CITY AND INTERNATIONAL TRUST
FURTHER PROGRESS
Tan s ith ordinary general meeting of the City & International Trust, Ltd., was held on September 28th at Winchester House, London, E.C.
Mr. Louis H. Kiek (chairman and managing director) said that it was a source of satisfaction to the directors that at the close of another trying and difficult period they were able to submit an account of their stewardship indicating further progress on the road to recovery in their revenue as well as in their capital position. At £96,776 their gross income showed an increase of £10,424, and the net profit, at £51,338, an improvement of £5,400, or nearly 52 per cent. over the previous year's figure of £455900- The increased revenue was mainly derived from their investments in home and foreign commercial and industrial enterprises, a number of which had either re-entered the dividend list, thus rewarding many years of patience, or had given increased—in several cases substantially increased—distributions. The expenditure side con- tained for the first time a provision for National Defence Contribu- tion. If they supported the board's recommendation to distribute a dividend of 4 per cent. less tax on the ordinary stock, as against 3 per cent. last year, there would remain £5,338 to be added to the £38,871 brought in from the previous year. They felt justified in making the recommendation of an increased dividend not only by reason of the past year's results but because of the expectation that, given reasonably stable conditions, they should be able to maintain that distribution for the current book year.
Their anticipations of continued prosperity in Argentina had been fully realised. In Brazil, Chile and Peru internal economic condi- tions had perceptibly improved. The past year had provided abundant evidence of general recovery—and not only in Great Britain and the Dominions. They need only consult the League of Nations economic world surveys as well as reports from other official sources to appreciate the wide area and volume of the improvement. In view of events in Spain and the Far East it was only natural that the possibility of even greater complications and perils should be present in men's minds, but they could derive comfort and assurance from the fact that today, despite all they might hear to the contrary, the influence of Great Britain in the councils of the nations was all the greater not only in view of our unceasing efforts for the preserva- tion of European peace, but no less so because we were alert, because we were patient, and because we were resolute, and unperturbed.
The report and accounts were unanimously adopted.
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