COMPANY MEETING
WELLMAN SMITH OWEN ENGINEERING CORPORATION
DISTRIBUTION MAINTAINED
THE twenty-fifth ordinary general meeting of the Wellman Smith Owen Engineering Corporation, Limited, was held on August 24th at Victoria Station House, London, S.W. Mr. J. Foster-Smith, M.I.Mech.E., presided.
The following statement by the chairman of the corporation, Sir Samuel Roberts, Bt., had been circulated with the report and accounts:—
The conditions which prevent me giving a review of the company's activities still prevail and this statement is being issued in place of the speech which, in normal times, it is usual for me to make at the annual general meeting. It is not my intention to amplify the report and accounts, _ but I shall, of course, be pleased to do my best to answer any questions which shareholders may wish to ask on the accounts.
The trading profits for the year, after making full provision for taxation, permit the distribution of a final dividend and cash bonus at the same rate as for the previous year and, in addition, the allocation of £10,000 to general reserve, with a small increase in the amount carried forward.
Our managing director, having recently undertaken a mission to the United States of America, has had an opportunity of cementing the company's established connections in that country and making arrange- ments for increasing and developing our lines of manufacture on the basis of the latest American practice.
On behalf of the shareholders, I desire once again to express the thanks of the board to all officers, staff and workpeople for their efficient and loyal service during the year.
The report and accounts were unanimously adopted and the payment of a final dividend of 5 per cent. (making to per cent. for the year) plus a cash bonus of 21 per cent. was approved.
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