At the annual meeting Lord Marks was cheerfully confident regarding
the future and showed that the directors were keeping the company in the forefront of the development which they foresaw for the 'industry, which he thought would be quite as marked and rapid as in the past few years. The world-wide nature of the company's activities is shown by the fact that it controls twenty-one subsidiaries in various parts of the world. Many of the factories of these companies are still in process of erection, and that the earnings are very conservatively stated can be gathered from the chairman's remark that, although they were not revenue producing, drastic writing down of all factories and equipment had been carried out in order to keep them valued on the books on as nearly as possible the same basis as the London factories.
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