23 JUNE 1939, Page 40

TELEPHONE RENTALS Among the numerous company chairmen who see definite

signs of industrial recovery this year must be counted Mr. Fred T. Jackson, chairman of Telephcne Rentals, who reported to the shareholders on Monday that trade was now definitely on the up-grade and that the final results for 1938 were better than he had foreseen a year ago. He also gave a favourable report on the business done by the English subsidiary com- panies in the first five months of the current year. Mr. Jack- son's forecast of the 1939 results is cheerful. He sees no reason to expect any falling off in the earnings of the English sub- sidiary companies. The Australian subsidiary, too, as far as he can judge, is well on the way to another successful year, subject to the proviso that that company 'was still pursuing a conservative policy in the distribution of profits.

J. D. M.