TELEPHONE RENTALS EXPANSION
In recent years Telephone Rentals, operating through its subsidiaries, has played an important part in the advance of the private telephone as an instrument of business efficiency. New rentals last year c rablished a record for the company, and it seems that profits for the current period are likely to rise further. On the other hard, as Mr. Fred T. Jackson under- lined at the meeting, the state of trade has an important bearing on the booking of new contracts and, as one would expect, it is more difficult to obtain new business than it was a year ago. It is fortunate that shareholders need not worry just yet about income, while they can rely on the company's sales promotion plans to restore the volume of new contracts as soon as general conditions improve.
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