WALTER SPENCER AND COMPAN Y

GRATIFYING INCREASE IN PROFIT

THE fourth annual general meeting of Walter Spencer and C Limited, was held on November 27th, at the Royal Victoria Station Hotel, Sheffield.

Mr. John R. Winskill, the chairman of the company, who pre- sided, said : Ladies and gentlemen,—I have pleasure in proposing that the accounts and balance-sheet as printed and submitted be approved.

This is the fourth balance-sheet and report which we have pre- sented to you, and it covers a period of unparalleled activity, with a record turnover, and the increase in profit is gratifying. The figures in the accounts reflect the expansion and show the necessity of conserving the resources of the company for the purpose of working capital.

After providing £4,312 iris. for the final dividend and £5,000 to be added to reserve, making that account £15,000, there remains £21,839 to be carried forward.

HEAVY TAXATION PROVISION

The increase in Excess Profits Tax to zoo per cent. as from April tit last has necessitated a very heavy provision for taxation in the profit and loss account and leaves no margin for development after increases in plant and stock have been financed. Some relief in this would be welcome, but you may be assured that in any case no effort will be spared to increase still further the production of material and tools necessary for the successful prosecution of the war.

HIGH QUALITY OF PRODUCTS •

It is with satisfaction that the directors report that the forging and tilting hammers in the company's property, known as the Weir Tilt, are now in full operation in the manipulation of high-class steels so much in demand.

This makes your works a compact unit, capable of producing cal your own premises very special and high-class tools from the raw material to the finished article, and the future can be looked forward to with every confidence.

LOYAL SERVICES OF STAFF

The directors wish to place on record their appreciation of the splendid services rendered by the staff and employees—without whose loyal cooperation it would have been impossible to obtain such satis- factory results. A canteen for the women employees has been added and is now open. A National Savings Group has been formed and has been well supported, and the contributions are steadily increasing. Your directors recommend the payment of a final dividend of the pound,

per cent., less income-tax at 8s. 6d. in unanimously adopted. log (e pound)

the

interim dividend of 5 per cent., paid less tax at 7s.

a gross dividend of £12 18s. 8d. per cent.), less tax at 8s. 6d. m the pound.

The report and accounts were