COMPANY MEETINGS
ERICSSON TELEPHONES
RECORD TURNOVER AND PROFIT Tim annual general meeting of Ericsson Telephones, Limited, was held on March 29th at Kingsway Hall, London, W.C.
Mr. T. Kirkham (managing director) presided in the absence in America of Sir Harold Wernher, the chairman, and read a speech prepared by him, which stated that it was a matter for congratu- lation that notwithstanding the disturb'ed conditions that had pre- vailed throughout the past year the company had emerged in a stronger position than ever. The order book had again been a record one, and the careful planning of the preceding years had enabled them to achieve a much greater output. It was appro- priate to report that during the past few years their output had trebled and they now had upwards of 4,500 employees, all working full time. That was particularly noteworthy inasmuch as the com- pany had been employed, in the main, upon their normal activities and not upon so-called War work. He was always particularly glad when he could state, as he could on this occasion, that their sales abroad had again shown a substantial increase and every effoit was made to expand these.
Every year since 1933 it had been his happy privilege to report an ever-growing volume of trade, and he saw every reason why this should continue. The work upon which the company was chiefly engaged was one of the most important in the country, as without an efficient system of communications it would rapidly decline to the position of a second-rate Power. Roadways, already heavily congested, would be rendered impassable. The present efficient condition of the telephone service of the 'country was due in no small measure to the foresight of the Post Office in instituting eleven years ago a co-operative system between itself and the principal makers of telephone exchange plant.
As might be expected from a record turnover, the net profit was also a record, being £161,293 (which included £5,579 dividends re- ceived from a subsidiary company), as compared with £148,704 for 1937. Everyone was conscious of the clouds which threatened the international horizon, but this at least they could say, that what- ever the future held, their company would meet it in a strong and healthy condition. They again had a record volume of orders in hand with splendid prospects of further large contracts. Their factory plant was thoroughly modern and was eminently suitable for other work of national importance should necessity arise.
The report was adopted and the dividend of 18 per cent., free of tax, plus a bonus of 7 per cent, free of tax, was approved.
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