OMPA NY MEETINGS
BRITISH ALUMINIUM COMPANY
WORKS FULLY EMPLOYED
ir the annual meeting of the British Aluminium Co., Ltd., held on larch 31st at Shrewsbury, the chairman, Mr. R. W. Cooper, M.C., resented the following statement:
The works of the company continued to be employed to the fullest essible extent during the year, and much additional plant came into unction. Comparing the balance-sheet figures with those of the revious year, the main differences are as follows: The application of he mortgage debenture stock sinking fund for the year 1940 has further educed the outstanding amount of the stock to £3,391,007, and has tied the debenture stock redemption account to £108,993. To this ails to be added the sinking fund for 1941, amounting to £39,359, Or which cash was deposited with the debenture stock trustees, and hat sum was applied by them in redemption of stock on January 1st (this year under the terms of the trust deed.
'ice have added £5o,000 to the depreciation reserve account, raising
to f,1.550,000 and, as has been pointed out on a previous occasion, setting up of a debenture stock redemption account, and the annual ements thereto, may be regarded as an additional contribution ards depreciation, adequate provision for which is increasingly essary considering the exceptionally heavy duty which plant and inery are called upon to perform.
From the profits of the year we have allocated £toopoo to the rye account, which now stands at £3,050,000. The total profit for year amounts to £973,582, an increase of £61,371 over the previous r. and after payment of a dividend making to per cent, for the the balance of £27,332 raises the amount carried forward to
222.127.
An increasing number of our male staff and employees are serving lth the armed forces, and we are employing women wherever possible. e high pressure at which our remaining staff and employees are rking demands the most strenuous efforts from all, and our sincere reciation of the energy and perseverence which they are devoting their vitally important tasks will undoubtedly be endorsed by the eckholders. Apart from their duties in factory or office, they are ag their part in the many extraneous activities which have to be denaken by civilians in these times.
The report was unanimously adopted and payment of a dividend per cent., making to per cent. for.the year, approved.
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