COMPANY MEETINGS
CABLE AND WIRELESS LIMITED
(THE OPERATING COMPANY) DIVIDEND OF 4% SIR EDWARD WILSHAW'S REVIEW
THE twelfth ordinary general meeting of Cable and Wireless Limited the Operating Company), was held on Thursday, June 26th, at the registered office, Electra House, Victoria Embankment, London, W.C.
Sir Edward Wilshaw, K.C.M.G. (chairman and managing director), presided. The secretary (Mr. E. K. Jenkins, F.C.I.S.) read the notice con- vening the meeting and the retort of the auditors
The chairman said: Gentlemen,—The accounts for the year ended December 31st, 1940, disclose a • profit for the year of j.:2,375,771, after providing £131,021 for cable renewals and £164,000 for amounts written off the cost of terminating a joint purse agree- ment and other expenditures. Adding the balance brought forward from 1939, £437;836, there was a sum of £2,813,607 available. The nlicrim dividend of 11 per cent. already paid, together with a final dividend of 21 per cent., making 4 per cent. for the year, absorbs L1,20o,000, leaving £1,613,6o7 to be carried forward to the next account, and this sum is available for any Excess Profits Tax which may be assessed and for other payments.
It is not yet possible to estimate the company's liability to Excess Profits Tax, the determination of which depends upon the basis of assessment which may finally be applied to Cable and Wireless Holding), Limited. Until this question is settled no provision can be made for the amount of the tax to be apportioned to this company.
THE LATE LORD ABERTAY
It is with deep regret that I have to record the death of the Right Hon. Lord Abertay of Tullybelton, which occurred on December 6th, 1940. Lord Abertay, more widely known as Sir Charles Coupar Bailie, was one of the first directors of the company, having previously been a director of Marconi's Wireless Telegraph Company, Limited. His experience and judgement were invaluable, and in his passing the directors have suffered the loss of a colleague of great gifts and personality.
It is with profound regret that I have to record that during the past year some members of the staff lost their lives through enemy action. Engaged as they are in a service which maintains the lines of communication of the Empire, some of the staff are necessarily carrying on their duties in perilous conditions at many points, and in expressing our deep sorrow at the loss of these brave men we recall with pride the courage and tenacious devotion to duty with which they and all their colleagues have maintained the highest traditions of the service.
In the light of existing conditions I am prevented from making my usual world-wide review of the company's activities. This meeting is therefore formal and confined to the formal resolutions.
THE RESOLUTION
The chairman then moved: " That the printed report of the directors and accounts for the year ended on December 31st, 1940, submitted to this meeting, be and they are hereby received and adopted, and that a final dividend of 21 per cent., less income tax, making with the interim dividend of 11 per cent., less income tax, already paid a total dividend of 4 per cent., less income tax, for the year ended December 31st, 1940, be paid on June 27th, 1941, on the shares of the company to all shareholders whose names appear on the company's register on such last-mentioned date." The Rt. Hon. Lord Pender seconded the resolution and it was carried unanimously.
The auditors, Messrs. Deloitte, Plender, Griffiths and Co., were reappointed and the proceedings then terminated.
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