A BIG RECOVERY.
An agreeable and indeed very striking recovery in financial activity and profits is shown in the latest Annual Report of Morris Motors. A year ago the report revealed a rather striking set-back in profits, but now the position has been completely reversed. The actual -profit on trading was /543,972, and including interest the net result was 1643,756 against only 1462,548 a year ago. The dividend has been raised from 51,0 10 per cent, free of tax, while a sum of 1150,000 is added to the Reserve, ;eating a balance to be carried forward of 2236,145. The Government securities and Corporation Stocks 'in the balance-sheet have been taken at the market price ruling at the date of the balance-sheet. This has resulted in an appreciation of £120,504, which has been carried to Reserves for Contingencies. The directors express the view that the results for the year are satisfactory, especially as more than £125,000 of the expenditure on the reorganization of the fac- tories has been deducted from profits. The annual meeting of the company has been deferred until May 9th, so that Lord Nuffield, who is at present abroad, may preside at the meeting.
(Continued on page 58W.) •
Financial Notes
Although the full report of John Barker and Company shows that gross profits revealed a decrease of about 230,000, there was a substantial reduction in expenditure so that in net profits an actual gain of about 220,000 was achieved. The 15 per cent, dividend is maintained and 1150,000 placed to reserve against only 2135,000 a year ago.
A. W. K.
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