COA:PANY MEETING
TELEPHONE RENTALS, LTD.
INCREASED PROFITS IMPORTANCE OF COMPANY'S SERVICES
THE annual general meeting of Telephone Rentals, Limited, was held on September 4th in London.
Mr. Fred T. Jackson (chairman and managing director) said that dividends from -subsidiary companies declared during the year amounted to £136,268, as compared with £130,334 for the preceding year. Dividends on sundry investments and interest receivable amounted to £8,9o4, or rather more than twice the corresponding figure for the previous years. The net profit, £136,312, showed an increase of £8,945 over last year's figure. The charge for Income Tax showed a substantial increase, and the general reserve had been raised to L225,000 by the transfer of a further L25,000. An interim divi- dend of 4 per cent. had already been paid, and the directors now recommended a final dividend of 6 per cent., less Income Tax.
The Operating Companies were very busily engaged on work of great importance to the national effort. All the installations they were fitting could definitely be termed too per cent. war work, for all these systems were for firms engaged in the production of armaments or performing services ancillary to them. Before the war the provision of methods of quick communication was highly important. During the war tele-communication was absolutely indispensable. The shortage of workers made its use imperative for the speeding up of output, for the services the companies installed not only provided the quick inter-communication necessary between factory departments, but also enabled the principal executives in the administraton to contact within almost a few seconds other executives in whatever part of the factory they might happen to be. He was not making any exaggerated claim as to the vital necessity of the various services they provided, as they had ample written evidence from subscribers that the companies' installations were of vital importance and quite indispensable to the very large number who were engaged on direct war work
They had had considerable difficulties arising through the shortage of labour and the shortage of materials, but the position now was much more satisfactory, and he was able to assure shareholders that they would be able to secure supplies of the most important apparatus they used and retain the necessary skilled labour to maintain the very large number of instruments which had been installed.
NEW SUBSCRIBERS The Operating Companies had not only been successful in maintain- ing their position, but in adding a considerable number of new subscribers.
As to the current year, they had various difficulties to face, particu- larly in connexion with increased cost of materials and rising wages. In addition, they had had to carry the cost of war damage insurance of installations they had installed on subscribers' premises and com- modity insurance of the very considerable stocks they had accumulated. They had therefore approached their -subscribers asking them to agree to a small increase in the annual rents they were paying, and the majority had agreed. Demand for the companies' installations con- tinued on a most satisfactory scale, and was certainl9 proof of the good services they had been able to render to those firms who had been subscribers for many years past. He saw no reason, judgeing from the experience they 'had had up to the present time, for not being able to forecast -a successful 1941.
In conclusion, the chairman paid a tribute to all in the organisation for the hard work and the cheerful manner in which they had per- formed it during the period under review. No firm in this country had a more loyal and enthusiastic personnel than this -company.
The report was unanimously adopted.
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