VICKERS, LIMITED
THE seventy-sixth annual general meeting of Vickers,. Limited, was held on April 2nd at Vickers House, Broadway, Westminster. Mr. A. A. Jamieson (the chairman of the company) presided.
In his statement, which was circulated to the stockholders with the report and accounts, the chairman said:
There are some features in the balance-sheet before stockholders which call for explanation. Vickers have sold certain quoted shares, and the remaining holdings under this heading now stand at a nominal . figure. The market value of these holdings at December 31st was approximately 043,176. In the balance-sheet of Vickers-Armsuongs under the subheading "Other Companies—Shares, at Cost, less Reserve," there is a reduction from £462,285 in 1941 to £238,647 in 1942. The reason. for this is that Vickers-Armstrongs have taken over the assets and liabilities of three of their wholly-owned subsidiary companies, viz., the Whitehead Torpedo Co., Limited, the Thames Ammunition Works, Limited, and the Variable Speed Gear, Limited. The assets and liabilities taken over are now included in the Vickers-Armstrongs' balance-sheet under the approparate headings.
The increase of £15,883,601 in the figures of stocks, work-in-progress and debtors of Vickers-Armstrongs reflects the expanding production of that company. The consequent drain upon our cash resources, after allowing for the increase in instalments on account of contracts of 0,491,294 is exemplified by the reduction in cash balances and the larger advances which we have been called upon to make to VickersArmstrongs, the indebtedness of that company amounting to £8,517,007 as against £6,395,155 in 1941.
All known taxation has been provided for, and all taxation due has been paid.
The accounts indicate that 1942 was a year of expanding production, and our energies were fully employed in producing all forms of material for the supply departrnen.s. Our shipyards have made deliveries of every class of warship and merchant ship required of us. Our aviation works have delivered an increasing number of Spitfires and Wellingtons. The constant development of these aircraft, in order that they might retain their position as the finest of their class, has occupied the attention of the technical departments concerned ; in addition the development of new types has continued. Our engineering works have expanded their production of armaments of every description and have kept pace with the ever-changing requirements.
. The report and accounts were unanimously adopted and the final dividend of 6 per cent. approved.
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