11 MAY 1934, Page 34

This full statement of accounts follows upon a year when

the financial results achieved were most encouraging. The net profit was £1,512,866 against £860,077 for the previous year. The dividend now declared is 8 per cent. against 4 per cent., and a sum, of £200,000 is placed to the reserve, while the carry forward of £578,000 shows an increase of £136,000. The Directors say that during 1933 trading con- ditions in this country improved, particularly in the Motor and Cycle industries, but unsettled and difficult conditions con- tinue in many of the foreign countries. •