COitArAPI Y *LEL
GUY MOTORS LIMITED
STRONG POSIT ION
PRESIDING at the twenty-sixth annual general meeting at Wolver- hampton on December r7th, Mr. Sydney S. Guy, the chairman, said: The balance-sheet calls for little comment. The fixed assets and the capital accounts stand at substantially the same figures as last year. PRESIDING at the twenty-sixth annual general meeting at Wolver- hampton on December r7th, Mr. Sydney S. Guy, the chairman, said: The balance-sheet calls for little comment. The fixed assets and the capital accounts stand at substantially the same figures as last year.
The turnover for the year was most satisfactory.
The reserve accounts have been increased by the sums approved at the last meeting to £175,299, and if the directors' recommendations this year are also approved the reserve fund will be raised to a figure which is very nearly equal to the subscribed capital.
The profit and loss account, after making provision for taxation and all normal trading charges, shows a net profit of £46,011 which, with the balance brought forward, gives £52,391 available profit. The reduction in the net profit shown is, of course, due to the effect of increased taxation.
Your directors have pleasure in commending that a dividend of 15 per cent. be paid on the ordinary stock, and I would remind you that this is the fifth year in succession that a dividend of 15 per cent. has been proposed.
If the ordinary dividend is approved, then there will fall to be paid a dividend of 7f per cent. on the preference stock.
Your directors then recommend that the usual provision be made for debenture redemption and for the staff profit-sharing bonus, which will amount this year to £5,5oo.
I mentioned in my speech last year the totally inadequate allow- ance for depreciation granted by the Inland Revenue. Since then, those allowances have been increased, and while this is satisfactory so far as it goes, we still consider that, having regard to present con- ditions, with long hours and extensive diluted labour, together with the difficulty of releasing plant for overhaul, the relief is not suffi- cient. Accordingly we consider it necessary to reserve a further £5,000 to cover this exceptional depreciation. Finally, I would refer you to the matter of directors' remuneration, which is included in the agenda. The amount of directors' fees is fixed by the shareholders and I am asking you formally to approve of an increase in the allocation from £1,000 to £1,5oo to be divided amongst the directors as they decide.
The purpose of my request is not to increase the fees of the indi- vidual directors, but t., permi, an increase in the number of directors (if at any time it should be considered desirable) at a remuneration comoatible with their responsibilities.
The report and balance-sheet were unanimously adopted, and a vote of thanks to the chairman closed the meeting.
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