COMPANY MEETING ERICSSON TELEPHONES ANOTHER SATISFACTORY YEAR
Tan annual general meeting of Ericsson Telephones, Limited, was held on March 30th in London.
Cillonel Sir Harold A. Wernher, K.C.V.O. (the chairman), who presided, said in each of his last three speeches, covering the years 1934, 1935 and 1936, he was able to report record order books, and it was gratifying for him again this morning to inform the shareholders that 5937 had provided them with further records for output, net profit and volume of work in hand. Their business with countries within the British Commonwealth had been very satis- factorily maintained, and at the moment they had in progress important contracts for, automatic telephone exchanges for the Australian Post Office. Their various departments all benefited from the improved trading conditions which prevailed throughout the year, and each contributed to the satisfactory trading results. It might not be out of place to mention one particular contract, because it was one which was of general interest ; he referred to an order received from the Racecourse Betting Control Board involving the renewal of a substantial portion of the electric totalisator at Ascot Racecourse. The contract, which would be completed in time for the Ascot meeting this year, would not only give greater flexibility but would materially increase the rapidity with which bets could be handled, and should thus enable a larger volume of betting to be dealt with.
It was always a pleasure to him to direct their attention to the very efficient telephone service which had been developed in this country by the British Post Office. There used to be a tendency to criticise adversely any enterprise conducted by the State, but there could be no doubt whatever that the Post Office handled a great and difficult business with an efficiency and singleness of purpose which would do credit to any commercial organisation anywhere. There was no disposition to stand still ; on the contrary constant efforts were made to develop and improve an excellent service, and they were happy to be associated with them in that good work. For the first three months of the year their sales were in excess of 1937 and they had a record volume of work in hand ; furthermore, in the future they should reap the benefit of the increased capacity of the factory. Under nornal trading conditions those facts alone would justify a very optimistic outlook.
The available balance in the profit and loss account was £147,965, and it was proposed to pay a final dividend of 12 per cent. free of tax, making 18 per cent. free of tax for the year, plus a bonus of 7 per cent. also free of-tax, and to carry forward £36,708.
The report was unanimously adopted.
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