COMPANY MEETING
UNITED DOMINIONS TRUST -
FURTHER PROGRESS
THE fifteenth annual general meeting of United Dominions Trust, Ltd., was held on July 21st, at Regis House, King William Street, E.C.
Mr. J. Gibson Jarvie (Chairman and Managing Director), in the course of his speech, said : For a succession of years it has been my privilege annually to announce to you a record both in the volume of business and in profits earned. The year just ended is again a record and the report and accounts in your hands disclose a position of strength which should make you well satisfied with the security and value of your investment. The profit for the year, after making provision for rebate of interest, bad debts and con- tingencies, has now reached £201,802. -
In all departments the volume has increased during the year under review. Industrial activity has created a bigger demand for equip- ment and 'there has been a corresponding need of credit facilities. As we are prepared to finance the Sale and purchase of every kind of machinery, no reputable manufacturer or trader need any longer work under the handicap of obsolete or inefficient plant for lack of the money to buy.
Our business is not only well spread through many industries— and this is a material factor in the stability of the Company—it is also well spread throughout Great Britain and Ireland. During the year we have opened four additional branch offices in districts where our business had grown sufficiently to justify them, and further offices will be opened as required.
The extent of our service to the community is measured and limited by the legitimate demand made on us by those whom we exist' to genre. We cannot force anyone to use the reedit we offer : we dare not extend it to the unworthy. We offer -nedium and' long term credit where that kind of credit can be proficably and efficiently used.
Your board have decided that the time has come to offer the 75,000 Ordinary shares still unissued. By the issue of these shares we shall bring our ordinary capital to the round half million pounds and we shall again substantially increase our general reserve. With regard to the offer of Preference shares, that offer is being made to you on behalf of the Bank of England on generous terms. When the Central Institution first took an interest in your Company, the authorities were actuated by a desire to render a particular service at a critical
time., .
The report was unanimously adopted.
Previous page
