COMPANY MEETING
ALLIED INDUSTRIAL SERVICES
The tenth annual general meeting of Allied Industrial Services, Limited, was held on Friday last at Netherwood Chambers, Bradford. Mr. W. H. Rhodes (chairman of the company) presided.
The Secretary (Mr. C. Gordon Slaker, C.A.) read the notice con- vening the meeting and the report of the auditors. The following is the chairman's speech which had been circulated with the report and accounts :— Ladies and gentlemen,—In accordance with the practice adopted during the war, this report of my remarks which are to be addressed to the shareholders present at our annual general meeting, to be held on October 27, 1944, is included with the accounts for the year now in your possession. While the trading results for the year under review show that the total production of the company's factories—including those additional units which commenced operations since the outbreak of war—has been maintained, the profits for the year show a slight decrease, attributable in the main to those difficulties inescapably associated in the fifth year of the war with the maintenance of adequate supplies to our customers, so many of whom are engaged on work of vital importance.
TRIBUTE TO STAFF AND WORKPEOPLE
Before commenting upon the financial results, I again wish to record my board's appreciation of the efforts of our managerial staff and regular workers during the past year ; a word of commendation is also due to the considerable number of our part-time workers. Referring to the report . and accounts—after making proper provision for depreciation of the company's properties, plant, etc., the trading profit for the year amounts to £228,327, of which £161,500 has been absorbed to meet taxation and L25,000 placed to general reserve. The balance of profit—namely, £41,827—together with the amount carried forward from last year of £13,774, make a total of £55,60t available for allocation, as set forth in the accompanying report, to which your approval is sought.
While I am able to report that so far during the present year our factories have been well engaged, your directors in reviewing the prospects for this year are fully aware that the hoped-for early allied victory in urope and cessation of hostilities there will create for a time a period of transition and that this change-over can undoubtedly bring with it a certain amount of trading difficulties and probably some measure of dislocation.
The report and accounts were unanimously adopted.
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