CALLENDER’S CABLE & CONSTRUCTION CO.

Dominion, Volume 37, Issue 282, 25 August 1944, Page 6

CALLENDER’S CABLE & CONSTRUCTION CO.

Sound Financial Position CHAIRMAN’S STATEMENT "It will be observed .that the profit, after making provision for taxation, is £566,363, and that when we have debited depreciation at the same figure as last year—£Bo,ooo, and the directors’ fees, there remains a balance of £465,115,” said the chairman, Sir Malcolm Fraser, G.8.E., at the 48th annual meeting of Callender’s Cable and Construction Company, Ltd., in London on July 3. “After adding the balance brought forward from the previous year, £306,552, we have a total available of £771,667. Dividends paid during the year upon both classes of preference stock, and an interim on the ordinary stock, amount to £112,196. and leave us with a figure of £659,471.

“Your directors have decided to transfer to reserve for war contingencies, etc., the sum of £175,000, earmarked as a contingent reserve for reinstatement of employees in the fighting services, under the Reinstatement in Civil Employment Act. 1944, to pay a final dividend upon the ordinary stock of 10 per cent., absorbing £112.391, and, in addition, a cash bonus of 5 per cent, both less tax, on all the issued ordinary stock, which would take another £56,190. ~ “These altogether total £343,55<, leaving a balance to be carried forward of £315,884 —an increase of £9332 on the preceding year. “Last year the reserve for the ‘equalisation of dividends or for war contingencies’ was made up to half a million. This vear it is proposed that a further sum of £175,000 be added to it. The Callender group bus 13,u> men and women serving iu the Forces. Unhappily, 35 have been killed, or are missing, and IS are prisoners Pf war. To their relatives we extend our deepest sympathy. “Provision lias also been made lot allowances to men on active service, while groups have been established iu all our factories for National Savings, the company assisting in financing the movement. “It has, as you know, been the policy of this company to husband its resources and to ask its stockholders to make certain sacrifices iu order io create prudent ami conservative financial measures agalnst what the future may bring. As a result we, last vear, paid off the whole of our debentures amounting to £300,000, and have thus saved a substantial sum in annua! interest, apart from placing preference and ordinary stockholders in a definitely stronger capital Position.’-— 3'.BA