AUSTIN MOTOR PAYING DIVIDEND ARREARS.

Evening Post, Volume CV, Issue 23, 28 January 1928, Page 12

AUSTIN MOTOR PAYING DIVIDEND ARREARS.

The report by the directors of the Austin Motor Company states that the gross trading profit for the year ended 30th September was £962,47!), from which were deducted, among other charges, interest on mortgage debentures amounting to £95,567, a transfer to Binking fund reserve of £39,432, for maintenance of buildings and plant £202,234, and £100,----000 for income tax, leaving a net proiit of £406,469. Out of this has been appropriated £290,830 for reorganisation of capital, leaving a credit balance of £115,639. The directors recommended payment of seven years' arrears on the 7 per cent, preference shares to 30th June, rc(]iiirin{s £98,000, also the dividend on these shares for the half-year to 31st December, 1927, absorbing £700, leaving to carry forward £10,639. They expect to be able during the present financial year to make substantial payments on account of the arrears of dividend on the B preference shares. The continuously increasing demand for the .company's products, has outgrown tho capacity of the works and equipment, and it has been necessary to make considerable extensions to the buildings and plant, also largely to increase the amount of the floating stock. The'sales since 30tb September have justified this policy.