TODD MOTORS

Grey River Argus, 14 December 1938, Page 4

TODD MOTORS

The first annual accounts of Todd Motors Corporation, Ltd., for the year ended November 15, show the net profit of the corporation's two operaG Ing companies, Todd Motors, Ltd., und Todd Motors Industries, Ltd., was £112,807. In tlie year ended September. 30,Todd Motors, Ltd., earned £96,952, subject to income tax. 01 that £38,227 was transferred into capital' reserve, in terms of the- pros' pectus of Todd Motors Corporalin, Ltd., and provision of £38,700 was made for taxation. That lieft £20,026, which was transferred to the corporation. In 18 nionthg eroded September 30, Todd Motors Industries, Ltd., earned £1.5,855. Of that sum £5402 was transferred to the corporation. Of £22,654 transferred tn the corporation, £15,000 was placed to credit of the preference dividend equalisation account, £3105 was required to pay. dividends (at 6 per cent.) on allotted preference shares, and £lO3 to pay small accounts. The , sum of £4146 was paid to ordinary shareholders. Mr Charles Todd said that 18 months’ operations of Todd Motor Industries had been included in the accounts because the date of that company’s balance had been brought forward to September 30 to coincide with the balance of Todd Motors. The sales of new and used cars were increasing, and sales of new vehicles in November were greater than for any other month' in 1938. On present Indications, shareholders could confidently look forward to a profitable year. All the directors, Messrs’ Charles Todd, E. P. Yaldwyn, J. M. A. Hott, C P. Todd, D.- H. Todd, B. J. Todd, and Andrew Todd were re-elected.