CALLENDER’S CABLE & CONSTRUCTION Co. Ltd.

Dominion, Volume 37, Issue 17, 15 October 1943, Page 6

CALLENDER’S CABLE & CONSTRUCTION Co. Ltd.

FINANCIAL PRUDENCE JUSTIFIED.

THE FORTY-SEVENTH ANNUAL GENERAL MEETING of Callender’S Coble and Construction Co., Ltd., was on July q having read the Notice conprofit from all sources (after provision for taxation) wos £564,042, or tliibquo that"day were due to financial prudence over a long period and not to fortuitous totall For'23 a yeors ths Company hod paid o dividend of 15 per cent, ond <he directors had recommended the stockholders to accept a rate of dividend ess than justified by the yearly results for two reasons, first to create reserves against future contingencies,"and,'secondly, to provideßesources from which to pay oH the Debentures. In that way, benefiting by the caution exercised the last few years the Board felt in the position to reward the patience of the Ordinary stockholder by the addition of a 5 per cent cash bonus to the final 10 per cent, (making, with the interim dividend of 5 per cent, a total distribution of 20 percent, for the year). nno After payment of the dividend and cash bonus, and setting aside £sU,uuu to the reserve for equalization of dividends (making £500,000) and -50,000 to a fund for workpeople's amenities, with a view to making additional provision for the health and happiness of the workpeople, there would remain to be cornea forward £306,552. ... , foilAs to the future, when normal conditions were resumed, the tsoara reir confident of ability to continue its successful and profitable operations. In conclusion, the Chairman expressed the appreciation and gratitude o the Board to the staff and workpeople of the Callender Cable Co., and its associate undertaking, the Anchor Cable Co., and paid a tribute to the 1,236 men one women employees of both companies who had joined H.M. Forces. The report and accounts were unanimously adopted. t ! 'r e The retiring directors, Sir J. Fortescue Flannery, Bt, H.M.L., M.lnst. C.E., and Mr, W, Graeme Hendrey,/A.1.E.E., were re-elected. —P.b.A,