The Guardian from London, Greater London, England • 19

19 THE MANCHESTER GUARDIAN FRIDAY MARCH 14 1958 Company Meetings 4000 VULCAN FOUNDRY LIMITED THE Ufa? KOUAT RILE LTD, KILKtfONE. SHUNS WORKS ROCHDALE. Encouraging prospects for" 1958 Company Sleeting MARCONI INTERNATIONAL MARINE COMMUNICATION Record turnover The fifty-eighth annual general meeting of tne Marconi International Marine Communication Company, was held yesterday in London. Sir George H. Nelson.

the chairman, in the course of his SDeech. SIR GEORGE NELSON ON SATISFACTORY. Industrial Notes BRISK BUSINESS IN SWORDS ORDER BOOK POSITION Measuring for Modern Management For the basic information trom which are calculated productivity and efficiency figures, modern management is making ever-increasing use of instruments, instruments that will accurately measure quantities such' as speed, time, distance, vacuum, pressure, temperature and so on. Demand here and abroad By our Industrial Staff Business in swords is described by Wilkinson Sword, as still surprisingly brisk." Wilkinsons have been making swords 'since 1772, and "although the sword is no longer regarded as an essential part of a gentleman's outdoor dress (in this country nowadays it would probably be illegal to wear a sword without good explanation), swords are still in considerable demand for ceremonial occasions. Wilkinsons have made swords for all the officers of the Brigade of Guards since 1850, they have recently provided swords for' the Canadian Guards.

These were formerly the Governor" General's Foot Guards, and they are allied to the Coldstream Guards. The Canadian Guards' sword is similar to the Guards' sword here, except that it carries the Canadian regiment's own badge in place of the battle honours from SI Rani Ttl-rr I Qd-l nave also equipped tne "Royal Canadian Navy, the Canadian Black Watch, the Highland Light Infantry "of Canada, and many other units of the Canadian Arrfly, as well as the' Royal Canadian Mounted Police. They also make swords for the.United States Marines. Mr Roy Randolph, the company's "sales director, is leaving for Canada to-day to make it quite clear that if Smiths comprehensive range of Industrial Instruments has been developed from long experience of and research into the many problems in this 6e)d. It is constantly being expanded.

This same experience and the same research facilities are at your service to assist you with your particular industrial instrumentation problems. If you have a problem, then please remember-that theSmiths Group of Companies are Britain's largest manufacturers of instruments and associated products. Brief, details of the Industrial range of uistruments.aro contained in teaflet AY.640. Why not ask for a copy? -said I am able to report another successful year's trading. Turnover was a record in our history and.

as a consequence, there is a profit for the year of 622,892 after all charges but before taxation an improvement of 129,199 over last year. The net profit is 240.767, an increase of 18.663, and there is available 366.946. Your directors recommend a final dividend of 6 per cent less tax. making a total dividend of 10 per cent lor tne year. In reporting another year of progress in your Company's I would remind you that it is only by continuous research and development that we can go forward from year to year.

producing new aids to the safety of shipping and new devices to promote the efficiency of commercial fishing. Our efforts in this direction continue to meet with success which' ds due. in. large part, to the active co-operation we receive from our shipowner friends. We are fortunate in enjoying the help of so many experts in operating ships, who Hive us the benefit of their knowledge and experience to guide us in our worK.

Radar. This has been particularly evident in the field of radar, in which we are assured that our well-tried "Radiolocator IV" and the later Quo vadis continue to give every satisfaction, especially when allied with the nadar track indicator on which we were working when I last reDorted to you. I am glad to say that this new equipment has met with a most epcouraging demand from the owners of vessels of all classes, from the famous Mauretania to the world's first trawler ever to be fitted with this latest aid to safe navigation, the Arctic Ranger." Communication Equipment. There is, perhaps, a tendency nowadays to think that radar is the chief navigational aid. I must point out that the transmitter and receiver, on which, in the early days, your Comnanv founded its.

business, are still of immense importance as it is on these equipments that every ship at sea must depend for its communications. To meet the problem of higher speed and increased traffic we constantly design more selective and sensitive receivers, and more efficient transmitters. The Globespan transmitter, introduced last year, is now available with increased oower. while the standard Globespan and the well-proved Oceansoan transmitter, now in its sixth and seventh editions, continue to be in strong demand both at home and abroad. Fishing' Industry.

Our policy of devoting a large proportion of our effort to meeting the highly-specialised needs of the fisherman shows very gratifying results indeed. Our position in this resoect has never been so strong. XThe Fishgraph recording echometer. with its associated Fishscone" visual display and Fishgong aural device, has made a lame contribution to this success. Overseas Business.

In the exoort market our progress during the vear unaer review nas oeen satisraciory. accounting for a very substantial shae of the imorovprrent. The report was adopted. Overseas office for San Francisco By our Industrial Staff SMITHS INDUSTRIAL INSTRUMENTS LTD. The Industrial Instrument Division of S.

Smith Sons (England) Ltd. Chronos Circular Road, London, N.W.2. -Telephone: GLAdstont1136 clfast orFiCB: 19 Ortneau Avenue, Belfast, N. Ireland. Bristol office: 42 Welsford Road, Stapltion, Bristol.

olasoow office: 123145 North Street, Glasgow, C3; Scotland. Manchester officb York House. 12 York Street, Manchester. .1 The ninety-fifth Annual General Meeting of The Vulcan Foundry Limited was held yesterday at Marconi House, Strand, London, W.C. 2, Sir George H.

Nelson, F.C.G.I., D.I.C., M.I.Mech.E., M.I.E.E. (Chair man) presiding. The Secretary (Mr. A. R.

Adams, F.C.I.S.) read the notice convening the meeting, and Mr. C. Romer-Lee, F.C.A., of Messrs. Deloitte. Plender, Griffiths read the report of the Auditors.

In his statement to the Stockholders, the Chairman When the Vulcan Foundry and Robert Stephenson Hawthorns were purchased by The English Electric Company three years ago, it was realised that, from the earnings point of view, a lean period was inevitable during the programme of modernisation and reorganisation. These changes involved converting production capac- ty from the manufacture of steam locomotives to that of diesel-electric and electric locomotives, and also to the manufacture of diesel engines of English Electric design. In addition. the full utilisation of the increased workshop capacity has been prejudiced by the fact thatthe programme for the modernisation of British Railways has not proceeded as fast as originally anticipated, owing to the country's need to cut down capital expenditure. do not wish to exaggerate these difficulties, but it is necessary to mention them in relation to the disappointing results for the year, which were caused by failure to achieve a turn over sufficiently large to absorb the overhead expenses.

I am satisfied, however, that the full benefits of the modernised workshops and reorgan ised systems of manufacture will be reit during iaoa, and the hava decided to pay the dividend on the 5 Preference Stock, the payment "of which has never fallen into arrears since the Company's Preference Shares first issued over fifty years ago. The trading results lor 1957. how ever, preclude the payment of a dividend on the Ordinary Stock, the whole of which is owned by The English Electric Coippany Limited. Accounts. The Group trading results show a loss of 286,497 after charging depre ciation of 76,408.

Under the provisions of Section 20, Finance Act 1953, the procedure is established by which immediate relief for Income Tax is obtained bv set off of losses of one Cqmpany against profits of another. Accordingly The English Electric Company Limited has made subven tion payments totalling 335,000 to The. Vulcan Foundry Limited and Robert Stephenson Hawthorns Limited. The provision for taxation amounts to 2,000, and 20,000 has been transferred to General Reserve in respect of taxation on the excess of Capital Allowances over Depreciation, leaving a credit balance of 26,503, compared with 44,807 for the previous year. The balance available for aoDronria- tion, after deducting 1,979 retained by Robert Stephenson Hawthorns Limited, amounts to 24,524.

After adding the balance brought forward from last year' of and deduct ing dividends paid and accrued on the a per cent Cumulative Preference Stock of 2,875, there is a balance. of 114,127 which the Directors recom- men should be carried forward. There has been a further substan tial increase in fixed assets during the year or representing the con tinued re-equipment and extension of our production facilities. Production. Following our policy of integrating within the English Electric Group the various Works concerned in Traction production in order to obtain the maximum output from the facilities at our disDOsal.

the manufacture of mechanical parts for electric and diesel-electric locomotives has now been transferred completely from the Preston Works to The Vulcan Foundry and the Darlington Works of Robert Stephenson Hawthorns Limited. An event of outstanding importance took place at Newton-le-Willows early in June, ijvhen I had the pleasure of nanamg over 10 Jttusnoime, Member or the British Transport Com mission and Chairman of the London Midland Area Board of British Rail ways, the first main-line locomotive to be delivered under the British Rail ways Modernisation Scheme. -This Type 1" 1,000 h.p. diesel- ROCHDALE 22JT (C tirta) Grami miLOSTMNC JLOCHDALE TELEX A srvord in the making for the Canadian Guards at Wilkinson's sword works swords are still going strong, British industry in general, and Wilkinsons in particular, have- not stopped in 'the sword age. He is going to promote the sales of the whole range of Wilkinsons' products, which extends from rust-resistant garden tools to stainless steel safety razor blades.

These stainless blades are meeting with remarkable success here, and they should earn I many valuable dollars if they can I break into the North American market The mainstays of the European exports are cars about 10,000 of them the first quarter of last year, rolled and steel mill products, trucks and buses, glass and glass products, and distilled spirits, wines, and malt liquors. The regional office of the United1. States Department of Commerce reports that last year San Francisco's Customs district again handled higher-valued import and' export shipments than all other California port areas combined. Exports through the San Francisco district were 52 per cent of the State's total outgoing foreign cpm-merce the area handled 50.5 per cent the State's 1956 import valuation. There has been and will continue to an expansion in the port's amenities.

Nearly sixty organisations engaged in world trade, shipping, and related activities have offices in a new World Trade Centre in San Francisco. This year the nort-authority is drawing up plans for new piers and terminals involving an. ultimate outlay of close to $50 'millions. The port's new Antwerp representative is Dero and Hall Shipping Agency. S.A..

in the Union Building, 1 Pond de Meir. Dero and Hall's territory is Luxembourg, the Nether lands, and the North of France. The remainder of Europe, including the British isles, is served by the London "firm" of Hall 'and of 3 Grace-cnurch Street.11 of destiny 13 electric locomotive the first of an order for 20 of this type and it is a matter of great satisfaction to record that our deliveries to British Railways were so well advanced that some fifteen of these locomotives had been completed before any, other manufacturer delivered a locomotive against the Modernisation Scheme orders. At the end of the year, the first of an order for ten "Type 4" 2,000 h.p. diesel-electric locomotives for British Railways was also nearing completion at the Vulcan Works.

In addition to this production for our own Railways, Vu'can built during iao tor rne Kngnsh Electric Company the mechanical parts for electric locomotives for South Africa and for India the latter twelve 3,120 h.p. locomotives, being used' on the Eastern Railway of India's newly elec- trined service between Calcutta and Burdwan, which was inaugurated by tne jfrime Minister, Mr. Nehru, on 14th December, 19o7. Similarly, mechanical parts for diesel-electric locomotives have been produced by Vulcan for the Rhodesian Railways, ana oy btepnenson's at Darlington for Malaya on orders from The English Electric Company. our activities in the steam loco motive field were again confined to the production of spare boilers and locomotive number of substantial orders for the latter being received during the year from the Argentine State Railways.

Apart from Vulcan's contribution to locomotive -production, the recently instituted production line of proved Ehglish Electric designs of diesel engines has continued to provide a valuable addition to the Group's output oi tnese engines. Future Prospects. As I have mentioned earlier, the prospects for 1958 are encouraguig, based on an order book which includes mechanical parts for several repeat orders placed with the English Electric Group' during the past year, among others by the Spanish, Malayan, and South- African Railways. I should like to mention particularly the orders we have received for 5E type English Electric locomotives for the South African Railways. Of an original order for 60 of these electric locomotives, 45 were built completely in the English Electric Preston Works, and the remaining 15 were erected and the mechanical parts produced at the Vulcan 'Works.

Two further orders have been received subsequently, for a total of 100. locomotives, and the mechanical parts for these will all be produced, and the locomotives erected. at ivewron-ie-wiuows. Thus, in all, our Group has been entrusted with orders flor no fewer than 160 of this type of locomotive. It is always especially pleasing to record a repeat oraer xor any product, and the number-of such orders we have recently received for locomotives is clear evidence of our ability, founded on unequalled experience on the field of Traction, to satisfy our customers throughout the world.

Robert Stephenson Hawthorns Limited. Turning to Robert Stephenson Hawthorns' Works at Darlington and Newcastle, here again the work of re-organisation' and re-equipment has continued, as at Vulcan, and with a similar effect on the Company's earning capacity. Diesel-electric locomotive mechanical parts are now being produced at Darlington, while the Newcastle Works have contributed to the versatility of the Group's Traction activities through -their production of diesel-mechanical shunt ing locomotives including a new austerity type of 107 h.p. locomo tive designed industrial use, and known as the Husky and battery-operated mine locomotives, as well as their traditional business of industrial steam shunting locomotives. Sales of the Clayton Steam Generator, which is being manufactured at Newcastle under licence from the U.S.A., are gathering impetus, and give promise of considerable business in the future.

Employees. In concluding this statement, I would like to pay tribute to the work which has been done by the Management, Staff and workpeople of all grades, with whose continued loyal co-operation we look forward to improved results in the.year 1938. The report and accounts- were adopted, the retiring directors, Sir George H. Nelson, F.C.G.I., D.I.C., M.I.Mech.E., M.I.E.E., and Mr. H.

G. Nelson, M.Inst.C.E., M.I.MechU.. M.I.E.E., were re-elected, the remuneration of the Auditors was fixed. Total Reaprupc an A TTn Profit amount to the very substantial Profits Tax. In last strong representations were made by Mf.s of all political parties appealing' to the Chancellor of the Exchequer to exempt Building Societies from the payment of Profits Tax.

This tax is acknowledged to be an unjust burden upon1- Building Societies, who are liot profit making In the ordinary commercial sense of that term. The Chancellor. thrr Mr. Peter Thorneycroft, promised to study tne various suggestions with the object of trying to produce comprehensive proposals which should also include possible relfef for various other bodies faced with this kind of problem. It is hoped that the new Chancellor will be equally impressed with the case for abolishing this tax and that he will take practical steps in his forthcoming budget to- this end.

Interest Rates. Since the end of the year, the Society has made the following changes in investment interest rates With effect from the 1st March, the rates of 'interest on Paid-up Shares and Deposits have been increased from 3i and 3 to 4 and 3i respectively. The report was adopted. The World's fastest growing i dus trial to cat ion; In 1 t.e you to participate and profit American' city of many European visitors and perhaps this affection Surii'illv" pVnanrfin? business which -links' the Port of San Francisco Vwith'the countries of Europe. There "is no doubt that the development of the" "port and the opening of new European offices by the port authorities are "also doing their bit.

In" 1956. exports to the United King-, dom through the port totalled $23,311,890 imports from the United Kingdom $17,113,325. The local- Customs district figures for the two-way trade with other European countries that year were Netherlands Belgium-Luxembourg $19,987,167 S13.i547.fi23 -West Germany $38,711,077 Austria $1,063,611 38,161,758 mnm than 5 flflfl flfin tfin r1 0rnci s' -'The port authorities are optimistic that the limit of this trade is still a president, "Mr Cyril Magnin. says The -potential for increase is very prornising-rr-so promising in fact that the'Port of San Francisco has ODened a shiDDerrservice office at hands in of be POD INTOKMATtON WHtTCAGINT GTNUAL. (TtSH COUIMIIA HOUK 1-1 RECENT LONDON S.W.I.

ENGLAND i A FoJ4-A-Br r-Upholstered -dulr. Tubular sieeZ tel, buk tad urns. i 3 answers! Wrioklcdaaiwl finih oo 5 LEICESTER TEMPERANCE BUILDING SOCIETY Another successful year Whatever your seating problems, on whatever scale, Sebel have the answer in shapely, steel-shirdy'furni-ture. Cnairs (with tables to match) that cater expertly for creature comfort and most im These axe trie hands of the smith: the powerful, sure hands In which the technique of forging still largely rests. From blooms and ingots they unerringly shape the forgings which will become vital components of machines whose destinies touch the lives of us all in this mechanized age.

Craf tsman'3 hands supported by metallurgical control at every stage of forging, first-class plant, modern electric heat-treatment and machine shops, and backed by a lifetime's experience make Eva Brothers Limited one of the fmesteqrdppedforesin the-country. Bra Brothers Limited produce forgings from a few pounds to six tons in all the carbon and alloy steels, including stainless, heat-resisting and creep-resisting steels and the Nimonic range of alloys. portant. clear away quickly, neatly," compactly for storage or cleaning. In cafes, canteens, hospitals The eighty-third general meeting of the Leicester Temperance Building Society was held yesterday at Leicester.

Mr. Wilfred D. Keene, J.P., C.C., chairman, in the course of his speech, saidi It is satisfactory to be able to report that the Society has had another successful year's working. Increase in Investors. The amount standing to "the credit of Shareholders and Depositors at the end of 1957 -was 17,264,299, an increase of just over 1 million on the corresponding figure in 1956.

It is particularly gratifying to note that the number of Share investors totals 20,650, an increase of 1,562 on the previous year's figure. Advances. During year 2,239000 was advanced on mortgage, a reduction of 362,000 as compared with 1956. The Society's advances were made almost exclusively to owner-occupiers of private dwelling houses and out of a total of new mortgages no less than 1,602 were concerned with advances where the loan agreed to did not exceed 3,000. Surplus and Reserves.

The net surplus "for the year amounted to 58,067 compared with a surplus of In 1956. Solve your seating problems with EVA BROTHERS LIMITED Setoel FORGEMASTERS AND ENGINEERS SINCE 1889 FOLD-A-BYE STAK-A-BYE NEST-A-BYE ic Write now for FREE booklet siviat deUDs of ibe whol note to" Depariraem 2. Sebel Product Limited, Wen Street. Erith, Kent. -CRAB TREE FORGE CjL A.Y TON MANCHESTER 11 Telephone: DROylsden 1313 (4 liaos)l.