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- - - - - -MONO HiQKEL GO.I

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MONO HiQKEL GO. I ANNUAL MEETING OF THE I | SHA?m?RS ? Sir Alfred Mond, Bart., M.P., presided nt the seoomd ordinary general meeting of the Mond Nickel Co., held in London, on Friday, and in moving the adoption of the report and balance-sheet, said that on the assets sido of tho balance-sheet there was shown an increase in the company's Canadian undertakings. The additional capital spent jiad been only but, so far tvs refining works in South Wales was concerned, the capital during the year had been £ .)U,0.00. They had placed £ 130,000 to the wu-speaso account. This was money spent in completing refining "works in South Wales. As the increased expenditure caused by increased price of labour and materials during the war, they had preferred to treat this as a separate item in the ac- counts in view of the various steps of dit- Cerent Government departments regarding allowance on account of extra expenditure for controlled works being uncertain as yet. How the item would finally be dealt with could not be stated at the moment, but the directors it-It it would not be right to charge the whole amount to capital ac- count. Shares and debentures in associ- ated and other companies had increased from £161,000 to £ 280,000. The main item of increase was in the share capital of the Water Power Co. in Ontario, the whole of tho share capital of which belonged to the Mond Nickel Co., and it supplied the mining and smelting plant with the neces- sary electric power for motive purposes. They had completed—he was glad to say, successfully—a considerable increase in this jiower plant, a co-mmertcement of which had been made when he was last in Canada. This development had placed them in a very good position as regards cheap power on the Canadian side, and he thought it would serve their purpose no" only tor the present, but for a further con- siderable future. In investments the shareholders would notice the War Loan Stock authorised last year. There had been a very large increase amounting to some- thing like £ 300,000 in stores and raw materials, intermediate and finished tiro- ducts. As they were dependent on raw material in their Canadian smelting works ever since the commencement of the war the board had felt it its duty to accumulate a largo stock of this material Cn this side, so as to be in a position in (ase of any interruptionof ocean traihe owing to the war to be able to continue the manufacture of necessary war material in the shape of nickel, and run no risk of diminished output because of any tempo- rary ocean interruption. He was glad to say they had been extremely fortunate in that no ships carrying Imy of their product had been submarined, and also through the good offices of the Ministry of Munitions they had been able to ob- tain transport facilities, which, as all knew. had been a very anxious problem. On the other side of the balance sheet there was no item that called for much comment. At the date of the balance sheet there was a considerable loan from the bank as compared with last year, but the loan had practically disappeared. I PROFIT AND LOSS ACCOUNT. j Dealing with the profit and loss ac- count, he said they had brought forward £ 54,000 last year, and had made during the year a piofit of £ 322.000, making' a total of £ 376,000. The directors'* fees, ac- cording to articles of association, were £ 16,000, leaving a balance to be distri- buted of £ 360,000. For the first time the Board had fulfilled a desire previously expressed and had paid an interim divi dend to ordinary shareholders. This had amounted to £67,40G. It was proposed to apportion the balance as follows: A dividend on issued preference capital at the rate of 7 per cent., and a dividend on ordinary capital at the rate of 20 per cent. per annum, leaving X-50,000 to be placed to reserve. It was also recommended to carry forward Y,99,312, including provi- sion for war taxation. Last year they had placed £ 100.000 to reserve, and carried lor- waid £ 54,400. This year, in view of the Uncertainty of claims on the company and provisions for taxation—they had been a controlled works since January 1st, and were liable to excess profits tax for the preceding period—the board thought the better policy would be to place < £ 50,000 to reserve and carry a substantial balance forward in order to have- a considerable Bum in hand to deal with the figures which were not yet ascertained all would agree that was a wise method. The Board also thought they would not be justified in epite of larger profits in increasing the rate of dividend. Again, he thought the shareholders would agree that in following this conservative policy tho Board had acted for the best. GENERAL POSITION OF THE COMPANY. The general position of the company both here and in Canada was very satis- factory. They had had the advantage of a visit from the general manager in Can- ada, so that he could report direct to the Board on the progress of operation in regard to mining and smelting. He could assure them the ,report was highly satisfactory. The nline-6 were developing in a manner that exceeded expectations in spite of difficulties as to shortage of lahour and troubles similar to those over here regard- ing transport, because Canada had been affected by the war and munition making industrially, if not as greatly as the Mother Country, at any rate very largely. In spite of this, the output had been well maintained. As regar4 operations in this side they had completed during the year the fourth unit of their refining works. In normal condi- tions that unit would have been in opera- tion many months but they had been hampered by the difficulty of obtain- ing material and required labour. The unit was now working to entire satisfaction. Other than stated the operations in this country were proceeding normally, and they were in a position to increase the 6upplies of their product, which was in great demand for arraa- #ieut purposes, in view of the fact that tile company was British aiad the only company in the British Empire which oontrolfed both its raw material f" om the beginamg. and the refined product at the end. It was the only com- pany manufacturing one of the most important matorial aof fli-e war en- tirely under British control from begin- ning to end. Ife thought it was satisfac- tory "Vorl In the middle of the war that they bad been a > e to increase their out- put. thus rendering tlus countrv more in- dependent than it had been if tjm 60im.e of depen e k 1.h 1 Ie 60Uf{e () supplies of nickel in the hands of neutral and allied countries. A? to f hy the ?PP? of the company was not larger, or large enough to p ly    h o,)-ti l  ? ?r ??' he could o?er one orTo ob&erTatioM. One w?-there nev? hnd PœU suthclent encouragement given them ?Brit? Government ?Partmen? in tie6 of !*acl b'  ?P?Iy develn the business- ™ a* to ?PP?-ar n? In fact, they had a somewhat prolon?j OtruE"le, curious though it may seem  £ t & ?nufactured jD the BSHJ?: empire al1.ow(' (1. b '?  ™ British l1WmBnt.s. This ?s, tru?le owing largely ? the --ne- action of the late Qir Andrew ?oble. ?o death they deplored wa endHl, and it was to urn it ? due that progress had been made The largest item of spe^al war expenditure ? the 1 "'111 (h :s "'I' ,f¡' pro v?ion for excess profits for 1915. This tax operated backward? and w? levied t for a period as to which the company's accounts had been closed. Other sums were subscriptions to hospitals and war funds. A company like theirs ought to exercise some generosity. He thought. the shareholders would agree that war bonuses to wives and children of workmen at the front was another item, and £ 37,000 out of the item of £ 5(1,000 was pro- vision for excess profits. The death of Sir Andrew Noble had caused a vacancy in the Board, which had been diminishing in the last few years, and eminent gentle- men had been asked to join them. One was his old colleague and friend, Mr. Ellis Griffith, K.C., M.P., late Under- Secretary for the Home Department, and the other was Sir Robert iladfield, chair- man of the world-wide known Sheffield firm. Concluding, he said they had every reason ia be satisfied with the position of the company, and with the work it had done, and for himself and the Board they bad every reason to be satisfied with the arduous and strenuous labours of those who had been engaged in Canada and here in carrying on under difficulties not always realised by others. Ho then moved the adoption of the report and declaration of the dividends indicated. •FIRM'S EMPLOYES AND WAR S E R V ICE. Mr. Robert Mond seconded, and said, in supplying nickel to the Government and munition firms, they had only &lightly advanced the prices in some cases at which they had sold- tho article. notwithstanding the fact that there was a war on, and there had been a scarcity of. labour and material. Two employes had gai«tid tlio distinguished conduct medal. They felt great national pride in that, and had taken steps to recognise their conduct, leaving out of account what the War Office did. A, great many of the men who had joined belonged to the best type, and they had experiencea difficulty in replacing them. They had had to be replaced by men from all over the country, a number of whom were not sa" tisfactory. Under these circumstances it had been exceedingly difficult to carry on the delicate manufacture. In spite of that they had succeeded in carrying on steadily and unceasingly, and he hoped the next year's balance-sheet would show excellent results. NEW DIRECTORS, ETC. The motion was then agreed to The appointment of Mr. Ellis J. Griffith and Sir R. Iladfield to the Board was confirmed. Mr. Robert Mond and Mr. Noble were appointed directors, and the auditors having been reappointed the proceedings closed.

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