ABSTRACT
THE eighth annual general meeting of the company was held on October 28th, 1938. The net profit stood at £231,124. With a final dividend of per cent, the total for the year was a moderate but satisfactory 12 ½ per cent, and £28,912 was carried forward. As the years passed, the merger was fully justifying the hopes of those whose business statesmanship and patience had brought it about. A single simple demonstration of this was to be found in the fact that sales had almost equalled those of the year 1936–1937, notwithstanding the cessation of the business in cycle fittings. Members of the company met also in an atmosphere of greater international calm ; to most of them, as also to the majority of their fellow countrymen, the autumn settlement at Munich, whatever misgivings it might have left behind, seemed to have assured the peace of Europe.
