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- - - . -__- -_ M'OND .WORKS.I

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M'OND WORKS. CAPITAL AND LABOUR IN UNISON. I Big Scheme Revealed at Annual Meeting. CLYDACH DEVELOPMENTS. Housing Not Overlooked. Mr. Robert Mond, J.P., presided on f riday, at the ordinary general meeting of the Mond Nickel Co., held at 39, Vic- toria-street, S.W. The directors recom- mended the payments of dividends which included oue of 1 b per cent, per annum on the ordinary capital, making 20 per cent. tor the year, and that till,598 3s. be placed to reserve. In moving the adop- tion of the report and statement of ac- counts, which have already, been pub- lished. The Chairman said: Since our last meeting, Mr. Lloyd George, on becoming Prime Minister and forming his own iJabinet during the month of December, appointed our late chairman, Sir Alfred JAand, to the Chief Commieaion oreh ip of ,Works-an office whose eeope has been greatly enlarged owing to its manifold activities during the war. I think you will all agree with mo that ,iiur late chairmanJs previous experience in the conduct of our affairs eminently litbed him for the position to which he was called by the Prime Minister, and I Am sure that I voice th, sentiments of all of you in wishing him every succeses in the performance of Ithe new duties en- trusted to cim. (Hear, hear.) Your Board hae felt the low of his active par- ticipation in the conduct of their affairs, And are looking forward to his resump- 'tion of his duties at eome future date ivhen he iø freed from his public respon- sibilities. Your Board has entrusted me with the chairmanship, and this is my first oppor- tunity of rendering an account to you of the results of their andeavourr, on your behalf. WAR'S INFLUENCES. I do not feel it would be in the public Interest to enter into a minute discussion uf the details of the balance-ehoeit, and in ^oiisequenco I do not propose to follow our usual practice of a comparison of this year's figures with previous years. I' trust I shall be able to do so more fully "t the nt!xt meeting, when I fervently i ope that by that time this war will have been victoriously concluded, and we shall have freedom of action restored to us. I iball be pleased to answer Any questions o-hich may be asked with regard to the game, on the understanding that the in- formation eupplied will not leave this ,"m. However, I might draw your at- tention to one or two figures in the balance-ehèet. The relatively small amounts of thoney appearing under Additions during the xcor, both for England and Canada, illustrate the difficulties we are experieile- ing in the rapid extension of our works tnder war conditions, and the amount we are placing to. Suspense Account to defray extra expenditure owing to the war ,180 fclls th same story. The item of Shares and Debentures in Associated and other OömpaniéS" shows vn increase mainly 4ue to the shares taken up in thfe Clydach Estates Com- pany for the further building of houses for workmen. Our investments are a very considerable amount, which consist chiefly Wznr lLmwr^rtT*pmfif 6f hold- ing heavy stocks on this side to ensure lion-interruption of our refining works ow- ing td the uncertainty of shipping, and OUT larger output, has naturally increased out stocks in hand. Regarding the other rfde of the balance-sheet, the capital has not changed during the year. The reserve fund has been increased to A160,000 by the imount placed to the reserve fund last vear. D I VI DEN DS. I I I a I ? .1 me oniance cameo rorwara vo pronr and loss account" is J6327, 248 6a. Cd., aS compared with 43n?,S" 59. 5d. ?at year. With the balance broht forward, th? total is £ 426,590 as compared with C376,751 13s. 10d. last year. This figure, leas directors' fees, leaves td:al of £ 410,198 3s., compared with £ 360,022 4B. 10d., last year, which is E49,575 18s. 2d. more. This is tit" amount we have avnilable for divi- sion, and the directors propose to doail- with the above balance as follows:- As the capital has not been altered, these figures are identical with those of the previous year. with the exception that ¡ the gross figures are stated, whereas pre- t viously tlte nctt figures after (Itcliietion ofi income tax were stated. The directors recommend the same divi- dend as last year, and that the same ■ituount should be placed to the reserve l'uud as last year, viz., < £ 50.000, and the <amount to be carried forward is slightly I increased, viz., from 999,001) to 9111,000. Here I may explain that last year (as vour chairman informed you at the last meeting), a provision was made for war taxation in the Carry Forward," which hag siixoe been dealt with. CLYDACH DEVELOPMENTS. 1\8' regards the operations of your com- pftny during the last year, I am pleased to be able ttr-state that the fourth unit at Clydach, which was mentioned to you at our meetihg last ye;y, has been in success- ful operation during tha year, that the erection of the. fifth uuit is progressing favourably, and that preliminary steps are being taken towards the erection of a sixth unit to follow on when the fifth unit is completed. 5 We have also during the year acquired at very reasonable prices a large adjoin- ing farm which covers some 300 acres, which will enable us to extend our build- ing operations when so desired. The Clydach Estate Company—a company of which we hold all the shares—has been steadily developing its building estate. The projected increase of the works by the two new units makes the proper housing of the additional workmen re- quired essential. In Canada the increase of the smelter in preparation for supplying the matte neccssary for six units and the corre- sponding development of the mines are Aenring completion, whilst the very ex- tensive exploration by diamond drilling campaigns we ara carrying on ha-s dis- closed further large extensions of the ore in our existipg mines, which provide us with ample reserves for a long period. The growing scarcity of materials and the shortage of labour in Canada are making themselves very painfully felt, and we owe a debt of gratitude to our staff for successfully overcoming very serious diiffculties. I IN CANADA. > .1 During the year we had the pleasure oi a visit from the Royal Ontario Nickel Commission, to whom Vre had an opporv tunity of fully explaining our position, and who have since then published an extremely able report. I am pleased to be able to state that the legislation Which j was passed at the last session of tho Ontario Parliament, on the recommenda- tion of this report, bfltli as regards tax- ation and refining in Canada, in no way prejudices tho iiitereet of your company. Considering the importance which nickel plays in tlue defends of the country and copper sulphate in tfoo defence of its agriculture, we are deeifoaje of drawing the general attention t&J fie importance of refining in this country, as it automa- tically, and at no eofet to the nation, pro- videos a lg;te floating reserve of raw and half finished materials which becoma available in case of any interruption of transport, whereas if the metals should not be refined in this country, tho ooun- try would bo competed, for the safeguard of its future, to hold large stocks c-f the finished products in view of ijuch a con- tingency. Our associated company—the Lorne Power Company—in which we 110M alJ the shares, has successfully put into ozonation a n&w potWar plapfc at Nairn Falls on the Spanish fever, which. ae vou wore told last year, was ii* course of eroction, and we hltve m-ide lprovioi-on for all thtr electrical power required for the increased output in Canada, whiah is of importance to you, as owing to the ab- sence of anv considerable hills, in spito of the many lakes and rivers, there is no superfluity of water power available in the neighbourhood of our mines. A very old question which is at present receiving much increased attention is the relation bdtween the employes and employers. As you have been informed at provides meet- i, we have always endeavoured tn work harrrionkmsiLy with our workman to I further their interests and to consider I their welfare -is 1lll intgral part of our I business. I LABOUR SCHEME. When the v.ar commenced, we had rsome 850 employes, of whom 250 wer-e called to the Colours. Since then, in view of the enlargement of our Clydach works, wo are now employing some l.:?f<O mm and women, whilst in Canada we arc employing about 2,00fl To enable us to improve our relations with our workmen, your board has ela- borated a new scheme to give the com- pany the opportunity to discuss with the men at regular intervals any ques- tions relating to wages and labour con- ditions, and to provide automatically for the varying increase in the cost of living d,ue to the war, and to allow the remuneration of labour, 90 far as it should be affected by other considerations, euch as responsibility ajid hardness of the work, be dealt with separately. It was consequently arranged that there should be three meetings at regular in- tervals between the Union, the reptesen- tatives of the men and the Board, dur- tfye year, at which till questions referring to conditions of work miglit bp brought up And thoroughly discussed, the same months being chosen as those agreed upon by the Amalgamted Society of Engineers. No change of wages to take place in the intervals between these meetings, nor any questions with te- gard to the alteration of wages to be brought up. A GREAT ADVANTAGE. I The figure in the Board of Trade Labour Gazette, showing the average increase in the cost of living over pre-war figures for the month previous to the meeting to he adopted as the standard, and the wages of the lowest class of labour to be increased by that amount; the emn thus ascertained to ho added to all other classes of un- skilled or ordinary labour. This figure is to be the standard figure for the succeed- ing four months, and will vary up and down according as the figures published in the Board of Trade Labour Gazette vary. Any other alterations i. the pay- ment of labour are effected by altering the rate of pay per hour for the class of labour affected. This arrangement has got'the great advantage of ensuring to the workmen concerned an ample sum to meet the increased cost of living, from the lowest claes upwards, and at the same time does not change the relative earning capacity of the different grades of labout. I am pleased to be able to state that this arrangement has been adopted by our men and their Union. As the wages of the engineers and other tradesmen are settled evefy four months by the Committee on Production, although •we are not, technically speaking, an en- gineering Works, we vary the standard of our artisans' wages according to these de- cisions. We anticipate that on account of these meetings the sources of friction between ourselves and employes will be eliminated, and that the harmonious working together of employer a nd employes-on which the autioMB of any concern depends—will be ?ae.sured in the future. I need only add that we are closely studying all further schemes suggested ior the harmonious co-operation of em- ployers and employes, which, as everyone 'will admit, is one of. the absolute essen- tials for the future conduct of British industry. In concluding my remarks, I wish to congratulate you on the very sound basis on which your company's affairs have arrived. The manifold purposes to whicjh nickel has been put during this war has much extended its use in different n anu- I facturœLnd accordingly increased Hs I consumption. I think we may look forward with con- fi denco to reaping the results of the tetgo amount of work and heavy outlay v, kith must always be preliminary to increase of output. He moved the adoption of tho report and the declaration of the dividends indicated. IMPORTANT COMMODITIES. I The Rt: Hon. Ellis J. Griffith, K.C., M,P., seconded and said the company was providing two commodities of very great., national importance, the ofe nickel for ,he direct proapcntion of the. war, the other copper sulphate for the development (Continued at the foot of next column.)

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- - - . -__- -_ M'OND .WORKS.I