Disputes End At Two Car Factories
The strike at a car components factory which threatened production in the Midlands motor industry ended yesterday when the 800 strikers decided to return to work on Monday.
On Tuesday they walked out of the factory of Burman and Sons at King’s Norton, Birmingham, which supplies gearboxes and steering assemblies, in support of 47 men in the hardening shop, who struck over a pay claim. Because of the dispute 1,700 men at the Rover factory at Solihull were laid off, and 100 production workers at Rootes, Coventry, were sent home.
Pre-tax group profits of the Rover Company fell by a further 22 per cent in the past year, but the dividend on the £4,847,000 ordinary capital is held at 9-5 d. a 5s. share.
In advance of the results, the shares put on 5-25 d. to 14s. 75 d., at which the yield is 5.3 per cent. Earnings in the year ended August 4 fell from £2,234,440 to £1,725,781, after heavier depreciation of fixed assets and freehold property reserve (£1,100,000 against £785,200). But there was a big saving in taxation, requirements being reduced from £1,007,000 to £603,000. Thus the fall in the net profit is limited to about £112,000 at £1,117,825. This time tax provisions not needed bring in £35,000, against £200,000 last year.
3,500 AFFECTED AT PRESSED STEEL
FROM OUR CORRESPONDENT
OXFORD, Oct. 19
The Pressed Steel Company announced today that more than 3,500 pieceworkers at its Cowley car body plant are on short time, the highest number this autumn. Because of seasonal difficulties the piece-workers are working only two, three, or four days a week. A company official said that talks about the future of timeworkers on fixed earnings were still going on. It is expected that a statement will be issued next week.