Finance and Industry .sx Traffic Pool Management Proposals And Main Line Rail Directors .sx Ford's 2,000,000 Issue Terms :sx S.T.D. Motors Board Resigns .sx by our city editor .sx Great significance is likely to attach in the future to one feature of the London Passenger Transport Scheme which has so far not been commented on to any great extent .sx This is that a Board of five , consisting of a Chairman and four other members , has , after exhaustive investigations , been accepted as the requisite and desirable number to have Executive control of all London's transport .sx Some 80 undertakings are to be transferred to the Board , including the whole of the Underground Group , with its tubes , buses and motor-coaches , the Metropolitan Railway , Thomas Tilling , Tilling and British Automobile Traction , the National Omnibus and Transport Co. , and the Tramway Undertakings of the London County Council and other Local Bodies .sx Eighty-Nine Directors .sx There has been no serious criticism of the number of the Board .sx It is in fact , generally recognised that an Executive Board of this character will make for efficient and economic work .sx Paced with such a decision , it is difficult to see how the big Railway Companies can escape its implications .sx If five men can run the whole of the transport of London and an area of twenty-five miles around it , it is , with the best will in the world , hard to see why the four main line railways need an aggregate number of 89 directors to control their affairs .sx Admittedly , their problems are not identical .sx But between five directors and 89 there is an enormous difference .sx Quite apart from its great importance in other directions , the London Transport Scheme , with its small Board of working directors , may set an example which will have far-reaching effects on business management generally in this country .sx The big Railway Groups are the most obvious example of excessively large Boards which comes to mind .sx But there are many other big Industrial Concerns which could do with a small Executive Board on the lines laid down in the London Transport Scheme .sx Importance of Management .sx In the new industrial revolution with which we are now faced , expert management is going to play an increasingly large part .sx Modern Britain , which has to prepare for international competition on a scale undreamed of in the past , has no room for vested interests in business .sx Those directors who cannot give services commensurate with the payment they are receiving must go .sx In almost every business to-day , and in no business more than in transport and in our great heavy industries , new problems are arising upon which quick expert decisions must be given .sx Such decisions cannot be given efficiently by swollen Boards containing many men who have passed the peak of their business ability .sx Ford Issue Terms .sx Terms of the Ford Motor Company Issue of 2,000,000 Ordinary Shares of 1 nominal are now announced .sx The shares are to be offered to existing shareholders at 3 per share pro rata to their existing holdings .sx This is 10s .sx per share under the market price of existing ordinary shares , so that the offer provides a bonus to investors in the Company .sx The price of 3 is payable in full on application .sx S.T.D. Board Resigns .sx It was officially announced yesterday that Mr. James Todd has retired from the Chairmanship of S.T.D. Motors , Ltd. .sx In order to facilitate the carrying out of the recommendations contained in the report of Messrs .sx Price , Waterhouse and Co. , the remainder of the Board have also handed in their resignations , which have been accepted .sx A new Board , consisting of Sir Travers Clarke ( Chairman ) , Sir Daniel Neylan and Mr. J. Francis Marrian , has been constituted .sx This Board is considering the appointment of additional members in due course .sx The New Directors .sx Sir Travers Clarke is Deputy-Chairman of the Express Dairy Co. , Ltd. .sx He was Quartermaster-General to the British Armies in France from 1917 to 1919 , and continued Quartermaster-General until 1923 and a member of the Army Council .sx He was the man who made Wembley possible , being Deputy-Chairman and Chief Administrator when things were going badly in the organisation of this Empire Exhibition .sx Sir Daniel Neylan was a Joint Secretary of the Disposal and Liquidation Commission and Secretary of Surplus Stores , etc. , Liquidation Department .sx He was also Financial Adviser to the Salonika Expeditionary Force .sx He is at present on the Board of Sir William Arrol and Co. and other concerns .sx Mr. J. Francis Marrian is a successful North-country business man , and a large shareholder in S.T.D. Motors .sx United Drapery Results .sx No final dividend is to be paid by United Drapery Stores , Ltd. , of which the chairman until recently was Sir Arthur Wheeler .sx It has been found necessary to allocate from profits a sum of 45,000 to Contingency Account .sx This is owing to the recent failure of Arthur Wheeler and Co. , and depreciation in the investments held against a loan to the M.I.G. Trust against a deposit of shares , which have now depreciated .sx The trading position , however , is satisfactory , considering the general depression last year .sx Turnover of subsidiary companies amounted to 1,274,302 , compared with 1,205,942 in the previous year , and their aggregate net profits were 110,099 , against 118,613 .sx Some of the subsidiaries have conserved their resources in reserves .sx The gross income of Unites Drapery Stores is reduced from 117,367 to 93,143 , and the net profit from 102,414 to 75,147 .sx Mr. W. H. Walker has been appointed chairman in the place of Sir Arthur Wheeler .sx Argentine Dividend Passed .sx The announcement that there is to be no interim Ordinary dividend by the Buenos Ayres and Pacific Railway company will not come exactly as a surprise , although the interim dividend was maintained at 24 per cent , on the Argentine Great Western , another company , of which Lord St. Davids is also chairman .sx At a meeting of the B.A. Pacific company in December last Viscount St. Davids was very frank .sx He said that " while the exchange rules as to-day ( December 9 ) , this railway can earn little or nothing on its ordinary stocks .sx " He also said that unless there was a very quick change in matters it would be impossible for the company to recommend an interim Ordinary dividend .sx The rate ruling for the Argentine peso was 38 d. on that date .sx Since then it cheapened still further to 33 d. at one time .sx More recently , however , there has been a remarkable recovery to 39 d. Apparently , this recovery came too late for the B.A. and Pacific .sx Certain speculators , however , had taken courage from the recent exchange rise and the price of the Ordinary stock had jumped from the lowest of 34 to 52 just before the dividend statement yesterday .sx Afterwards it fell to 49 .sx A Contrast .sx In view of the unsatisfactory conditions in Brazil last year to the announcement of a final dividend of 5 per cent free of tax by the San Paulo Brazilian Railway Company will come as a pleasant surprise to shareholders .sx This makes a total of 10 per cent , for the year , to which is added a bonus of 2 per cent .sx , all free of tax , requiring 360,000 .sx A similar distribution has been made for each of the previous five years .sx A sum of 50,000 has been set aside for improvements and 80,000 for income tax .sx In 1929 income tax required 120,000 , and 100,000 was placed to reserve .sx Total traffic receipts for 1930 amounted to 1,925,697 , showing a decrease of 615,000 , which suggests that considerable economies have been effected in working expenses unless reserves which amount to 2,750,000 have been drawn upon .sx Money Market .sx Bank Buys Gold .sx The City was pleased with the announcement that the Bank of England secured 578,281 of the South African bar gold offered in the bullion market yesterday at 84s .sx 10 d. per oz .sx , which is a little above its minimum buying price .sx In two days , therefore , more than 1,600,000 has been added to the gold stock of the Bank .sx Both the French and New York exchanges moved in favour of London , the latter being quoted 4.86 dollars to the .sx Silver was a much better market , rising d. to 13 13-16d .sx per oz .sx on buying by Indian bazaars and China banks .sx Money was quite comfortable for short periods , and discount rates were steady .sx Company Notes .sx Gold Mining Profits .sx Drapers and Furnishers' Earnings Decline .sx Following are the results for 1930 of gold mining companies in the Johannesburg Consolidated Investment Company group , their combined share capital amounting to 10,163,940 :sx - .sx Randfontain Estates Gold Mining Company secured a working profit of 412,520 , an increase on 1929 of 165,800 .sx Revenue from gold , etc. , reached 2,778,784 and total revenue of 2,991,443 , including 184,852 brought forward .sx Working profits of Government Gold Mining Areas was 2,686,750 against 2,636,545 in 1929 , and the revenue from gold 4,702,638 against 4,613,734 .sx The company again paid a dividend of 90 per cent , on the 1,400,000 of capital , requiring 1,260,000 .sx Van Ryn Deep secured a working profit of 460,139 , against 497,626 , the revenue from gold produced being 1,264,140 in comparison with 1,252,693 .sx A dividend of 30 per cent .sx against 35 per cent .sx , was declared , requiring 359,067 .sx Lower Furnishing Profits .sx Hide and Company , drapers and furnishers , report trading profits , including investment income , etc. , of 18,213 , which is 5,000 less than in the previous year .sx The dividend is 2d .sx per shilling share , against 4d .sx before .sx A sum of 2,500 in comparison with 5,000 , goes to reserve .sx The report states that trading results were affected by dislocation consequent upon building reconstruction and general trade conditions .sx Oil Worth 1,202,250 .sx Wireless reports from the Antarctic yesterday announced that a catch of whales producing 288,300 barrels of oil , valued at approximately 1,201,250 , has been secured by the Anglo- Norwegian Holdings fleet , for the first 23 weeks of the 1930-31 season , ended in March 22 .sx This catch , which has been sold forward , exceeds the yield for the whole of the last season by about 42,300 barrels , valued at approximately 176,250 .sx Higher Dividends .sx Out of a total revenue of 639,800 secured by the Witwatersrand Goldmining Company , 617,552 was obtained from the production of gold .sx A dividend of 10 per cent .sx , against 2 per cent .sx , has been paid .sx Langluugte Estate and Gold Mining Company earned a revenue of 1,415,896 , against 1,418,879 , the total dividend being 20 per cent .sx , against 15 per cent .sx , requiring 303,966 .sx Total revenue of New State Areas for 1930 was 1,919,726 , in comparison with 1,726,002 in 1929 , the revenue from gold being 1,889,816 , against 1,667,785 .sx Total dividend of 17 per cent .sx was paid for last year , against 12 per cent .sx in 1929 .sx Paquin Limited , dress , mantel and robemakers , announce a final dividend of 2 per cent .sx on the ordinary shares , together with a bonus of 10 per cent .sx , making with the interim a total distribution for the year of 20 per cent .sx This compares with a total of 30 per cent paid a year ago .sx San Paulo ( Brazilian ) Railway Company announce that Mr. Oliver R. H. Bury , M.I.C.E. , has been elected chairman of the company , and that the Hon .sx Arthur Melland Asquith has been elected a director to fill the vacancy caused by the resignation of Lord Bessborough .sx The 21st annual volume of " 100 Best Investments " has just been issued by the British Foreign and Colonial Corporation at the price of 2s .sx It is likely to prove of great value to investors .sx Weakness in Argentine Rails .sx General dullness characterised the course of markets yesterday .sx British Government securities failed to respond to the big influx of gold at the Bank of England , fractional declines being recorded all down the list .sx The decline was due to quiet business .sx Another surprise was provided by the big reaction in leading Argentine railway issues .sx It followed the announcement by the Buenos Ayres and Pacific that no interim dividend will be paid .sx No one expected a dividend , and the marking down of the stocks was regarded as unwarranted .sx B.A. and Pacific finished three points down , and others were an average of 30s .sx lower .sx In the Brazilian section Leopoldina was flat , but there was a jump of 5 points in San Paulos to 145 on the maintenance of the dividend for 1930 at 12 per cent .sx free of tax .sx Home rails were in a friendless condition , hardly a movement being recorded .sx