COMPANY MEETING
SPILLERS, LIMITED
THE CHAIRMAN'S REPORT THE Right Honourable Sir Malcolm A. Robertson, chairman of Spillers, Limited, presiding at the annual general meeting of the company on May 6th, at Cardiff, said that the increase in the issued share capital of the company had been occasioned by the acquisition of the ordinary share capital of Hosegood Industries, Limited, and the issue of further co-partnership shares to the staff. The depreciation on the company's investments at January 31st was a little greater than that at the corresponding date of the previous year, but it was covered several times over by the investment reserve.
The alteration in the amount invested in subsidiary companies was accounted for principally by the sale of the company's interest in the British Oak Insurance Company, Limited, to the Union Insurance Society of Canton, Limited, and the purchase of the ordinary share capital of Hosegood Industries, Limited.
The trading profit for the year reflected an increase of some £64,000, but the incidence for the first time of the full National Defence Contribution and the increase in provision for taxation resulted in the net balance of L422,000, being only kr 1,000 higher than the previous year. In addition to the burden of taxation, it had been necessary to spend considerable sums on air-raid pre- cautions, and to take such steps as would enable the company's business—an essential industry—to be conducted, in the event of national emergency, with as little dislocation as possible. The company had done everything possible to encourage its employees to join the Territorial Army, and the Board had announced that so far as lay in their power they would, in the event of war, make good to those employees who might be called upon to serve with H.M. Forces, the difference between their salary or wages and the pay and other benefits derived by them whilst serving.
During the year the new mill at Newcastle had been completed, whilst an extension in the silo capacity at London, to 38,000 tons, had been effected. All the company's mills and factories were being kept up to date in every respect, in accordance with the directors policy.
The trend in the wheat market had, throughout the year, been downwards, supplies having been in excess of demand. In the maize market, however, the supply and demand position had been more evenly balanced. There had been increased deliveries in the company's animal and poultry foods, as well as in proprie- tary products.
Sir Norman Vernon, representing the millers, had been con- cerned with the Food Defence Plans of the Government, and the company had also been prominent in assisting the Government in the purchase and storage of reserve supplies of wheat.
In October last, Mr. Edgar Baker, the Deputy Chairman, who had been a director of the company for 35 years, retired under the age limit, and his place as Deputy Chairman had been taken by Sir Norman Vernon. Mr. Laurence Hosegood had been appointed a member of the Board.
The report and accounts were adopted.
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