COMPANY MEETINGS - HARRISONS AND CROSFIELD, LIMITED
TEA AND RUBBER POSITION
PRESIDING at the twenty-ninth annual meeting of Harrisons & Crosfield, Ltd., held on October 12th in London, Mr. Eric Miller said : The company's financial position is one of exceptional strength. Our liquid resources are ample for all our present commitments after providing for which there is a surplus available for employment as opportunity offers more profitably than in the gilt-edge market.
He then dealt at some length with the staff pension scheme recently formed, and with the position of the deferred ordinary capital.
Reviewing the tea industry, Mr. Miller said : The past year has been on the whole a moderately prosperous one for producers in general and a good one for lower grade tea. It is most satisfactory that renewal of international regulation of supplies for a further period of five years from next March has been ,agreed to by the producing interests concerned, and by the Governments of India, Ceylon and the Netherlands East Indies, as this should ensure a continuation of reasonable prices. The stocks in bond in the United Kingdom at the end of August were 144 million lbs., which is 72 million less than last year, but by December we feel sure the decrease as compared with the previous year will not be so large and buyers need have no fear .of there not being enough tea for everyone.
He then turned to the rubber industry, commenting on recent fluctuations in price he examined the part played by the speculator, znd said : Recalling our past experiences, the rubber-growing industry has every reason to be thankful for the benefits of inter- national regulation of supplies, and for the knowledge that exports can be adjusted fairly promptly to the needs of the world from time to time. The present Agreement continues to the end of 1938, and producers generally will unite in desiring its extension for a further period of years with such modifications, if any, as seem desirable in the light of present knowledge.
Judging by the applications for new patents using rubber in one form or another, the industry is not standing still. You will recall my own repeated advocacy of the use of rubber for paving the roads in urban areas where traffic is heavy, and I am glad to record some progress in this direction, the Cornmarket in Oxford having recently been paved with the Gaisman Bramble Block. Our own City Corporation have just agreed to have Lombard Street paved with similar blocks in response to a petition from the frontagers, who have agreed to contribute towards the cost.
A dividend of zo per cent. on the deferred ordinary stock, making 25 per cent, for the year, was declared.
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