COMPANY MEETING
MICHAEL NAIRN AND GREENWICH
THE 17th annual general meeting of Michael Nairn and Greenwich, Limited, was held on January 17th in London.
Sir Michael Nairn, Bart., the chairman, said : The history of the Nairn Company since 1847 has been one of unbroken continuity and progress. The net revenue f. r the year under review receivable from investments, etc., amounts to £241,195, which compares with £255,591 for 1937, but the comparatively small reduction is largely accounted for by the increase in the standard rate of income tax. The Board recommend the payment of a final dividend of 7b per cent., together with a bonus of 2i per cent., less income tax. In a year of great anxiety and recurrent international crises we are fortu- nate in being able to maintain the same dividend as we have paid since 5923, and at the same time to repeat the payment of a bonus of 24 per cent., which has now augmented our dividend for four years.
Throughout practically the whole year the international situation has proved a serious deterrent to the free course of trade at home and abroad, resulting in a stifling of normal business enterprise and a lessen- ing of the confidence so vital in maintaining a healthy flow of trade. Only those enterprises whose resources in time cf peace and pros- perity have been developed and husbanded to the fullest advantage find themselves in these more precarious days sufficiently fortified to stand the strain of the inevitable reactions which follow international unrest and uncertainty.
I shall not attempt to assume the role of prophet. I observe that the Prime Minister stated, early this year, that in his view 1939 would prove more peaceful than 1938, and if that view is correct I see no reason why the new year should not see an expansion in trade.
Today I wish again to say that, as chairman of our principal associated company, Michael Nairn and Co., Ltd., I can testify to its steady progress and development, and I can assure our share- holders that no effort is being spared, both from the manufacturing and selling points of view, to develop the linoleum trade at home and abroad.
The spacious new offices at Kirkcaldy to accommodate our admini- stration and technical staffs are almost ready for occupation and will provide greatly improved facilities for the efficient conduct of our business. The decision taken, late in 1937, to establish new offices and warehouses in Birmingham and Bristol for the convenience of our customers in the Midlands and the West cf England has been well justified by results and the improved facilities have been fully appreciated by the distributive trade in these districts.
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