COMPANY MEETING WILLOUGHBY'S CONSOLIDATED

RISE IN INVESTMENT VALUES COL. H. T. FENWICK'S VIEWS THE ordinary general meeting of Willoughby's Consolidated Company, Ltd., was held on June loth at Winchester House, Old Broad Street, E.C.

Col. H. T. Fenwick, C.M.G., M.V.O. D.S.O. (Chairman), said : Ladies and gentlemen,—I presume that, as usual, you will take the report and accounts as read. Today we are holding our forty- fourth annual general meeting, the company having been registered in December, 1894, the object then being to take over the under- takings of Willoughby's Mashonaland Expedition Syndicate and the Mashonaland Development Company (Willoughby's), registered respectively in 1892 and 1893. Since the last general meeting held this time last year the shareholders have received 2S. per share in return of capital which was effected on August 18th of 1937.

The issued capital now stands at £560,251 4s., divided into 1,400,628 shares of 8s. each, whereas before it consisted of the same number of shares-4400,628 shares of los. each. This leaves 474,372 shares of 8s. each still unissued. This difference having been effected, as I have observed, by the return of 2s. per share, I may perhaps be permitted to say that I have received many letters from shareholders expressing their appreciation of the transaction.

If you will turn to the profit and loss account you will observe that expenses in London and Bulawayo combined amount to £9,844 15s. 3d., as against £9,787 9s. 5d. for the previous year, an increase of £57 5s. rod. Besides this there appears an item of £312 2S. tod. for balance of expenses in connexion with the reduction of capital. On the same side of the profit and loss account you will observe that we have written off out of profits £8,323 19s. sod. for mining claims abandoned and £t x,000 off shareholdings. Income-tax amounted to £3,194 os. 4d., leaving a net profit for the year 1937 of £34465 7s.

From this the Board have placed £2,000 to reserve account, bringing it up to £50,000, and recommend the payment of a dividend of 5d. per share, equal to 5.2 per cent., and carry forward a sum of £6,485 13s. 9d. which is £280 more than was carried forward last year. Next taking the credit side of the profit and loss account, you will observe that the profits secured in Rhodesia were £3,000 less than in the previous year. This is accounted for by a small loss on ranching—owing to an abnormal drought—compared with a profit for the previous year.

Profit on realisation of shares shows a considerable drop on the previous year, but, as you are all aware, the markets of the last 18 months have precluded the possibilities of much good being effected in this direction. Dividends and interest at £25,916 os. id. stood up well considering the times.

I would now ask you to turn to the balance-sheet, where you will find first of all the new adjustment of capital, which I have already referred to. You will observe on the assets side that property and outlay has been reduced from £313,551 to £305,605. 'Ms was effected by depreciation and outlay written off, and the amount written off mining claims abandoned. Now as to shares and debentures in companies, you will observe that these amounted to £307,101 6s. id. and lowed on December 31st an appreciation of £41,254 535. 4d. at market price over the amount at which they stood in the books of the company. Since the end of 5937 there has been further shrinkage in market values, but at the present date there is still a fairly satisfactory appreciation.

TRADE OF SOUTHERN RHODESIA I would like to say a few words about the general situation in Southern Rhodesia. The country is gradually forging ahead.

The returns of imports and exports—a good index—are gradually improving, helped, of course, by the better mining returns. The tobacco growers in the neighbourhood of Salisbury have had a good year, and, although the cattle industry suffered from an abnormal drought, owing to higher prices it is gradually recovering. At the present moment a Royal Commission is sitting and inquiring into the advisability of the amalgamation of Northern and Southern Rhodesia. I will not, of course, attempt to anticipate their finding or to give any opinion of my own, but will be content to say that I shall accept their judgement without question.

Before sitting down I would like to say a few words about the general position of Willoughby's. Our principal business for which we were formed is the development of Southern Rhodesia, and that part of our business is gradually improving. We still own a million acres of land, and the time must come when with a slow, but sure, and gradual increase of population there must be a good demand for this.

I now beg to move : " That the report of the directors, together with the annexed statement of the company's accounts to Decem- ber 31st, 1937, be received and adopted and that the payment of the dividend of 5d. per share (equal to 5.2083 per cent.) now recom- mended be confirmed."

The Rt. Hon. Lord Queenborough, G.B.E., seconded the motion, which was carried unanimously.

The Chairman announced that the dividend warrants would be posted to shareholders on June 24th.

Colonel Sir A. Weston Jarvis and Lord Queenborough, the retiring directors, were re-elected, and Messrs. Fuller Wise Fisher & Co., chartered accountants, were reappointed auditors.

The meeting then closed.

The report and accounts were adop:v1 unanimously.