24 AUGUST 1944, Page 23

COMPANY MEETING

UNITED MOLASSES COMPANY

MR. F. K. KIELBERG ON MANAGEMENT CHANGES I'm eighteenth annual general meeting of the United Molasses Company, Limited, will be held on August 29th at Brook House, Park Lane, London, W. The following is an extract from the statement of the chairman, Mt. F. K. Kielberg, circulated with the report and accounts:— War restrictions again prevent me from giving a detailed survey of the aclivities of the company and its subsidiaries, but it will be seen from

the statement of combined results for the year that earnings were well maintained, and the consolidated balance-sheet demonstrates the financial irength of the company.

Profits were sufficient to maintain the dividends, cash distribution, allo-

cation (£loo,000) to general reserve, and to leave the carry-forward un- changed. The transfer last year of managers and heads of departments

from the Staff Superannuation Fund to the Directors' and Officers Fund makes an allocation to the Staff Fund unnecessary, but calls for a further allocation of £12,000 to the Officers' Fund to take care of the increased I:abilities of this fund.

In the United Kingdom the company continues, in respect of all dealings in molasses, to act as agents foi the Ministry of Supply. The income from this part of the company's busmess continued to decline during 1943 and amounted to less than to per cent, of the consolidated earnings for the , ear but since the early part of 1944 there has been a marked improve- ment, and prospects for the remainder, of the year appear promising. Athel Line, Limited, suffered further shipping losses during 1943, but I am happy to be able to report that no additional losses have occurred since January ist of this yenr.

The consolidated balance-sheet shows that combined current assets continue to accumulate and that at the end of last year they exceeded

current liabilities and appropriations by £5,766,000, represented by invest-

ments in short-dated Governmenesecurities. The re-employment in the company's trade of this large sum will be one of your directors' greatest responsibilities in the years to come, and to strengthen the management

in preparation for this task the board recently made the following appoint- ments:—Mr. R. G. Simpson, deputy chairman; Mr. George W. Scott, joint managing director- Mr. H. T. Schierwater, deputy chairman of Athel Line, Limited, and Tankers, Limited; and Mr. C. G. Allott, secretary of the company in succession to Mr. James Don. Mr. R. G. Simpson has been a director of the company since 1930.