MR. EDWARD S. BARON'S REVIEW
THE thirty-eighth annual general meeting of Carreras, Limited, was held on Friday, 19th December, at Arcadia Works, London.
Mr. Edward S. Baron, the chairman and managing director, presided.
The Chairman said : -The year just concluded has, in spite of its tremendous difficulties, resulted in a fresh achievement, and we again register a new record in net profit, the amount carried to the appro- priation account being £2,131,608, as compared with £2,113,272 for the previous year.
I now come to the balance-sheet. I think you will agree that this is not only sound but exceptionally strong.
For the greater part of the 12 months we continued to be unable to import supplies of leaf to replenish our rapidly dwindling stocks, but towards the close of the year we commenced to receive supplies under the Lend-Lease arrangement.
The reduction in the total of shareholdings in subsidiary companies arises from the necessity which was forced upon us of coming to an arrangement for the manufacture of our brands in New Zealand con- sequent upon the complete prohibition of imports of manufactured tobacco goods into that country. The amount involved is transferred to, and is now included in, the total of marketable and other secu- rities, the remainder of the increase in this item representing the addition to our holding of Government securities.
SUCCESS DESPITE PROBLEMS
We have had a very successful year, but, as I have already indi- cated, one which has presented us with numerous problems of an unusual character, of which those connected with leaf tobaccos have not been the least. These we have managed to solve not only to our own satisfaction, but also, I firmly believe, to that of all smokers of our various brands.
I now move : -" That the directors' report and the accounts as at October 31st, 1941, submitted to this meeting, be and the same are hereby received and adopted. That a dividend of 15 5-6 per cent., less income-tax, on the ordinary, ' A' ordinary, and ' EP ordinary shares be and the same is hereby declared, making, with the interim dividend paid in June last, 271 per cent., less income-tax, for the year on all classes of ordinary shares, such dividend to be payable to all ordinary, ' A ' ordinary, and ' B ' ordinary shareholders appear- ing on the register on November 24th, 1941, the date on which the share register was closed."
Mr.- William J. Yapp seconded the resolution, which was carried unanimously. The retiring directors (Mr. H. W. Danbury and Mr. M. B. Baron) were re-elected and the auditors reappointed.