COMPANY MEETING
PATERSON ENGINEERING
INCREASED TURNOVER AND PROFIT
THE thirty-sixth annual general meeting of the Paterson Engineering Company, Limited, was held on September 1st at Windsor House, London, W.C.
Mr. William Paterson, M.I.Mech.E. (the Chairman) said that the total net profit was £25,079, a figure that compared favourably with £19,742 last year and £16,636 the year before. The increase was not attributable to higher profit margins, as those continued to be moderate, but to increased turnover, improved and more economical design, the result of research and development, and more particularly to the combined efforts of every member of their organisation and its representatives overseas. He thought share- holders Would agree that £25,000 net trading profit on an issued capital of £175,000 was a fair and equitable return on an industrial investment, but it must be appreciated that the company was con- servatively capitalised. The yearly turnover now approached three-quarters of a million pounds, a figure which would serve to show that their profit margin was a modest one and that those who placed work with them were well and economically served.
Their business was concerned with the purification of water • supplies by filtration, sterilisation and softening, covering the complete range of equipment required for transforming waters obtained from polluted sources into attractive palatable waters of unquestionable purity, suitable for public distribution. It also comprised the purification of water for industrial processes, boiler feed supply for power stations, locomotives and steamships and every purpose for which pure, soft water was desirable. They continued- to initiate new processes and devices and to improve existing methods of treatment.
The hope for a continuance of successful trading was supported by the large number of interesting enquiries now being received. One of the most interesting enquiries received during the past year was from the Egyptian Government for the filtration and sterilisation works required in connexion with the new water grid supplying the towns and villages in the Fayoum. That was the first stage in a comprehensive scheme of water distribution systems projected for the rural districts of Egypt and by reason of its import- ance was the subject of international competition. He was pleased to say that they had that week received advice of the acceptance of, the company's tender for those works.
The report was unanimously adopted and a resolution passed' dividing each of the 25,000 unissued shares of kr each into two. ordinary shares of ios. each.
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