7 JANUARY 1938, Page 38

COMPANY MEETING

BOOKER BROTHERS, McCONNELL AND COMPANY

BEST YEAR SINCE 1928

THE annual general meeting of Booker Brothers, McConnell and Company, Limited, was held on December 3oth at 14 Trinity Square, London, E.C.

Sir Alfred P. Sherlock (Chairman and Managing Director) said that the profits amounted to £90,980, or nearly £14,000 better than last year, which was very satisfactory. In fact, it was the best year they had had since 1928, when the profits amounted to .slightly over £93,000' of which £63,800 represented dividend from their main subsidiary, whereas in the present accounts they had only received L35,000 from their sugar company, while the general business had yielded nearly £56,000. Their Demerara branch was responsible for most of the year's increased profit.

The sugar crop of the colony had been well maintained and although prices were very low during 1936, their main subsidiary had been able to pay a 5 per cent. dividend and add to its reserves.

There was no great change to report in the statistical position of sugar, and the outstanding event during the year had been the signing of the International Sugar Agreement, by which the output of sugar had been restricted. In British Guiana they would suffer more than in most colonies as their output had been reduced by approximately /2 per cent. instead of 7 per cent., as in the case of others. The one big advantage they derived from the agreement was that they now knew where they were as regarded preference for five years.

The balance-sheet showed that the company was in a strong posi- tion. Their reserves, excluding reserve against goodwill and the staff superannuation reserve, now amounted to approximately £300,000, including the carry-forward—rather more than their total issued ordinary capital. Resolutions would be submitted authorising L165,000 out of the company's reserves being issued as a bonus to the Ordinary shareholders in the proportion of three new shares for every five now held. The object of that was to make the issued capital correspond more closely to the value of their assets.

He saw no reason to think that the profits would be less next year.

The report was unanimously adopted, the payments of the final dividend of 5 per cent. and bonus of 5 per cent., making 15 per cent. for the year, were confirmed, and the share bonus was approved.