COMPANY MEETINGS
SPILLERS, LIMITED
A SATISFACTORY YEAR THE CHAIRMAN'S REPORT
THE Right Hon. Sir Malcolm A. Robertson, Chairman of Spillers, Ltd., presiding at the annual general meeting of the company on May 8th, at the Hotel Victoria, Northumberland Avenue, W.C. 2, informed the stockholders mat the directors were unable to present the accounts of the company for the financial year ended on January 31st, 1940, owing to the imposition of a large measure of Government control on the business of the company and its subsidiary under- takings.
Immediately upon the outbreak of war orders were issued by the Government that as from that date the import of all wheat and grain to the United Kingdom would be undertaken by the Government and that the manufacture of all flour other than that coming within certain special categories should conform to a common standard as laid down by the Government; and further that the selling prices of all flours and animal foods should be in accordance with those laid down by the Government from ume to time. The effecting of appropriate arrangements between the milling in- dustry and the Government, whereby the position and earning power of the industry should be safeguarded was a question of great anxiety to the directors. Negotiations were still proceeding and a special committee of the industry, on which the company was represented, was prosecuting the matter with the utmost zeal.
The trading results of the company from the commencement of the financial year to the outbreak of war were wholly satisfactory, but owing to the impossibility of preparing final figures in respect of the period between the outbreak of war and the close of the financial year, it would be necessary to adjourn the meeting sine .die for the future reception of the accounts. The directors were, however, satisfied that the results for the year as a whole had been sufficiently favourable to enable them to recommend the payment Of dividends in respect of the year ended January 31st, 1940, at the same rates as those for the previous year.
Sir Norman Vernon was now fully engaged at the Ministry of Food, where he was a member of the Cereals Control Board and Vice- Chairman of the Flour Mills Control Committee Mr. A. F. Forbes had been entrusted by the Air Ministry with the important and responsible post of Director of Capital Finance, but it had been possible to arrange for his part-time and highly valuable services to be retained by the company. A high tribute should be paid to the staff of the company and its subsidiaries for the manner in which they had performed their duties, now heavily increased as a result of the war and control conditions. Their task had been made heavier on account of depletions caused by the loss of 562 employees of the parent company, and its subsidiaries, who were now serving with H.M. Forces. It was often overlooked that those who remained engaged in an essential industry were per- forming services equally indispensable to the community. They could be assured that they were serving their country in the manner best adapted to their capacities.
The directors' report was adopted.
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