COMPANY MEETING
LONDON MARITIME INVESTMENT
SIR F. VERNON THOMSON ON THE SHIPPING POSITION
THE Fortieth Annual Ordinary General Meeting of London Maritime Investnient Company, Limited, was held on November 8th at Winchester House, Old Broad Street, London, E.C.
Mr. Percy Cross presided in the absence through indisposition of Sir F. Vernon Thomson, K.B.E. (the Chairman and Managing Director).
The Secretary (Mr. 0. A. Hall) having read the notice convening the meeting and the auditors' report, Mr. Percy Cross read the speech which had been prepared by Sir F. Vernon Thomson, as follows :—" Gentlemen,—The fortieth annual report with statement of accounts for the year ended Septem- ber 3oth, 1937, having been duly circulated to the stockholders, will, I presume, as usual, be taken as read.
INCREASED NET PROFIT.
" The net profit for the year is £2,849 better than that for last year, and after payment of the dividend upon the Five per Cent. Preference stock, the directors recommend that the dividend upon the Ordinary stock of 4 per cent. less income-tax, be repeated, leaving the amount carried forward to be increased from £8,916 to £12,102.
" The report and accounts set out clearly the position of the com- pany. It has no debenture or other debts, and a valuation of the assets as at September 3oth, 1937, based upon the middle price of those shares officially quoted on the Stock Exchange, shows that the ki,000,000 capital of the company is intact.
The present disquieting international position naturally has a prejudicial effect upon investment values generally, but on the other hand shipping has at last emerged from the long and exceptionally severe period of depression of 1930-36, and this company should benefit from the improved accounts which may be expected from tramp shipping companies as a result of the current year's improved trading. In this connexion it may be noted that the voluntary scheme of co-operation recently adopted by the British tramp shipping industry and planned to come into force on January Ist, 1938, should help to minimise in future the extreme fluctuations which have hitherto characterised the industry.
" The outlook today, whilst not so good as it was a month or two ago, still shows signs that better times for shipping should prevail for some considerable time and that the really bad times experienced in the last few years should not recur with the same severity. Without attempting to prophesy I mention this in case it may interest you to know my opinion of the position today.
STEADY EXPANSION OF WORLD TRADE.
" The volume of world trade was at its lowest ebb during recent years in 1932. Since the autumn of 1932 world trade has, except for seasonal variations, increased slowly but steadily, and the figures for 1937 are likely to show a marked increase over those for 1936, exceeding considerably the pre-War figures of 1913 and equalling, or even exceeding, those for 1929. The rearmament programme of our own and other countries temporarily accentuates this. Shipping prosperity, of course, depends upon the volume of world trade."
Mr. Percy Cross, continuing, said : Those remarks on the shipping industry I put forward as Sir Vernon Thomson's own views of shipping, and I would point out to you that he has really become a great authority in the shipping industry. (Hear, hear.) I now beg to move : " That the report and accounts for the year ended September 3oth, 1937, as submitted, be received and adopted, and that the dividends as recommended therein be declared and paid." I will ask Mr. Dodd to second the resolution, after which I shall be pleased to answer to the best of my ability any questions that any shareholder may think fit to ask. Mr. G. M. Dodd seconded the resolution which, in the absence of questions or comment, was carried unanimously.
The retiring directors (the Earl of Coventry and Mr. George Dodd) were re-elected, and the auditors (Messrs. Fookes, Wyatt Williams and Hickman) were reappointed. The proceedings terminated with a hearty vote of thanks to the chairman and directors, coupled with the wish that Sir F. Vernon Thomson would be speedily restored to his normal health.
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