COMPANY MEETINGS
P. H. GALLOWAY, LIMITED
IMPROVED RESULTS
'THE eleventh annual ordinary general meeting of P. H. Galloway, Limited, was held on April nth at Southern House, E.C.
Mr. J. E. Galloway, M.P.S., chairman and managing director, presided, and in moving the adoption of the report and accounts, ,aid that the profits they were showing this year were considerably in excess of those for 1938, and would have been even larger had It not been for circumstances over which they had no control. In the first place they had to provide air raid shelters for their ,mployees, and that had run them into a good deal of expense ..nd they were not altogether finished now, so there would be further expenditure in connection with them in the present ear.
In addition they had to make reserve for E.P.T. which they would be called upon to pay. The standard years laid down by the Government, 1935, 1936 and 1937, on which the profits of company such as theirs were based, were the very years in which they started to advertise Julysia Hair Cream and there was a big eqienditure in that connection. As the shareholders were aware, for three years at least they did not show a farthing profit on Julysia Hair Cream. That was not unexpected. Fortunately they were now showing a profit and they had Julysia Hair Cream ell established and the sales were going up by leaps and bounds. 'They showed a profit last year and he believed the sales would well exceed those of last year during the present year.
THE GLASGOW DEPOT
The business of the Glasgow Depot had increased, but un- fortunately he could not tell them that they were showing a profit there even yet. At Glasgow they were standing at a very high rental for the amount of business they were doing. He hoped that within the next couple of years they would be able to show a profit there. When their agreement expired they would probably change their premises. They could get suitable premises at a much lower rental.
The net profit, after charging all trade expenses, was £25,507. The directors were recommending the payment of a dividend on the ordinary shares at the rate of 114 per cent. They were guided in recommending that dividend by the fact that a number of their shareholders relied upon the dividends they were receiving from such investments and the increased taxation hit them very hard.
The directors thought that by their paying one-eighth more ester the usual to per cent. the shareholders would be receiving approximately the same net dividend they had previously enjoyed.
The report and accounts were unanimously adopted.
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