COMPANY MEETINGS
BRITISH GLUES AND CHEMICALS
CONTINUED PROGRESS
THE twentieth ordinary general meeting of British Glues and Chemi- cals, Limited, was held on July 17th at the Connaught Rooms, London, W.C.
Mr. T. Walton, F.C.A. (the chairman), who presided, said: Ladies and gentlemen, our profits for the year ended April 30th, 1940, after writing off the balance of A.R.P. expenditure and £3,869 in respect of foreign trade investments, augmenting by £30,000 reserve for war and other contingencies, including fluctuations in the cost of raw materials and in selling prices, and providing for Excess Profits Tax, was £113,000, subject to Income Tax.
In the first four months of the year, during which we had been giving special attention to export trade, we were ahead of the corre- sponding months of the previous year—greater production, increased deliveries and satisfactory profit ; at the outbreak of war the German and several other of our European markets were at once closed, and since then a large part of our production has directly or indirectly supplied national needs, and we have been able to help the Ministry of Supply, the Ministry of Food and other Government Departments.
Turning to the balance-sheet, during the year our capital assets have been maintained in a condition of high efficiency and we have amply provided for depreciation. We were fortunate at the outbreak of war in that our continental commitments were relatively small, and I assure you that in the accounts in your hands full provision has been made for all losses we are likely to sustain. Our investments in British Government securities have increased by nearly L63,00o, largely due to our support of recent Government loans, and our bank and cash balances are higher by almost £21,000. The increase in our liabilities by £139,00o is due in part to expanded trade, but in the main it is due to provision for Excess Profits Tax and Income Tax.
Turning for one moment to the consolidated balance-sheet, you have probably noticed the growth in the excess of current assets of parent and subsidiaries collectively over the whole of our liabilities and provision for dividends, from £407,000 a year ago to £458,000 at April 30th, 1940. And further you will have noticed that our reserves and carry forward now exceed our issued ordinary capital.
Ladies and gentlemen, British industry may yet have a rough journey, but our company may face with tranquil confidence whatever the future may hold.
The report and accounts were unanimously adopted.
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