COMPANY MEETING
THE UNITED MOLASSES CO., LTD.
THE directors beg to notify stockholders that in consequence of conditions created by the war it has been found impossible to complete audited accounts of the company for the year ended September 30th, 1939, in time for presentation at an annual general meeting to be held before the end of the year. Application has, therefore, been made to the secretary of the Board of Trade for permission to postpone the company's annual general meeting until the spring of 1940. The directors are, however, satisfied from the company's own records that the trading results for the twelve months ended September 30th, 1939, amply justify the declaration of a dividend on the company's ordinary stock at the same rate as the final dividend paid in respect of the year ended September 3o, 1938.
Therefore, at a meeting of the board held today a second interim dividend of 15 per cent. (actual) less income tax was declared payable on December 29th, 1939, to the holders of the £1,954,500 ordinai-y stock in the capital of the company entitled to participate therein registered in the books of the company as at December 15th, 1939.
The registers of the ordinary stock will be closed from December 1st, 1939 to December 15th, 1939, both dates inclusive. The company's Molasses business, during the twelve months ended September 30th, 1939, showed a substantial increase over the previous year and the entire fleet was for the greater part of the year employed at remunerative rates.
The volume of business has been fully maintained since the outbreak of war and all the company's tankers are in commission.
It is hoped at an early date to come to an agreement with the Ministry of Supply in regard to the terms and conditions upon which this company- during the Ministry's control of the Molasses business shall import, store and distribute Molasses in the United Kingdom. When agreement has been reached, it is the directors' intention to issue audited accounts up to the date on which such agreement comes into effect.
It is not the intention to declare a further dividend in respect of the twelve months ended September 30th, but the directors hope, when issuing the accounts, to propose a final dividend in of the period from October 1st to the date to which the accounts are made up.
Dated this 27th-day of November, 1939.
By order of the board,
JAMES DoN,
Secretary.
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