P. H. GALLOWAY
SATISFACTORY CURRENT BUSINESS DIVIDEND MAINTAINED THE tenth annual ordinary general meeting of P. H. Galloway, Ltd., was held on April 13th at Southern House, Cannon Street, E.C. Mr. J E. Galloway, M.P.S. (the chairman), said that it would he seen from the report that the profit was rather less than for the previous year. At the last general meeting he had been a little pessimistic about the commencement of the year 1938, and un- fortunately his pessimism proved to be justified. The drop in profits was accounted for principally by the unfavourable weather in the first three months of 1938, which had affected the sales of the cough and lung syrups very considerably. In July last the board had decided to hire motor vehicles from a firm of contractors, and had accordingly sold the company's vans. This had resulted in a loss which, however, would be non-recurring, and the economies which would be effected from the hiring of motor vehicles would compensate the company for taking that step. A further cause of the drop in profits was the necessity this year to provide a reserve of £90o for National Defence Contribution.
The company had exhibited at the Glasgow Exhibition, fully expecting very successful results, but those anticipations had not been realised. The amount expended, however, should not be regarded as altogether a loss as a large amount of advertising value for Julysia Hair Cream was obtained, and since the Exhibition sales in Scotland had increased.
The first three months of /939 had been exceptionally good so far as sales of the syrups were concerned. Moreover, the sales of Julysia Hair Cream were considerably up.
The reports and accounts were unanimously adopted, and a divi- dend of to per cent., less tax, was declared.
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