COMPANY MEETINGS
CARRERAS, LIMITED
RECORD PROFITS
THE thirty-fourth annual general meeting of Carreras, Ltd., was held on December zoth at Arcadia Works, Hampstead Road, London, N.W.
Mr. Edward S. Baron (Chairman and Managing Director) said that the account showed a net profit of £1,351,596, which consti- tuted a new record in the history of the company. The directors proposed to allocate a further L5o,000 to the Contingencies Fund, making it £200,000, and £15,000 to the Female Pensions Fund, and recommended dividends for the year on Ordinary, "A" Ordinary and " B " Ordinary shares at the rate of 35 per cent., of which 15 per cent. had been paid ; the balance remaining to be carried forward would then amount to £1,026,671. He would remind shareholders that this 35 per cent. was equivalent to 49 per cent. on the capital as it was in 1936.
Their large stock of tobacco leaf was of exceptional quality and would enable them to maintain without variation the very high standard of their brands, and their stock equalisation policy was a protection from violent movements in the price of leaf tobacco.
Both home and export sales had shown an increase during the year, and by the maintenance of the high quality of their productions, fullest value to the consumer, and a progressive sales policy, he saw no reason why the company should not continue to enjoy a fair share of consumption, which was still showing a reasonable increase both at home and abroad.
Shareholders would be aware that this business was world-wide, arid the familiar red packet or tin of Craven "A" cigarettes and that old-fashioned pink labelled tin of Craven Mixture tobacco was to be found wherever one travelled. It was no easy task to achieve world-wide distribution under the present difficult conditions, with every kind of restriction hampering trade in different countries ; but they had an excellent organisation controlled from Arcadia Works, with resident representatives in different parts of the world. They endeavoured to adapt themselves to the conditions in the different countries where they traded, and he was happy to say that they supplied all the principal Government monopolies in foreign countries.
Since the commencement of the new financial year sales showed an increase over the corresponding period last year and, providing nothing unforeseen occurred, the directors felt confident of the future.
The report and accounts were unanimously adopted.
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