COMPANY MEETING
S. HUBBARD, LIMITED
PROFIT WELL IN EXCESS OF ESTIMATES
THE first annual general meeting of S. Hubbard, Limited, was held on Tuesdiy, February 22nd, at Winchester House, Old Broad Street, E.C.
Mr. S. B. Hubbard, J.P. (the chairman), presided. •
The chairman, in moving the adoption of the report and accounts, said the trading profit for the t1 months under review exceeded by a considetable sum the amount given as the probable profit when they first became a public company. The profit on trading was £34,587, and he felt he might describe their position as thoroughly sound. The directors recommended a dividend at the rate of 12 per cent. per annum, less income-tax, for the i 1 months to November 30th last, carrying forward ,Cro,243. Primarily they were manufacturers of wool and fur bodies for hat-making, but, in addition, they were public dyers and bleachers" of al kinds of material used in connexion with the hatting trade, and merchants and importers of all classes of material used in hat manufacture. He was happy to say that they were working to full capacity, and there was every indication that this would continue during the remainder of the current financial year. They were giving better value than they had ever done, the result being a flow of orders exceeding their expectations. In regard to their fur body-making department, they had produced finishes upon furfelt hoods and capelines which surpassed the very best productions of Austria and Czechoslovakia, and it was no longer true that velours could only be made abroad. Not only were they retaining the trade in fur hoods and capelines which they had enjoyed in the past, but they were securing even greater volume.
They had recently established a new sale department in Luton which gave them the possibility of a field of customers with whom it had not been possible before to do business. Two years ago they established a London sales department, and the results had been most satisfactory'.
The past year had been from every point of view very successful, as with the exception of two weeks the works had been running to full capacity. _
The wool market had been a difficult one, but their early purchases both as regarded quantity and price helped them to keep their average cost reasonably low. The company was in the position - to- take immediate advantage of any change in fashion in the hating industry because they had under control four distinct businesses—namely, wool and fur bodies, straw goods, dyeing, and merchanting. The report and accounts were unanimously agreed to.
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