ALFRED DUNHILL LIMITED

PIPES. ARE FASHIONABLE

THE fifteenth ordinant -general meeting of Alfred Dunhill, Ltd., was held on March 22nd, at Dorland House, 14,16 Regent Street, London, S.W.

Mr. Dunhill (the Chairman) said : The accounts before you show a continuation of that progress I have been able to report to you yearly for the last five years.

As a matter of interest I will repeat to you the net profit shown on our balance-sheets for recent years : 1931

1932

1933 ..

• • ..

£10,520

£12,714

£14,188 1934

1935

1936 ..

• • . •

£30,506

£35,043 £45,247

and for the year under review £55,133. I need not remind you that the last figure is after allowance has been made for N.D.C. From this profit of £55,133, the highest since 1927, we recommend the payment to the Ordinary shareholders of a final dividend of 8 per cent., making with the interim already paid, I2 per cent, for the year. After this is paid there is sufficient surplus for us to recommend the payment of a bonus of to+ per cent., a total distribu- tion for the year of 22! per cent., subject, of course, to income tax. You will notice that in accordance with our established custom we are recommending the distribution of practically the full profit for the year. If you agree to the proposed distributions the sum carried forward will be increased by £133, making £70,433, which, together with our reserve, is ample for all anticipated needs.

Although we hear from some sources talk of trade recession, I am pleased to report that, excepting the temporary dislocation of the last few days, we ourselves have not experienced it. On the contrary, our retail trade, the trade one would expect first to be affected, reached for last December the record total of any month duce the foundation of the firm.

ENCOURAGING PROSPECTS.

This year there are encouraging signs for future business, parti- tularly the spread of pipe smoking among men of fashion and distinction in every walk of life. Although we shall not have that xtra business which was brotight last year to all London tradesmen 'I, His Majesty's Coronation, our turnover for the current year satisfactory, and we view the future withconfidence.

My-comments are few as I believe it is best that the figures convey heir own m•-•Icage. I cannot, however, bring my remarks to a *se without expressing my thanks for and appreciation of the xcellent service rendered to your company by the highly skilled ..rafumen in your factories and those who superintend them, the iembers of our staff, our managers and executives everywhere. The report was unanimously adopted.