McDOUGALLS TRUST
THE sixth annual general meeting of McDougalls Trust, Limited, was held on July 20th at Thames House, London, E.C.
Mr. Kenneth A. E. Moore (the chairman) said that the past year's trading of the operating company; McDougalls, Limited, had resulted in a profit of £229,267 compared with £241,036 in the preceding year and an average over the eight years ended March 31st, 1938, of £199,000 per annum. The year had not been without its anxieties owing to occasional crisis conditions superimposed upon a substantially falling trend in wheat prices. It was, however, a fact that sales tended to increase in times of depression or crisis. Their theory was that in such times people went out less to places of entertainment and that home cooking came into its own. In addition, in recent times there had been, for obvious reasons, a tendency for people to keep more food in the house.
It was highly desirable from the national point of view t t all should, within reason, stock up their homes with suitaote articles of food. To assist in that direction McDougalls had put themselves in a position to supply a portion of their output of flour in hermetically sealed gas-proof tins of 4 lbs. each. McDougalls flour so packed would remain in perfect condition for at least two years and so was eminently. suitable for the reserve stocks of private households, schools hospitals, reception organisa- tions, &c. He hoped that their shareholders, numbering upwards of 4,000, would see to it that they themselves secured supplies through their ordinary grocer and also mentioned the matter to their friends.
With regard to the affairs of McDougalls Trust, Limited, the same dividend as last year had been received from the operating company and therefore, apart from the fact that £2,500 had been placed to reserve for depreciation of trustee investments, the figures differed but little from those of the ptevious year. The directors therefore recommended the payment on the ordinary shares of a final dividend of 4 per cent. and a bonus of 2 per cent., making a total of to per cent, for the year, as before, which would leave a balance of £38,637 to be carried forward.
In th.t times in which they were now living any comment from him as to the prospects for the current year would be valueless. He would therefore confme himself to telling the meeting that in the quarter already elapsed both the trade pnd the profits of McDougalls Limited, had been slightly in excess of those for the corresponding quarter of 1938.
The report was unanimously adopted.
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