COMPANY IwEETIN(.., •
P. H. GALLOWAY, LIMITED
CONCENTRATION OF PRODUCTION
THE thirteenth annual general meeting of P. H. Galloway, Limited, was held on May 26th ..at Winchester House, E.C. Mr. J. E. Galloway, M.P.S. (the chairman), presided. and his statement, which had been circulated, was as follows.
The present conditions of business and travel may make it difficult for many shareholders to attend the general meeting. Your board therefore- thought it desirable that I should circulate this statement on the past year's trading which I shall read at the general meeting, if those share- holders present desire me to.
It is very gratifying to yosir board, and I hope to you, to present in respect of a difficult year such a satisfactory report and statement of account as that enclosed herewith.
You will note our net profit at £20,171 is slightly higher than the profit of the previous year, in spite of the fact that in 1941 we had a full year in which the Limitation of Supplies Order operated, which affected a considerable part of our business and restricted our output of to:let pre- parations to 25 per cent. of the standard period sales in 1939.
A SOUND Posn ION The balance-sheet, you will agree, shows your company _ be in a sound position, cash at bank being appreciably nigher tnan last year, but this is accounted for by the smaller amounts shown for sundry debtors and stock-in-trade. The first of these items being in part due to our in-, sistence upon cash settlements with certain traders and the lower stock figure being on account of depleted )toc,cs at the end of the inancial year. The figure for investments, you will observe, has increased by Lto,000 during the year. this being the amount we invested in War Weapons Week in 1941.
Our net profit would no doubt have been considerably larger had it not been for the large amounts we have had to pay for war risks insurance on stocks, buildings and plant, but after paying our usual dividends on the preference shares there remains the sum of £26,479 to deal with, and your directors now recommend the paymen, of a dividend on he ordinary shares at the rate of to per cent, for the year ended December 31st, 1941, which will absorb k12,000. leaving a balance ,o 13, carried •rward of £14,479
I would like to take this opportunity ut expressing m% apprech_tion to my co-directors and the whole of our staff for thei• untiring efforts and loyalty to the company in a most difficult period The report and accounts were unanimously dopted.
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