COMPANY MEETINGS
JOHN ISMAY AND SONS LIMITED
A SATISFACTORY REPORT FURTHER EXPANSION
THE fourth ordinary general meeting of John Ismay and Sons Limited was held on Friday, June 25th, at the Sterling Works, High Road, Dagenham.
Mr. John Ismay (Chairman and Managing Director) presided.
The Secretary (Mr. G. S. Rate) read the notice convening the meeting and the report of the auditors.
The Chairman said :—Gentlemen, In presenting our report and accounts for the year ended March 31st, 1937, I presume that I have your permission to take them as read. (Agreed.) In pursuance of the policy outlined at the last meeting we have disposed of some of our investments and strengthened the cash position, our intention being to restrict ourselves principally to the manufacture of the lamps and their components. Other lines we are leaving to the associated companies of the Ismay Industries Group.
Our lamp sales have steadily expanded during the year. Sales both at home and abroad were very much greater than in the previous year, but, owing to the keenness of competition, the trading profit was only a few thousand pounds up. We are again extending the factory at Ilford and our capacity during the coming year will be about 12 million lamps, an increase of approximately so per cent. The demand for our lamps is continuing, and we are now supplying many more Government Departments and Corporations. Competi- tion continues keen, but with the increased output we are justifiably confident as to the outlook for the current year. The gas-mantle side of the business has, I am pleased to say, ccntinued satisfactory during the year.
The Chairman concluded by moving the adoption of the report and accounts and the payment of a dividend of 45 per cent. on the Ordinary shares.
Mr. T. S. Cornwell seconded the resolution, and it was carried unanimously.
The retiring directors, Mr. T. S. Cornwell and Mr. Z. Dersoe, were re-elected ; the auditors, Messrs. James Worley and Sons. were reappointed ; and the proceedings then terminated.
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