COMPANY MEETING

AMALGAMATED PRESS

"AN EXCELLENT POST-WAR POSITION" LORD CAMROSE'S REVIEW

THE seventeenth annual general meeting of the Amalgamated Press, Limited, was held on July 28th in London.

The Right Hon. Viscount Camrose, the chairman, presided.

The chairman, in the course of his address, said : — Profit for the year shows an increase of £30,989. Most of this is absorbed in an increased tax provision of £586,00o, as against £562,000. We have decided to recommend, as the report shows you, an extra x per cent. in the final dividend. If this is approved the dividend for the year will total 12 per cent., against II per cent. last year. The increase is not a large one, and only requires an extra £6,000 net. As I have just pointed out, the profits, after tax, are not materially increased, but we have every justification for believing that this very cautious increase in the dividend is one which we can maintain without strain.

As the directors' report shows you, we have again placed £too,000 to the reserve account, making that account £1,65o,00o, and the carry- forward is increased by £4,403. There are in addition other considera- tions which we have taken into account, which should prove of great importance in future balance-sheets.

These principally concern our subsidiary companies and other interests. Although the Imperial Paper Mills, for instance, is trading at a profit— nothing approaching its pre-war figure, of course, owing to a large portion of the mills having been blitzed—no dividend has been declared on the ordinary shares for a period of four years. We feel we have, in this direction, what I can call a large insurance for the future.

KELLY'S DIRECTORIES

A year before the war, as you will remember, we acquired a controlling interest in Kelly's Directories, Limited. That company, with its sub- sidiaries, did very badly in the early war days. Now it has regained its strength and prosperity and in the balance sheet and report published a few days ago you will see that the directors recommend that the dividend for the year on the ordinary capital should be raised from 15 per cent. to 20 per cent., while the reserve allocation in the parent company has been increased from £25,000 to L50,000. The post-war outlook for the group of publications and directories owned and controlled by the Kelly Com- pany and its subsidiaries would appear. to be very satisfactory indeed.

Other of our interests outside the main business of the Amalgamated Press itself are shaping well and justify us in a measure of optimism with regard to the results they are likely to yield when peace returns.

EXCELLENT POSITION

It is dangerous to make any prophecy today, but I think I can tell our 22,000 shareholders that the parent business and its outside interests are in an excellent position to take all advantage of the opportunities which' will offer themselves when the war has become a thing of the past.

There are a number of changes in the balance-sheet, the net result being to show an improvement in our liquid position. During the year we have redeemed £47,835 of our two debenture stocks. Creditors, including provision for accrued charges, taxation, and contingencies, are up by £211,534 and amounts owing to subsidiary companies are increased by £105,367. On the other side there is a decrease of £255,526 in the amount owed by subsidiary companies. Trade debtors are up by £56,346. Cash is some Lio,000 less, but investmatts, including our holding of tax reserve certificates, have increased from £589,76o to £1,217,828.

VALUE OF PERIODICALS

The year we are reviewing today has had no particular high lights in the publishing field, and a general survey of our periodicals would not therefore be of any interest. So long as the supply of newsprint is severely rationed and the starting of new publications is prohibited the enterprise of peace-days must remain non-existent. What we strive to do is to make as good a job of our periodicals as the circumstances of the day permit, and above all to second and support the national effort in every possible way.

I drew your attention last year to the fact that publications such as ours devote a great deal of space to the printing of information and advice on matters directly connected with the war effort. They give vital information and advice on food, cooking, fuel, and other questions of consequence in the home life of our people. Right from the beginning of the present struggle our editors have maintained close and almost daily connexion with the Government Departments concerned and we have had many messages of appreciation of the way in which we assisted in the solution of different problems.

The report and accounts were adopted.