COMPANY MEETINGS
SPILLERS LIMITED
ONE OF THE MOST DIFFICULT YEARS EVER EXPERIENCED BY THE GRAIN TRADE THE Right Honourable Sir Malcolm A. Robertson, Chairman of Spillers Limited, presiding at the annual general meeting of the company on Saturday at Cardiff, said that the reduction in the amount of investments was, for the most part, represented by an increase in cash balances. That was due to the fact that the Board had thought it wise to realise some of the company's investments and to hold the proceeds in a more liquid form until the political situation should appear to be more stable. Investment had now been resumed. The trading profit for the year had fallen by some £45,000, which could be regarded as satisfactory in view of the difficult con- ditions of the industry during the year.
It was understood that the Government intended to amend the Wheat Act, 1932, chiefly in an endeavour to define flour in more precise terms.
The year 1937 had been one of the most difficult ever experienced in the Grain Trade, owing to exceptionally violent price fluctuations and highly sensitive markets, due in large measure to the fact that there were no longer burdensome surpluses in the exporting countries and that supply and demand were more evenly balanced than they had been for some years. Particularly difficult conditions had also been experienced in the maize market, while in the barle-v market some most erratic marketing took place in July and August.
Wheat had now been taken into the silos at the company's new mill at Newcastle, and it was hoped that a beginning in the produc- tion of flour would be made by the end of the month. In addition to flour, provision had been made there for the manu acture of animal foods and dog biscuits, and the new mill, with its deep water, road and rail facilities, was the most up-to-date mill in the country. Other improvements included the further extension of the silo accommodation at London, which it was hoped would be completed in about 12 months' time, the remodelling of the dog biscuit factory at Bermondsey, and the transfer of Vernon's business from the old premises to the Beaufort Road Mill, which had been entirely remodelled. In the opinion of the Board, the company's mills and factories were second to none in the British Isles, and were capable of making products of the highest quality at the lowest possible cost.
The record figure had again been exceeded in animal foods deliveries, despite difficult trading conditions during the year. The company's advisory department continue to play a leading part in the animal foods trade. A new high record had also been created in the deliveries of dog foods.
The saddest part of his task was to announce that Mr. Edgar Baker, deputy chairman, was due to retire in October under the age rule. His coming departure would be a very severe loss to all his colleagues on the Board.
The report and accounts were adopted.
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