COMPANY MEETING
McDOUGALLS TRUST
SOUND FINANCIAL POSITION
THE seventh annual general meeting of McDougalls Trust, Limited, was held on July 29th at 3 Thames House, London, E.C.
Mr. Kenneth A. E. Moore (chairman of the company), in the course of his speech, said: Your company derives its income almost entirely from the profits of McDougalls, Limited. That company's accounts cover the year ended March 31st, 1940—that is, five months of the twilight that preceded the actual declaration of war, and seven months of war. For a long time previously we had had in mind the possibility of war and had made preparations of every kind to meet the eventuality. When war broke out we had heavy stocks of all kinds and were therefore able promptly to meet the increased demand for McDougalls Self-Raising Flour.
Since September 3rd, 1939, flour mills have been subject to Government control, but the various Control Orders and Regulations have been framed with foresight and practical knowledge in such a way as to safeguard the public interest and at the same time to inter- fere as little as possible with the special character and efficient management of individual businesses.
So far, therefore, we have been able to carry on the business more or less normally and to continue to supply McDougalls Self-Raising Flour to the housewife for home cooking, through the medium of the grocery trade throughout the country. Moreover, we have been able to continue to supply it at the pre-war price in spite of the fact that some of our costs—particularly those of packing and distribution— have greatly increased.
The quantity of flour sold was the largest in the history of the company and resulted in a profit, subject to Income Tax, of £248,656, compared with £229,267 in the previous year.
I will not venture on any forecast of the future ; I can only say that the business is well equipped, well managed and possessed of ample financial resources. In the national interest as well as our own we have taken steps to strengthen our alternative means of production so as to keep the business going if any of our several establishments should be damaged by enemy action.
As McDougalls Trust, Limited, received the same dividends as before from McDougalls, Limited, your directors are again able to recommend the maintenance of the total distribution on the ordinary shares at to per cent, for the year.
The report was unanimously adopted.
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