BEECHAMS PILLS
FURTHER PROGRESS
THE twelfth ordinary general meeting of Beechams Pills Limited, was held on May 29th at the May Fair Hotel, London, W.
Mr. Philip E. Hill (the chairman) said: Ladies and gentlemen, it is more than difficult at a time when our very existence is threatened by a relentless enemy to attune our minds to the normal consideration of business which is a matter of insignificance except in so far as it helps to contribute to the sinews of war.
We have every reason to be gratified with the progress made by our business since I met you a little less than a year ago. The fore- casts then made have been fully justified. The profits of £1,055,615 again constitute a record for the eighth consecutive year, clearly indi- cating the progressive strength of the business. Our export trade provides an encouraging and satisfactory feature, on which I shall have something to say later. During the year we have acquired the business of the County Perfumery Company, which, together with our other recent acquisitions, has shown results above our expectations. We have contributed no less than £661,307 17s. rod. to the country's exchequer by way of taxation.
Our total profit figure of £1,055,000 has been arrived at after pro- viding £84,496 for the redemption of preference shares in subsidiary companies and without increasing our selling prices to the public. We recommend the transfer of £79,124 to the development fund, £7o,00o to the reserve for merger and reorganisation, and an increase in the carry forward of some £20,000.
We are recommending a final payment of 14.81 per cent., less tax, on the deferred capital, making a total of 281 per cent., less tax, for the year—which is within the limit imposed by the Chancellor.
Notwithstanding the prevailing conditions, our sales at home and abroad continue to show considerable improvement. We have been devoting an increasing amount of attention to our export trade, and as a result of a world survey just completed we are satisfied that our esport trade has even greater scope than we should have thought possible.
In view of the fact that export markets are of paramount importance to the nation at the moment, we are intensifying our efforts in this direction, and the success we have recently met with encourages us to hope for still greater success in the future. Shareholders will, I am sure, be pleased to know that we have formed a National Savings Association for the staff of our various com- panies, which is operating successfully. No forecast of the future is expected, and neither will it be attempted. No man can say what lies in front of us—but that we shall face it with that dogged perseverance which has been characteristic of our country in the past is beyond question. The report was unanimously adopted.
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