COMPANY MEETING REPORTS .sx MICHAEL NAIRN AND GREENWICH .sx HIGH STATE OF WORKS EFFICIENCY .sx DIVIDEND MAINTAINED IN DIFFICULT YEAR .sx The ninth annual general meeting of Michael Nairn and Greenwich , Ltd. , was held yesterday at Winchester House , Old Broad-street , E.C. .sx Sir Michael Nairn , Bart .sx ( the chairman ) said :sx In my speech at our last annual meeting I referred to the fact that the year 1929 had been a difficult one , and I am sorry to say that the same description applies in an even greater degree to 1930 .sx Our principal associated company - Michael Nairn and Co. , Ltd. - experienced fairly normal conditions during the first half of their financial year , but during the second half the usual demand for their productions was not maintained , and there was a serious falling off in the export trade .sx It is not possible for any industrial company with widespread interests to remain immune from the consequences of the present unprecedented depression , as the economic uncertainty which prevails throughout the world results not only in decreased sales , but in violent fluctuations in commodity prices , which naturally affect manufacturing profits .sx In the linoleum industry , where the manufacturing process extends over a considerable period , it is necessary to carry large stocks of raw materials , and our associated companies , on account of the fall in prices , have found it necessary to write down the value of these stocks before their balance-sheets were prepared .sx THE AUSTRALIAN COMPANY .sx Last year I referred to the new Australian company , a subsidiary of Michael Nairn and Co. , Ltd. , and I expressed the hope that when trade revived the Australian company would , no doubt , share in the returning prosperity .sx Unfortunately , the financial crisis in the Commonwealth has not only resulted in the severe restriction of imports into Australia , but has had the most prejudicial effect on domestic industries , and the operations of the Australian company show a loss on last year's trading .sx This loss has been duly provided for by Michael Nairn and Co. , Ltd. , out of their profits for the year .sx Australia is a country of vast resources , and when the Australian people put their house in order I have not the slightest doubt that ultimately our Australian company will prove to be a sound and profitable investment .sx I have referred to these matters as being of some interest to our shareholders , but , as I have stated at previous annual meetings , we are simply a holding company concerned almost entirely with the dividends paid into our coffers by the associated companies .sx YEAR'S INCOME AND DISTRIBUTION .sx From the accounts now in your hands you will observe that our income for the year , represented by dividends from investments , etc. , amounts to the sum of 319,233 3s .sx as compared with 334,602 14s .sx 4d .sx last year , which shows a decrease of 15,379 11s .sx 4d .sx The Board recommend a final dividend of 7 per cent .sx , making 12 per cent .sx less income tax for the year , leaving to be carried forward the sum of 58,609 4s .sx 9d , as compared with 56,037 2s .sx 4d .sx last year .sx As I have pointed out on previous occasions , there is no need for this company to build up reserves of its own , as our associated companies provide for their own reserves .sx I feel sure that you share the satisfaction of the Board that , in spite of the adverse trade conditions to which I have already referred , we are able to maintain our dividend in a year which , from the industrial point of view , has been the most trying within living memory .sx NEED FOR NATIONAL ECONOMY .sx It is not for me to forecast the future .sx The immediate outlook is not encouraging .sx The growth of unproductive national expenditure and the increased burden of taxation are fettering industrial development in every direction and crushing individual effort and enterprise .sx The compelling need of the moment is rigid economy in all our Government and municipal spending departments so that taxation may be reduced and the drag removed from the wheels of industry .sx Given a policy of enlightened retrenchment , I see no reason for pessimism regarding the future of our country .sx Our history is a record of courage , endurance and progress , and I am convinced that the qualities of our race will , if reasonable opportunity be provided , prove equal again to the task of bringing the country back to prosperity and a sound financial position .sx VANGUARD POSITION IN THE INDUSTRY .sx In conclusion , I would like to add that it is entirely due to the prudent and expert management of the directors and staffs of the various companies with which we are connected that it is possible to present to you this satisfactory balance-sheet .sx We are passing through a trying period , and it is in times like the present that these companies reap the reward of their conservative policy in the careful husbanding of their resources during the years of greater prosperity .sx I can say with confidence that the various works are being maintained in the highest state of efficiency .sx Research is continually going on , the plant and equipment are of the most modern character and no effort is being spared in any department to retain the vanguard position held by these companies in the linoleum and floorcloth industry .sx You may rest assured that all the necessary experience of manufacture and administration , combined with a competent selling organisation , are in readiness to take the fullest advantage of a revival in trade , which I trust may not be long delayed .sx I have now much pleasure in proposing the adoption of the report and accounts , together with the payment of the final dividend of 7 per cent .sx , less income tax , making with the interim dividend of 5 per cent paid 18th July , 1930 , a dividend of 12 per cent .sx . , less income-tax , for the year ended 31st December , 1930 .sx I will ask Major Sir Robert Spencer-Nairn to second this proposal .sx Before , however , the resolution is put to the meeting I shall be very glad to answer any questions arising out of the business before us .sx Major Sir Robert Spencer-Nairn seconded the resolution .sx No questions being asked , the resolution was put to the meeting and carried unanimously .sx THE DIRECTORATE .sx The Chairman :sx Since the last annual meeting the directors have appointed Mr. Albert W. Hawkes ( the president of the Congoleum-Nairn , Inc .sx , of New Jersey ) to a seat on the Board , and under the terms of our articles Mr. Hawkes retires and offers himself for re-election at this meeting .sx The Congoleum-Nairn , Inc .sx , is a large shareholder in our company , and in view of the mutual interests and friendly relations which exist between the two companies , your directors have asked Mr. Hawkes to join the Board .sx The fact that he is president of one of the largest linoleum undertakings operating in a great country like the United States renders his co-operation invaluable to our interests on this side and we believe that he will be through which ideas for still further development of the linoleum industry will be obtained .sx Will some shareholder now propose the re-election of the retiring directors ?sx Mr. Gerard Harrison proposed that the retiring directors , Mr. George O. Mackenzie , Mr. A. Sherran Thomson and Mr. Albert W. Hawkes , be re-elected .sx Mr. Morgan seconded the resolution , and it was unanimously adopted .sx On the motion of Mr. John Lunan , seconded by Mr. J. L. Kidd , the auditor , Mr. William F. Andrew , C.A. , was reappointed .sx Mr. William Kidd proposed a hearty vote of thanks to the Chairman , directors and staff , which was seconded by Mr. Morgan .sx , and unanimously adopted .sx The proceedings then terminated .sx MILTON PROPRIETARY .sx ANOTHER SUCCESSFUL YEAR .sx ADVANTAGES OF THE NEW BUILDING .sx MR. CLOUGH'S SPEECH .sx The seventh ordinary general meeting of the shareholder of Milton Proprietary , Ltd. , was held yesterday at Winchester House , Old Broad-street , E.C. , Mr. H. S. Clough , J.P. ( chairman of the company ) , presiding .sx The Secretary ( Mr. A. Gale ) having read the notice convening the meeting and the report of the auditors .sx The Chairman said :sx Gentlemen - I assume you will take the accounts as presented as read .sx ( Agreed .sx ) Most , if not all , of the important facts relating to the company's business in the past year are in the report , but it may , perhaps , be desirable that I should make some comment on them .sx As you know , we sold the lease of the premises in Bunhill-row and we have erected new premises .sx The buildings are not quite complete , but we are finding them extremely suitable for the business which we have to do .sx We have installed there the very best plant that we could get , and we have had extremely competent technical advice both in the choosing of it and in the installing of it .sx We hope that later in the year , when all the minor details of the building are complete , shareholders will come and look round .sx We are quite sure that if they do they will be impressed by the factory and its equipment , and will agree with us that we have made a very good change in leaving Bunhill-row and going to Brewery-road .sx EXTENDING THE USE OF MILTON .sx There is one matter to which , perhaps , I might refer .sx Your directors are continually giving attention to opportunities for extending the use of Milton .sx The old company were very deeply impressed with the many purposes for which it might be used and for which it was valuable , but they found it exceedingly difficult to get that over to the public without too much dispersion of effort .sx The present Board are of the same opinion , that it has many more uses than are really applied to-day , and they have given great attention to the means whereby they can get that over to the public .sx It is very strange that many of our established users confine themselves to one or at most two uses .sx They have been so impressed by the power of the advertising of Milton for one or two uses that it seems almost to have paralysed their minds and they pay very little attention to the booklets or other information which we give them along with the bottle which they buy .sx However , as I say , we are giving very great attention indeed to the opportunity of persuading at least our present users to make wider use of it .sx Very often some small affair happens in the household and an article is bought especially for use in connection with it when all the time the household are in possession of Milton , which would be a superior article to use for the purpose .sx Then , again , we have been giving considerable attention to a new use for Milton which we believe will develop favourably during the year , but I am not in position to go into details of it .sx CURRENT YEAR'S OUTLOOK .sx Generally speaking , we are extremely satisfied with the business that we have been able to do in what everyone knows to have been very difficult conditions .sx Unfortunately , we are unable to anticipate that general conditions of business will improve , but the present year has started well and we believe that , notwithstanding the difficulties of general business next year , when we meet you we shall still be able to present a favourable report .sx I now beg formally to move :sx " That the report of the directors and the statement of accounts for the year ended 30th September , 1930 , as presented , be approved and adopted .sx " Sir George McLaren Brown , K.B.E. , seconded the resolution and it was carried nem .sx con. .sx The retiring directors , Sir George McLaren Brown , K.B.E. , and Mr. William Knox , were re-elected ; the auditors , Messrs .sx Peat Marwick Mitchell and Co. , were reappointed ; a dividend of 10 per cent .sx on the Ordinary shares , making 15 per cent .sx for the year , was approved , and the proceedings terminated with a cordial vote of thanks to the Chairman , managing director , directors and staff .sx CENTRAL INDUSTRIAL SECURITIES .sx APPLICATION TO STAY WINDING UP .sx In the Companies Court , before Mr. Justice Maugham , application was made yesterday to stay an order granted by Mr. Justice Bennett on the previous Monday for the compulsory winding up of Central Industrial Securities .sx Mr. Wynn Parry , for the company , stated that when Mr. Justice Bennett made the order the negotiations for a settlement had not been completed , and Mr. Lickfold , the company's solicitor , not being able to swear an affidavit as the result of the negotiations , the company was unable to resist the order being made .sx