August 10, 1916 
LAND & WATER 
63 
Company Meetings. 
RAPHAEL TUCK & SONS (Ltd.)- 
The annual ordinary general meeting of this company waa held on the 3rd 
'inst., Sir Adolph Tuck, Bt., presided, and. In moving the adoption of the report, 
after referring to the fact that this year the house of Tuck completed the Hrst 
■fifty years of Its history, said that tliere were few branches of the trade which 
were affected in the same degree as vm Raphael House, the world's universal 
-art provider, by this gigantic worid-war. It wa« not his intention to enlarge 
<ipoH the difliculties of steering a business such as theirs in Uie hazardous times 
through which tliey were passing, but there were three weighty factors, tlio 
natural outcome of this devastating war, with which the directors had to contend 
—(1) a contracted market, (2) scarcity of labour and material, which hampered 
and limited output; and (3), increased cost of practically every commodity. 
Including labour. 
Suffice it to say that the volume of trade In their Chrlstmae and New 
Year cards, with the subsidiary birthday, Easter, and general greeting cards, still 
dominated the business of the company. Their picture postcard department, 
allowing for the limitations placed upon It by the exixencies of Uie times, was 
In quite a healthy condition, whilst the engraving, photogravure, and general 
picture department liad exhibited satisfactory promising powers of recuperation 
■during the past year. The book and calendar departments bad actually done 
fairly well, and would doubtless have done better hut for the difficulties to 
^hich he had referred, and the art novelty department, embracing such popular 
<avourit6s as " Zag Zaw'" picture-puzzles, &c., maintained its supremacy in this 
class of goods. 
To sum up, the natural reduction in general turnover and enhanced cost of 
production throughout, taken in conjunction with the carefully^^onsldered policy 
■of the directors to interfere as little as possible with their regular prices to the 
trade and public, ha<l raised the overhead eiiienses on turnover to a figure 
■dangerously near the total of the still fairly large gross profit earned during 
th-i year, and reduced the actual net profit on the year's trading to the modest 
figure of i'S.072. High as had always been the position occupied by the company, 
it had never stood as high in the estimate of the entire trade, and, aoove all, 
•of the great public, both at home and overseas, than it did to-day, and that 
was an asset the value of which in time to come could not be over-estimated. 
With regard to the new financial year, the first three months showed nearly 
■ « 20 per cent, advance in actual orders taken for the coming season. 
Sir Arthur Conan Doyle, seconded the resolution, which was carried unani- 
•mously. 
THRELFALL'S BREWERY. 
The twenty-ninth annual general meeting of Threlfall's Brewery Co. (Ltd.) 
•was held on the 3rd Inst, at Vhe Cannon Street Hotel, London, E.C., Mr. Charles 
Threlfall (chairman of the company) presiding. The chairman said: Gentlemen, 
I presume I may consider that you have all received a copy of the report and 
balance-sheet for the past year, and that I may take the same as read. I 
have now the pleasure of asking you to adopt the directors' report and statement 
of accounts for the year ended June 30, 1916, which I am sure you will consider 
highly eatisfactory. The gross trade profit for the year amounts to £218,9e« 
17s. 9d. We have written off for depreciation the sum of £50,118 9s. 7d We 
are phjcing «0.000 to reserve and a further sum of £5,000 to reserve for conting- 
encies, and added £1,000 to employers' Insurance under the Workman'* Com- 
pensation Act, 1006. and carried forward the sum of £51,253 Ms. 9d. The Output 
■ of Beer (itestrlction) Bill has now become law, which places temporary sestrlctions 
on the output of beer, and It will require great care and watchfulness to carry 
■out these new regulations. An amount of £■1,955 lis. 5d. has been paid from 
'the commencement of the war to June 30 last to dependents of the 217 men 
who are serving Uieir country ; out of this number I much regret to say that 
ifour have been killed and sixteen wounded, tour of the latter having been 
incapacitated from following their military career, and have been discharged 
from the Army ; three of these men have been taken back into the company's 
service and given light work, and the remaining one will be treated in like 
manner when his health enables him to again take up work. I am sure the 
■shareholders will quite approve of what we have done. I now beg to move 
'the adoption of the report and accounts, and that dividends be paid at the 
■rate of « per cent, per annum on the Preference shares and at the rate of 
10 per cent, per annum on the Ordinary shares for the half-year ended June 
30, which with the Interim dividend at the rate of 8 per cent, per annum makes 
■9 per cent, for the year. I will now ask Mr. P. J. Feeny to second this 
resolution, if any shareholder wishes to ask a question I shall be pleased to 
answer. 
Mr. P. J. Feeny seconded the resolution, which was carried unanimously, and 
the proceedings terminated with a vote of thanks to the chairman, directors', and 
smployees. 
FURNESS, WITHY & Co., Ltd. 
The 25th ordinary general meeting was held al Liverpool on the 29th ult., the 
Rt. Hon. Lord Furness presiding. 
The Chairman said it was a matter of deep regret that for a second year they 
met under the cloud of war. Under existing circumstances, the industry with 
which they were identified continud to be profitable, and the result of the year's 
working, as Ahown in the accounts, had, from the shareholders* point of view, 
'been very satisfactory. In view of the competition that might be expects after 
w-ar, the directors had deemed it prudent to increase the Trades Contingencies 
Fund by the transfer of £300,000, bringing it up to half a million sterling. Such 
a substantial reserve would place the company in a position to cope with whatever 
•competition and adver.se circumstances might arise, whether at home or abroad. 
"The usual amount of £350,000 had been written off for depreciation, and a sum 
■of £20.000 had been added to the fund inaugurated last year for division amongst 
the masters, ofiQcers. and engineers of their fleet, on the termination of the war. 
'The half-yearly preference dividends had, of course, already been paid, together 
with quarterly dividends on the ordinary share capital at the rate of 10 per cent. 
fper annum, free of income tax, and the directors now recommend the payment of 
a bonus of 10 per cent, free of tax on the ordinary share capital, which would make 
■a total distriltution for the year ended April 30th, 1916, of 20 per cent, free of 
income tax. The liquid assets of the company, represented by bank balances, 
cash. Treasury Bills. Hills of Exchange, and debtors, amounted to £2,4€8,645 or 
nearly double the liabilities. 
Mr. F. W. Lewis emphasised the wisdom of strengthening the Trades Contin- 
gency Fund in the way proposed. Whilst he was not by any means of a pessi- 
mistic turn of mind, he thought it was essential that shipowners should keep 
before them the fact that they were passing through a period of prosperity which 
was unhealthy, inasmuch as it was due to unnatural and abnormal causes. Sooner 
or later the high rates of freight which were now prevailing might be expected 
to abate very rapidly, and they must be prepared to meet adversity and com- 
petition which would inevitably arise. When that time came it would be found 
that a reserve fund was better than a bank overdraft. For some time past a 
great deal of unreasonable criticism had been directed againsf British shipping 
companies on account of the high rates of freight prevailing, a condition of things 
which was entirely due to the operation of the laws of supply and demand. The 
resolution was adopted and the payment of the bonus of 10 per cent, free of 
income tax was sanctioned. 
illllUlllllllllli'illlllllllllllJlll 
1/a»0 
Feel good in the morning- 
fresh and bright and happy? 
No? Get the Kruschen 
habit, quick , man ! Half-a- 
teaspoonful — in hot water 
— before breakfast — every 
morning ! Lr' 
I N D I S P E H S A B L E FOR 
C ACID COMPLAINTS' 
Of all Chemists 1/6 per 
bottle. All British. 
SHOOLBREDS 
Special Parcels for Prisoners of War. 
No. 1 
3/6 
2 
5/- 
7/6 
10/6 
5 
15/. 
6 
20/- 
Example.— No. 2 contains: Loaf Currant Bread, Tin Margarlaa, Tin 
Uarmatade, Pot Mustard, Tin Ration Biscuits, Tin Potted Meat, e y 
Postage Free to Germany. ' 
CURRANT BREAD. Large Loaf 6d. (6 for 2/10.) 
Specially prepared and baked to keep for a long period without getting 
mouldy. Thift ia much appreciated and «plendid recommendationa reoeived 
trom tbie prisonera of war. 
GROCERY. PROVISIONS. Finest Quality at Moderate Prices. 
FRIENDLESS PRISONERS OF WAR IN GERMANY.— A li<(t of over 300 
names and addresses from the British lied Cross Society and the Order of 
St. John's may be eeen in the Grocery and Provision Depts., for Donors of 
Parcels. Cheques or Postal Orders can be sent and all orders entrusted to us 
wili receive every attention. 
TOTTENHAM COURT ROAD, LONDON, W. 
MINIMISE THE RISK. 
Many of the casualties caused by shrapnel, bayonet 
and spent bullets, and splinters could be prevented by 
wearing the Grossman Body Shield. 
It is made from the same class steel as the helmet, 
which have proved so valuable in saving life. It is 
constructed with a curve which fits the body and 
which deflecis rifle and machine-gun fire. 
THE 
GROSSMAN 
(HUNT'S PATENT) 
BODY SHIELD. 
Adjustable, weight almost imperceptible, no restric- 
tion or discomfort to wearer. Covered with Kbaki 
twill. The top and bottom edges are constructed 
with a slightly outward curve, to prevent bayonet 
thrusts from glancing off the shield either up or down. 
2g\ Packed Frt€ and Carriage paid to 
" any address at Home and Abroad. 
TYLER 4 TYLER, Halford House, Leicester 
Agfnts can &« appointed. 
