In this connection a very interesting experiment is being carried out at a large school at which the company offered to provide the boys with Bovis bread as a trial This is under the special observation of the medical officer of the school and also of our own consulting physiologists. The final conclusions have not yet been received, but I can state from the interim reports to hand that the results will fully substantiate and justify the claims of the company as regards the immense dietetic value of the product which we offer so persistently to the public. We are lisfied that the daily use of Bovis read can do much to promote the good health of the people of the nation, and we are all of us proud to be associated with the work of a company whose product we consider o be so vitally necessary to the ational physique.
During the year under review the sales of Bovis bread have continued te be satisfactory, but the very success of our company has helped to stimulate competitors, and we are year by year subjected to ever keener Competition from many new sources 5 wel as from old rivals. Imita-on is the sincerest forb of flattery, and, while not relaxing our efforts, but rather increasing them, we can but accept the compliment our competitors pay us. The influenza epidemic of the winter and early spring had a most deleterious effect upon trade generally, especially on the food trades, and from that depression we are only now really beginning fully to recover.
In a report issued by the Ministry of Health we read that there is not likely to be a return of a similar epidemic for at least two years, so iw the interim we shall use our best endeavours to induce our friends, shareholders and supporters to adopt such regular system of nourishment as is supplied by the systematic use of Bovis bread as may minimise the effects of any future epidemic if and when it should return, The full report for the year ended May 1 last of Patons and Baldwins, Ltd, the wool and yarn menufacturers, shows that trading profits rose from £566,508 to £610,959.
The depreciation allowance is about £1000 lower at £126,952, and after deducting directors' fees and Debenture interest, there remains a balance of £463,782—an increase of £45,785.
As already known, the total distribution on the increased Ordinary stock is maintained at 123% per cent. tax free, and the allocations to reserve and pensions are repeated at £125,000 ənd £20,000 respectively, leaving a balance of £73,203 to go forward, The balance-sheet shows stock-in-trade at £3,569,208, 148,881 and cash is £7976, Of the £5,000,000 authorised capital, the company has now £3,- 278,596 outstanding in £1,359,447 Preference stock and £1,919,149 Ordinary stock following the issue on bonus terms in July last year.
The chairman is Mr. W. T. Procter.
Meeting, Halifa July 21, at 2 pam.
Text read from the printed page and cleaned; old type leaves the occasional error.