The 37th Ordinary Annual General Meeting of the Aberdeen Combworks Company Ltd was held yesterday in the registered office of the Company, Hutcheon Street, Aberdeen.
Mr David Stewart presided and the other directors present were Colonel Davidson, Major Lyon, Mr Lowie and Mr Barlow.
The Secretary having read the Notice convening the meeting and Auditors’ Report, the Directors’ Report and Balance Sheet were held as read.
The Chairman, after referring in the loss the Company had sustained by the death of Colonel Stewart, moved the adoption of the Report and Balance sheet, which should a loss for the year of £4743 10s 3d, which after deducting the balance of credit brought forward from the previous year £129 4s 1d leaves a balance of debt of profit and loss account of £4812 1s 2d to be carried forward.
He stated that the adverse balance was down to intensified foreign competition, mostly Japanese, and pointed out that Japan had been dumping combs here, and in other countries In ever increasing quantities at prices much below the cost of production here and although the British comb manufacturers had had their application for an increased Duty before the Import Duties Advisory Committee for some considerable time no definite decision had yet been arrived at.
The Chairman also referred to a mandate which the Directors had under consideration with a view to improving the position of the Company and extending its earning capacity when an increase in Duty had been obtained.
Bailey Mitchell seconded and the Report and Balance Sheet and Profit and Loss Account were adopted unanimously.
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