Below is the Aberdeen Combworks Company Limited Report and Balance Sheet for Year ended 31st December 1962.

The Statement to shareholders by Chairman, James E. Lawie, acknowledges the challenges faced in 1962, including export trade restrictions and import halts in key markets. It then goes on to explain the efforts to expand sales, financial matters such as dividend recommendations and provisions for depreciation, and there are announcements of new board appointments and management changes as well as a nod of appreciation for employee contributions.

Last year proved to be rather a difficult year for our Company, it started well, but failed to maintain its promise. Our Export Trade, still severely handicapped by licensing restrictions received an additional set-back when, in the latter part of the year, all imports were stopped in one of our largest markets. Whilst this restriction still continues, we are assured that it is temporary and we expect to resume normal trading conditions later on. In the interval we are making every effort to find additional outlets. It is gratifying to note that the sale of “Royal Dee” tableware continues to expand. As mentioned in my circular the new machine is expected shortly and we look forward to the expansion of our business with new and larger articles.

Although the profits for the year are down your Directors recommend the same Dividend and have again made adequate provisions for Depreciation and Reserve.

As indicated in my circular letter to Shareholders of 17th December 1962, the Directors intend to accelerate the preparation of the Accounts for the year ended 3lst December 1962, and you will note that we have been able to convene the meeting for approximately a month earlier than last year. In that letter I also indicated that the Directors were giving serious consideration to the introduction of younger members to the Board of Directors and the appointment of a Deputy to the Managing Director.

I am pleased to report that we have been fortunate in securing the services as Directors of Mr. G. F. Collie, Advocate in Aberdeen and Mr. G. E. McIver, Director and General Manager of Lawson Turnbull and Co. Ltd., Aberdeen. Both these gentlemen have taken a prominent part in the commercial activities of Aberdeen and their experience should be of material value to the Board. You will be asked in the course of the meeting to confirm their appointment.

The Board have appointed Mr. Charles Thomson as General Manager. Mr. Thomson has been associated with the Company for many years and knows our business intimately. Consideration is also being given to the introduction of a Junior Executive on the Management side.

You will note that there is enclosed with the Balance Sheet a proxy card. I trust you will see your way to give the Direcrors your support by signing and returning that card. Should you already have granted a proxy in favour of any other person, the return of this card will supersede it. The granting of a proxy does not preclude a shareholder from attending and voting at the meeting.

The Board wishes to acknowledge the good services given during the year by the Company’s employees.

JAMES E. LAWIE,
Chairman

View Fullscreen