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From the Dover Express and East Kent News, Friday 20 May, 1949.
FREMLINS LIMITED ANNUAL MEETING
The 20th annual general meeting of Fremlins Ltd. Maidstone , was held at
the “Royal Star Hotel,” Maidstone, on may 11th, Mr. Alfred C. Leney,
J.P. (Chairman) presiding.
There were also present Mr. G. T. Cook and Major Claud Leney, D.S.O.
(joint managing directors), Mr. T. S. Manning, J.P., Mr. F. N. Adams,
the Hon Mister F. Remnant, Mr. D. E. Mosley, M.C., and Capt. The Rt.
Hon. Lord Cornwallis, K.B.E., M.C. (director.)
The Chairman circulated statement read:- During the year we have lost an
old and valued colleague by the death of Mr. Albert Loftus Brown. He had
just retired after serving the Company for nearly 70 years, and his
experience and advice was of the utmost value in our affairs. We express
sympathy with his relatives.
As you will see from the report, Mr. Hills, after over 68 years’ service
with the Company, has expressed a desire to retire, and therefore does
not offer himself for re-election as a director. He was general manager
and managing director of this business for a period of over 25 years,
and the Company owes him a great debt for his long and loyal service.
We wish him every happiness in his retirement, and I feel sure the
shareholders will agree that he has most thoroughly earned the suggested
pension of £500 per annum, which it is proposed to grant to him.
It is again my privilege to present to you the Accounts of this Company.
For various reasons to you in my report on the accounts of the year
ending September 30th, 1947, this accounting period of 16 months, in
order that all the accounts of the Fremlins Group may end on January
31st. This year the accounts have been re-arranged to conform to the
requirements of the Companies Act, 1948.
There are many factors affecting the accounts which have to be
considered before making a comparison between a 16-months’ period and
one of 12 months, e.g., the present accounts cover two Christmas
seasons.
We have continued our endeavour to catch up with some of the war years
arrears of repairs to our properties, a measure of such catching up
being £33,000 taken out of provision for repairs and renewals. Provision
for taxation has been made for the profits of the full 16 months, and
£31,000 has been added in contingencies reserve.
TO RESERVE FUND
The re-arrangement of the balance sheet shows that since the formation
of the Company in 1928, nearly £175,000 has been written off the cost
values of our properties plant and goodwill. You will notice that the
Company has made substantial provision out of contingencies reserve for
pensions and superannuation.
Two interim dividends, as four told in my last report, have been paid
this year totalling 8 per cent., and the final dividend of 10 per cent.
brings the total to 18 per cent. less tax for the 16 months, to compare
with 1¼ per cent, for the previous 12 months. The carry-forward having
been increased by £3,248 now stands at £58,658.
Our grateful thanks are due to all employees for their loyal services.
We have in continuation of our policy of interest in the general
wellbeing of the staff and employees of the Company improved our pension
police by introducing a non-contributory pension scheme for both staff
and work-people, which also makes provision for widows in the event of
death during service.
In addition, the employees receive holidays with pay, and a contribution
by the Company is made in the case of any loss of income due to illness
or accident.
Bearing in mind the urgent need of a well-defined country, all employees
are encouraged to join the Territorial Forces and campings are allowed
over and above the annual holiday without pecuniary loss to the
employees.
As those of you who are acquainted with the areas in which the Company’s
properties are situated are aware every effort is made to maintain and
improve the comfort and condition of all our houses, and to give the
utmost service to our patrons. We therefore endorse the considerable
misgiving voiced by the public concerning the trend of the present
Government towards the State control of public houses, which, if
effected, can only result in the loss of the present personal contact
between producer and consumer which must be an inevitable outcome of
State control.
Our appreciation of unfailing cooperation from the Company’s tenants in
our joint efforts to ensure the satisfaction of all our consumers, is
acknowledged with sincere thanks.
We have already been informed of the purchase of the Company of the old
established business of Messrs. George Beer and Rigden Limited. Your
directors are confident the effect of the purchase will be to the
general benefit of your Company.
BORROWING POV
In his remarks, the Chairman added:-
You will remember that an extra ordinary general meeting of the Company
was held in March last when your sanction was asked for an increase in
the borrowing powers of your Directors to a sum not exceeding two
million pound. (£2,000,000)
This permission being granted the purchase of the whole of the limited
preference and ordinary share capital of George Beer and Rigden Limited
was duly completed by bank borrowings.
The question of funding this loan is now being considered by a committee
of your directors and a statement will be published as soon as the
matter is finally arranged.
I need only add that the directors will give due consideration to the
possibility of giving preference in any issue that might be made to the
then stockholders.
NEW DIRECTOR
The name of Cornwallis is one that is honoured and revered throughout
Kent and to a Kentish Company I am sure his Lordship needs no
introduction from me.
Lord Cornwallis is a very busy man and we consider ourselves most
fortunate in having obtained his acceptance to serve on the Board.
He is a man of many interests, and it is certain his advice and wise
counsel will be an immense asset to the Company.
You have read in my statement and also the report of the directors that
our old friend and colleague Mr. Henry Hills, has tendered his
resignation as a director of the Company after an association of 68
years with this Company and its predecessors.
Your directors therefore propose to ask for your authority to pay him a
retiring allowance of £500 per annum, and I have very much pleasure in
proposing: “That the stockholders in general meeting and assembled
authorise the Board of Directors to pay Mr. Henry Hills a pension of
£500 per annum, to take effect as from this date.
The proposition was passed and the report adopted.
A stockholder proposed a vote of thanks to the Chairman, and directors
and staff, and the meeting then terminated.
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