Postby dognose » Tue Sep 21, 2021 5:02 am
MAPPIN AND WEBB (GOLDSMITHS, SILVERSMITHS AND JEWELLERS)
Presiding on the 23rd ult., at the meeting of Mappin and Webb, Ltd. (Goldsmiths, Silversmiths, and Jewellers), Mr. William Harris said that when they met a year ago he told the shareholders that the balance sheet then presented was the finest ever issued by the company, but that which they were now considering was even better. They were paying a dividend of 15 per cent., writing off the balance of the expenses of the new issue of shares, amounting to £20,803, transferring £20,000 to the general reserve, which would raise that fund to £50,000, reducing the goodwill account by £10,000, and carrying forward the substantial sum of £38,490. He was sure these figures would be received with satisfaction. All their establishments had contributed to the profits of the year. The London houses, Sheffield, Paris, Nice, Monte Carlo, Biarritz, Rome, Lausanne, Buenos Aires, Rio de Janeiro, Sao Paulo, Johannesburg, and Montreal had all helped to this splendid result.
The sales and profits for the year 1920 were the highest ever recorded in the history of the company, the profits being nearly double what they were in 1913. Much of this magnificent result was due to the indefatigable efforts of his colleagues, Mr. Walter Mappin, Mr. Herbert Mappin, Mr. Stanley Mappin, and Mr. Bassett, who devoted the whole of their time to the business, and of whose energy and enthusiasm he could not speak too highly. They were in fact, if not in form, managing directors of the business.
They were making good progress with the erection of the new works at Sheffield, and hoped that by the end of the summer the building would be completed. This factory would give an output double that of the existing Royal Works. They had not yet attempted to carry out the extensions of the premises in Oxford Street. Building costs at the present time were very high, but they hoped that within a measurable distance of time these costs would greatly fall, and they would be able to carry out this improvement.
All their stocks had been most carefully taken and conservatively valued. Sterling silver, which was a most important commodity in their business, had been subject to a violent fluctuation throughout the year, at one time standing as high as 89d. per ounce and finally dropping as low as 39d. per ounce. Any idea the public might have that the price of silver goods was being maintained at the higher level was erroneous. Their silver goods could be bought any day at prices based on the current price of silver. The present price was below what it cost to produce at the mines, and there was likely to be a rise, so that the present was undoubtedly an advantageous time to buy.
The balance to the credit of profit and loss account of £114,960 compared with £90,407 in the previous year, an increase of £24,553. The profit was actually £18,788 higher than in 1919.
The report was unanimously adopted.
Sorce: The Saturday Review - 2nd April 1921
Trev.