The New York herald. [volume] (New York, N.Y.) 1920-1924, 1920-10-29

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Jewellers. Coldsmiths and Silversmiths.
CONSIDERABLE EXPANSION IN BUSINESS:
CAPITAL INCREASED.
FORTHCOMING ISSUE OF ORDINARY AND
PREFERENCE SHARES.
An extraordinary general meeting of Map
pin and Webb. Ltd. was held on Friday
Oct 8. at the Savoy Hotel. London. for the
purpose Of considering resolutions increasing
the dividend on the Preference Shares TO
per cent. and increasing the capital of
the Company TO 1880. 900 by the creation
of 49, 900 new Preference Shares OF fl each
and 100000 new Ordinary Shares OF fl
each. and modifying the Articles OF Assoc
citation accordingly.
Mr.. VIM Harris (the Chairman of the
Company presided and in moving tho reso-
lutions said:
Ladies and Gentlemen We are met to-
day to consider the most important business
which we have laid before you. You
will no doubt require q few supplementary
particulars before you can decide whether
you arc able to support tho reorganization
OF the Capital which we propose. and you
may have many questions TO ask. I propose
this morning TO place myself for a few
minutes In the place OF an intelligent Share
holder who has to make UP his mind whether
or not TO agree TO what have suggested
and TO ask myself few questions. A.
10 the need for further Capital: this is
largely accounted for by tho continued and
abnormal expansion OF our business. The
sales for the year 1919 were exactly three
iraaa L.
year since the formation OF the Company.
and this year. up to the Both September
they are 80 per cent. higher than the sales
for 1919. VIII elaborate this point a little.
In 1918 we acquired in Montreal a jewellers
business. We have extended that business
considerably. Our sales for the year 1920
VIII be moro than ten times greater than
they were when acquired the business
IN 1918. Montreal, may mention, Is our
largest Branch. and is now making very
substantial profits.
CONTRACT DEPARTMENT: INCREASED
SALES.
next turn to what is called our Contract
Department. This department Is one which
deals with orders from Steamship Compa-
MES. Hotels, Restaurants, Clubs and similar
Institutions.
1919 were four times as great as they were
for any year before tho War. Amongst the
many Important firms and companies we
supply may mention the London and North
Western Railway. the Midland Railway. the
Great Eastern Railway, the London land
southwestern Railway. the Central Argen-
tine Railway. the Cordoba Central Railway
the Canadian Pacific Railway. the South
African Railways and many others.
Amongst the Steamship Companies arc the
cunard Steamship Company. the Peninsular
and Orient Line, the White Star Line, the
Union Castle Line, the Royal Mail Steamship
Company. the Pacific Steam Navigation the
Nippon Yusen Kaisha. the Norwegian AnerI-
can Line. the Nederla ndsche Lloyd, the Com
pania Transatiantica. the Servizi Marittrni
and other lines.
Amongst the hotels are the Ritz-Cariton
Hotel OF New York. the Ritz-Carlton Hotel
Philadelphia; the Savoy Hotel, the Bkrkeley
Hotel. Claridge's. the Carlton. the Hyde
Park, Princes Restaurant, the Ritz Hotel
the Cafe Royal, the Holborn Restaurant,
Frascntfs. and many other similar concerns
For many years have had an Agency In
Copenhagen-our manufactures are highly
esteemed IN Denmark. and we have done a
substantial and profitable business there
Quite lately the owner intlmated TO us that
he intended TO retire from business. and we
had the opportunity OF acquiring the business.
This we doing from LIST January next
AZ Biarritz. where for many years we had
n business, an opportunity was given us to
acquire the premises OF Jeweller and Sill
vsrsmith who desired 20 retire. We acquired
his business Tho premises are more suit
able than our former ones. and will call for
larger stock and more capitaI.
PROGRESS IN SOUTH AMERICA.
told you at our last meeting that Mr..
Herbert aiappin was absent In South Amer
lea visiting our Branches. lie retuRed with
a glowing account Of the importanc. and
-tanding OF our businesses In Buenos Aires,
Lilo de Janeiro and Sac Paulo b. the law
~ the Argentine Republic lease cannot be
GRANTED for more than ten years. We are
therefore faced. periodically. with tho fact
nat we might have to vacate our premises
IN Buenos Aires. The only satisfactory solu-
ton, therefore. was to acquire our own prem
Uses, and this we have done. We are al
ready In Florida, which Il the best shopping
street In Buenos Aires. and new prem
res will be In the same locality. 1t will be
necessary for us to demolish tho present
building and erect n structure worthy of our
productions.
At Rio de Janeiro our premises have been
found altogether too small for our growing
business. and we are therefore negotiating
for larger premises m the Avenida Central.
The premises are holding at tho present
time are owned by Mappin Properties Linn
tied, a Company In which you hold the whole
of the Share Capital. We are advised that
this building will realize considerably more
than Il cost some few years back.
In Paris we have extended and oeas,tfied
our premises in the Rue de- In PaLx Of srS-'
cost, and we entertain no doubt that "a
shall earn a substantial rata OF interest on
the money we have spent there.
For some time our factory In Sheffield has
been altogether inadequate 10 turn out the
goods we require, and we have bought a plot
OF land In Sheffield. upon which we are now
erecting modem factory ABOUT double the
size of our present factory, with tho most
up-to date appliances.
We ask you to agree to our increasing the
Dividend on the Preference Shares from. ~
per cent. 10 per cent. rs from nth Octo-
her next.
quired to agree 10 the increase OF the Pref
rrence Share Capital from $4,000 TO
1900, 900. the new Preference Shares to rank
pari passu with the old Preferences Shares
The Ordinary Shares We propose 10 In
crease from 600. 900 to f600. 900; the nominal
capital will then have been doubled and
The raising OF the dividend on the Prefer
ence Shares may not meet with the approval
OF few shareholders, but I ask them TO