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104/ Potter's [[red underline]] approval. [[/red underline]] - [[left margin in red]] British annual meeting [[/left margin in red]] At the annual meeting all English directors were present except [[red underline]] Swinburne [[/red underline]] who excused himself and is in the country. [[red underline]] Baralet, Perkins, Potter, Cooper, myself. Kingsbury [[/red underline]] presiding Before we had an informal preliminary meeting where I could ask questions of details. There were about a dozen stockholders at the meeting, several of them employees of Bakelite Ltd, one of them Professor at some scientific institute and who was the former professor of chemistry of Potter. All small stockholders who had pinned [[red underline]] their faith on Bakelite, [[/red underline]] which made a strong impression on me and [[red underline]] still further increased my feelings of responsibility. The new subscription was oversubscribed [[/red underline]] and I had had a preliminary meeting with [[red underline]] Perkins in which I told we were willing to cede our quota of shares to those who wanted them, [[/red underline]] as long as we did not lose our [[strikethrough]] position [[/strikethrough]] present position in the directorate. [[left margin in red]] My speech [[/left margin in red]] After the formalities were over [[red underline]] Kingsbury [[/red underline]] made a nice will worded little speech, which drew pleasant comments thru one of the stockholders, and to which I added a few words relating to the [[red underline]] brotherly feelings [[/red underline]] which had existed between the American and the British Company, the latter being run [[strikethrough]] entirely [[/strikethrough]] by Britishers we being guided by them. A dividend [[strikethrough]] 8% [[/strikethrough]] 8% was declared. Earnings were less than last year but still good in view of general bad times everywhere and everybody seems satisfied. I [[red underline]] feel very elated [[/red underline]] at the way this company which I [[red underline]] organized in 1926 [[/red underline]] has developed and the men in the service. This [[red underline]] counts [[strikethrough]] of [[/strikethrough]] more for me, than dividends. [[/red underline]] [[end page]] [[start page]] 105 [[left margin in red]] Foreign Directors & Buy British! [[/left margin in red]] Got cablegram [[red underline]] Swan & Shrimpe[[/red underline]] to arrive here end June on SS. Georgie for [[red underline]] Trist [[/red underline]] conference, according to my suggestions to that effect. [[red underline]] Kingsbury and Potter [[/red underline]] raised the question of the [[red underline]] danger [[/red underline]] in their competition on Britain exploiting the fact that [[red underline]] Bakelite Ltd has an overweighing amount of non British [[/red underline]] Directors. - The present trend in England and Scotland is [[strikethrough]] ler [[/strikethrough]] [[red underline]] "Buy British" "All-British [[/red underline]] etc. A present law not much inforced is that all concerns which have any [[red underline]] Foreign directors, [[/red underline]] must [[red underline]] publish [[/red underline]] their [[red underline]] names [[/red underline]] and [[red underline]] nationality [[/red underline]] on their letter heads. Potter tells me that the [[red underline]] Research Institution [[/red underline]] which corresponds to our National Research council [[red underline]] excludes [[/red underline]] from membership and from the benefit of its communication [[red underline]] all Foreign controled enterprises. Kingsbury [[/red underline]] suggests that [[red underline]] all shares now owned by Bakelite Corporation should be put in trust of Mr. Perkins, [[/red underline]] who would represent us at the meetings and that the [[red underline]] only foreign director should be myself. [[/red underline]] Discussed this subject with Perkins who thinks that altho' such an action will ultimately be desirable and beneficial, while safeguarding Bakelite corporation interests it may be preferable to postpone it until after the suit for damages against [[red underline]] Ferguson [[/red underline]] for [[red underline]] stealing confidential technical information. [[/red underline]] He fears that the [[red underline]] lawyers [[strikethrough]] fof [[/strikethrough]] of the defense of Ferguson [[/red underline]] might invoke the action as trying to hide the American control etc. [[underline]] June 8 [[/underline]] Had further meeting with Trist in his office to obtain further information about that new press now being built by Crabtree ^[[Crabtree]] Co. - [[red underline]] Trist [[/red underline]] says:
