50
HANNUAL REPORT
FOR THE YEAR ENDED MAY 31,1947
THE DOW CHEMICAL COMPANY
MIDLAND, MICHIGAN
The next annual meeting of stockholders will be held on Wednesday, August27, 1947, at two o’clock in the afternoon (Eastern Standard Time) at the Company’soffice in Midland, Michigan.A formal notice of the meeting, together with a proxy statement and form ofproxy, will be mailed to each holder of common stock separately from but concur-rently herewith, at which time proxies will be solicited by the management.
TO THE STOCKHOLDERS OFTHE DOW CHEMICAL COMPANY:We present herewith the 50th annual report of the Company operations. Thisanniversary has more significance than just being the fiftieth year of the operationof The Dow Chemical Company, a Michigan corporation, for this report is the firstone to be presented by The Dow Chemical Company, a Delaware corporation. Thischange was recently approved by action of the stockholders at a special meeting heldon July 22, 1947. “The Dow Chemical Company,” now a Delaware corporation, isthe corporation in which you own stock. It is the successor to all the assets andliabilities of the Michigan corporation.EARN I NGS AND SALES-The consolidated net income was equivalent to $9.22 per share on the1,248,706 shares of common stock, after deducting $1,215,476 paid during theyear on the preferred stock. The comparable earnings for the fiscal year endingMay 31, 1946 (revised as set forth in note A of the financial statements) were$4.40 per share, but this is hardly a fair comparison, due to the large after-the-warcharge-offs during the 1946 fiscal year. Sales this year reached a new all-time highof $130,426,839. This is 28% more than the sales of $101,813,839 attained lastyear, and 4.5% more than the peak sales of $124,570,200 for the 1945 fiscal year.The increase in sales substantially helped to offset the increase in labor costs, theincrease in raw material costs and the general increase in the cost of doing business.NUMBER OF STOCKHOLDERS-As of July 1, 1947 there were 8,249 common stockholders and 4,366 pre-ferred stockholders. This is an increase of 63 % over five years ago, with an averageownership of 151 shares per common stock owner and 70 shares for each preferredstock owner.EMPLOYMENT-As of May 31, 1947 the total employment for which The Dow ChemicalCompany is responsible was 13,975 employees. This included 96 employees operatingthe styrene plant of the Polymer Corporation at Sarnia, Ontario and 306 employeesin the government-owned styrene plant in Los Angeles.During the past year we
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