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[Hamilton Manufacturing Company meeting minutes, 1941-1947]
(1941-1947)

1942


Company paid to the trustee the initial sum of $950.60; that at
the request of Mr. Brunsman the trustee later converted his
annuity, procured under the terms of the trust, into life insur-
ance at an added cost of $34.06 per year. The resolutions adopted
by the Board, at the time Mr. Brunsman became a participant,
should now be amended so as to increase the amount of his trust
share from $950.60 to $984.66. It was voted unanimously to make
the suggested change and to pay the additional sum of $34.06 to the
trustee in order to accomplish this.
The president stated it appeared advisable to recog-
nize that the earnings for the year 1942, as shown by the records,
were subject to reduction to reflect a portion of post-war adjust-
ments which appeared inevitable. He further stated that post-war
adjustments which are foreseeable are,   (1) stimulation of lost
markets through an extensive advertising program, (2) manufac-
turing losses during period of conversion from war to post-war
production, (3) necessity for developing new products, (4) loss
on special equipment purchased for special war production,
(5) obsolescence of present inventories under post-war operations,
and (6) losses on liquidation of present inventories. He further
stated that a reasonable reduction of 1942 earnings for these
contingencies was $150,000, based upon estimates he had been able to
secure to date. Following a discussion, the following resolution
was offered by Director H. G. Evans:
"RESOLVED that a reserve for post-war adjustments in
the amount of $150,000 be set up for the year 1942
out of earnings for the year 1942.
RESOLVED FURTHER that the treasurer make or cause to
be made the necessary entries on the books of the com-
pany, charging this amount against the earnings for
the year 1942 and crediting Reserve for Post-War


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