On February 4th a meeting of the Directors was held at which Mrs. H.R. Simon was appointed a Director of the company. The first Annual General Meeting of English Waxes Ltd. was held on the 2nd May and a copy of the Director's report is shown in {_59_} At the 16th Annual General Meeting held in June, Dr. Simon reported that business during 1948 had been on the whole satisfactory. In the case of the polishes section of the company, conditions were not so satisfactory. Changes would have to be made to the Sales Policy, to improve the position, in arranging distribution to the Retail Trade and not adopting a wholesale only policy as hitherto.

By agreement with Angier Chemical Co. adhesives production now started and was progressing very well. Sales of polishes were now being handled by English Waxes Ltd. At an extraordinary General Meeting of the Company hold on the 14th June 1949 the resolution was passed that the company be changed to Evode Ltd. See {_59B_}

On the 2nd November 1949 Mr. Ted Wojulewicz joined the company and his history in given in {_60_} . Ted was the first polish national to join the company and by 1955 the Bituminous Emulsion factory was being operated entirely by a polish labour force.

Dr. Simon was aware that the royalties received from companies who would manufacture our products under a licensing agreement could be a very profitable venture. In his visits abroad he was not only seeking to find suitable agents to distribute the company products but also companies who were prepared to manufacture under licence. The very first company to sign an agreement on the 16th December 1949 was Emmanuel Walden of Helsinki in Finland. A copy of the first and last page of this agreement is shown in {_61_} and covers the manufacturing process, formulations and technical help for a range of Evode protective paints and building chemicals.

The royalties payable by a licensee were 5% of the invoice value of all sales of products covered by the agreement. A minimum royalty figure of £1000 was payable in the first year rising to £3000 in the 5th and subsequent years. This agreement continued for 15 years.