Financial Notes.

MARKETS RATHER BETTER.

ALTHOUGH business in the Stook Markets continues to be restricted, the new fortnightly account which commenced on Monday showed a rather better tendency in most depart- ments and the more cheerful tone was strengthened on the following day by _the_ publication of the encouraging figures showing the great decline in the numbers of unemployed. At the same time, there was sufficient anxiety with regard to the general political outlook and the currency situation in France to prevent any great activity and, apart from a few Industrial shares, price movements were comparatively small. Moreover, a less favourable feature has been the dullness of Chinese stocks on developments in the Far East.

* * *

RECORD BANK DEPOSITS.

Evidence of continued improvement in Home trade has not been confined to the unemployment figures just referred to. The monthly returns of the clearing banks for May showed that Deposits had reached the record figure of £2,185,000,000, while there was also a further slight increase under the head of Advances. An exceptionally large increase in the hold- ing of Bills was probably mainly due to the increase in the total of Treasury Bills outstanding, but, in addition, it seems likely that there may also have been some slight increase in the volume of Commercial Bills.

* * * *

HAWKER SIDDELEY CAPITAL INCREASE.

In view of the continued progress of the Hawker Siddeley Aircraft Company, it is not surprising to find that Resolutions for the increase of the capital to £4,000,000 by the creation of 1,000,000 5 per cent. Cumulative £1 Preference Shares and 4,000,000 Ordinary 5s. Shares were quickly approved at special meetings of the Company held last week. Preference share- holders are to be offered 400,000 of the new Preference Shares at par, while 600,000 of the new Ordinary Shares are to be offered to existing Ordinary shareholders at the price of 20s. per share, thus constituting a considerable bonus. The Chairman of the Company, Mr. T. 0. M. Sopwith, made some interesting statements with regard to the Company's progress, stating that the group was employing no fewer than fifteen thousand hands. He expressed the *opinion, however, that the emergency period would not last for more than a few years. The Chairman also stated that current profits were expected to cover the dividend on the whole of the Preference capital more- than six times over. Mr. Philip E. Hill, in seconding the Resolution, thought that the Chairman erred on the side of caution and said that he looked forward confidently to the aircraft manufacturing industry in this country reaching the same world pre-eminence which had been the heritage of our shipbuilders. * * * *

RECORD PROFITS.

At last week's meeting of the Ever Ready Company (Great Britain) the Chairman, Mr. Magnus Goodfellow, congratu- lated the shareholders on the good results achieved during the past year—the most successful, indeed, that the company had yet attained. The Chairman stated that the increase in sales and the general information at their disposal satisfied him that public consumption of dry battery goods of every description had again increased. It was remarkable, the Chairman said, that the past five years' trading in this country, under the depreciation in the value of sterling and the general tariff, had not resulted in any material rise in the price of manufactured goods. * * * *

ALBERT E. REED AND COMPANY.

The recent increase in the capital of Albert E. Reed and Company (paper manufacturers) has been justified by the advance in trading profit. This increase, said the Chairman at last week's annual meeting, had more than fulfilled the expectations formed by the directors a year ago. The expansion has involved expenditure of capital. The two new M.G. Paper Machines are expected to start working and should make some contribution to profits for the current year,hut the Chairman pointed out that, on the other hand, some bf the company's costs, including those of raw materials, were tending to increase. The dividend for the past year on the Ordinary shares was 9 per cent.

NEWSPAPER Paoms.

The report for the past year of the Amalgamated Press Ltd. and the remarks made by the Chairman, Lord Cam rose, at the recent annual meeting, show that the newspaper industry is benefiting by the general improvement in trade. In the case-of the Amalgamated Press, the profit for the

(Continued cn page 1116.)

Financial Notes

(Continised from page 1114.1 '

year of £667,000 showed an increase of about £30,000, though, as Lord - Carnrose stated," the result is- railer bettet-than indicated by these figures inasmuch as last year's total inchnled a transfer from Income Tax Reservk..

* *

ANT01,Anycra RAILWAY" IMPROVEMENT. - The latest report of the -Antofagasta Railway for 1935 is an encouraging one, for the net receipts have increased by nearly £51,000 to just over £359,009. After deducting Debenture interest and the Aguas Blancas, Railway lease charges. the suns of £118,000 has to be transferred to Exchange Reserve as against £261,000 from the previous year's revenue. A half-year's dividend on the 5 per cent. Preference Stock is paid for the latter half of 1932, requiring .£50.000, and leaving a balance to be carried forward of £147.606.

* *

WEST LONDON PROPERTY.

At the recent annual general meeting of the West London Property Corporation, Ltd., the Chairman, Sir-Felix Brunner, was able to present a satisfactory Report showing, among other things, that during the past year the total book value of freehold and lea-s9hold properties had increased by £760,000. Of that gain over £609,090 was in re :pest of purchases con- templated at the time of the previous annual general meeting. The dividend for the past year was maintained at the previous r,stE• of 8 per cent. less tax, but Sir Felix pointed out that, owing to the increased capital on which the dividend was payable and the fact that much of the property was either held for broken periods or eLse largely unlet at the _heginning_ of the year, it had been necessary to Craw on the Carry Forward to the extent of £700. However, th?. Directors consider that in the cut-rent year the profits will he sufficient to enable the Company to pay that rate of dividend with a satisfactory margin for Reserve allocations.

* * * *

ALVIS CAR.

Although progress in the business of the Alvis Car and Engineering Co. has been satisfactory during the past year, the profits were not equal to the record figure of 1934. At the annual meeting the Chairman, Mr. T. C. John. explained Dint progress was continuing at the same high level during the first few months of 1935, when the drastic speed and other " restrictions suddenly introduced by the Minister of Transport cut right into the heart- of the market for which the Company was mitering. However, it appears that the effect of this legislation has largely disappeared and Mr. John stated that the sales of the Company's models were pro- gressing satisfactorily.

A. W. K.

* * FISHER AND LUDLOW, LTD.

At the annual meeting of Fisher and Ludlow. Ltd.. a film made by the Technical Director, Mr. R. E. Smith. was shown to the shareholders illustrating the history and development of the company, its capital structure and its present activities in detail. This film described more clearly than any written report the organisa- tion and business of the company and it was warmly received by shareholders attending the meeting.