COMPANY NOTES
TRONOH MINES cheered the tin market with its good results for 1957, having doubled Its net profits and stepped up the dividend frost 2s. 41d. to 3s. (60 per cent.) on the 5s. ordinary shares. Net profits, owing to tax savings, were no less than £382,000 better at £762,000, Which juste' fled the higher dividend. The directors wisely conserve a large proportion of these profits b) transfers to general reserve. The outlook for the current year cannot be considered bright. The company's output of tin concentrates will he severely restricted under the International TI Agreement, and it will be required to make heavy contribution to the Buffer Tin Pool. With these adverse factors it would appear that the current year's profits may be only a third of those for 1957. The first interim dividend for 1958 has been reduced from 10 per cent. to 61 per cent., se that the 5s. ordinary shares at 1 ls. 6d. seem full}' priced until such time as better prospects for the tin industry become apparent. The average prier of tin this year has been £730 a ton against £754 in 1957, and Russia has the power to bring it down further.
G. Brady & Co., founded in 1870, is well known as manufacturers. of concrete garages, sliding
door gear, metal rolling grilles, electric lifts and bi-fold doors. Preliminary figures to March 31, 1958, indicate another good year's trading with profits slightly higher. In 1957 an issue of £150,000 in 5s. 'A' ordinary shares was made. in- creasing the total equity capital to £300,000, on which over the past four years profits earned have been 179.1 per cent., 166.3 per cent., 171.6 per cent., and 193.7 per cent. The dividend de- clared for 1957 is 35 per cent. The last balance sheet disclosed considerable financial strength as the result of this conservative finance. The 5s. 'A' ordinary shares at 26s. 9d. yield £6 13s. 4d. per cent.
Pasolds, one of the largest producers of child- ren's knitted goods in the UK, has produced with its annual report for the year to March 31, 1958, a sales record chart. This suggests that there is no height to which the 'Ladybird' (trade name) Can- not fly. Since 1933 sales have soared from £12,500 to £3.15 million and profits also have made an un- broken ascent. This amazing growth has been
achieved not only by clever advertising, for so many children know of the 'Ladybird' adventure stories and are members of the 'Ladybird Adven- ture Club,' but also by the continuing improve- ment in manufacturing methods. There are not many compani4s in this trade who cannot satisfy the demand for their goods, for in spite of an increase in production last year 'Ladybird' goods are on an allocation quota at home and abroad. In Western Germany the company supplies about 500 stores and during a very difficult year the companies in Canada made a profit of £22,832. With such rapid expansion an increase in stocks and debtors is to be expected and outstanding capital commitments are higher at £144,500. The net profit after tax was £227.062. against £187.349. The directors have increased the conservative dividend by 2 per cent, to 18 per cent., and this is covered six times by earned profits. The market shows its confidence by valuing the 5s. 'A' ordinary shares at 20s. 6d. on a 4.4 per cent. yield basis.
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