COMPANY NOTES
THERE has been an all-round expansion in business transacted by the London and Man- chester for 1958. Total life income was £11 million higher at £12 million. The report discloses that funds now exceed £64 million, on which a gross yield exceeding 6 per cent. on both the industrial and the ordinary branch funds has been obtained. The company introduced in 1957, as a novelty inflation hedge, Investment Trust Retirement annuities, which are now becoming more widely known. Last year this fund increased from £252,953 to £661,756. £350,000 has been added to the general investment reserve fund, which now stands at £4 million. These excellent results justify the increase in the dividend of 41d., making 4s. 1 Id. tax free (82+ per cent.). The 5s. ordinary shares (around 104s. a year ago) are now 150s. xd. to yield 4.4 per cent., an indication of the further growth prospects of this progressive company.
The most important part of Hambros Bank business is its commercial operations which are chiefly carried out in Norway, Sweden, Denmark and Finland. The bank experienced a prosperous year for the twelve months ended March 31, 1959; deposits increased by over £9 million and accep- tances by over £2 million. The ratio of loans to deposits is only 25 per cent. With £5,827,127 in government securities and approximately £7 mil- lion in Treasuries, the liquid position is immensely strong. The net profit has risen from £488,182 to £513,602. The dividend has been maintained at 20 per cent. so that a good return of 5 per cent. can be obtained on the £10 shares (£2 10s. paid) at 10-i and the £1 shares at 80s. It is interesting to note from the chairman's statement that the Bank's interests in America have gone from strength to strength. They are engaged in the sale of British Motor Corporation's cars there. The Bank has long been interested in hire-purchase finance and recently extended its interests to include Western Credit Ltd. and Belmont Industrial Finance Ltd.
There has been a moderate fall in the profit' (before tax) of Bukit Panjong Rubber, 1'1'00 £22,181 to £19,881 and the dividend has be reduced from 121 per cent. to 8+ per cent. The was to be expected on the lower 'price for rubl41 although the output was 926,000 lb. again 892,000 lb. The estate is in good shape, fifty ac of old rubber were replanted last year, and / further seventy acres will be replanted this yd With the higher price for rubber (now aronll 2s. 6d. per lb. for spot) the prospects for 191 must be better; 25 per cent. of the crop has sold forward at 2s. 21d. per lb. The 2s. ordinstl shares are now Is. 5d. to yield 11.8 per cent. Net profits at £1.1 million of Elliott-Auto!? Lion for 1958 show a very good increase 01'4 the 1957 figure of £832,000. The net profit (044 tax) of £459,000 (against £412,000 for 1957) been arrived at after allowing for the sale of 0 subsidiary company, Associated Insulation Ptr ducts. A considerable sum is spent every on research and development in regard to company's wide manufacturing range of all mation equipment and apparatus in the cld' tronic field. The profit-earning record of company is excellent and so are its prosr eel but keen demand from America for the shares responsible for the low yield of less than 2 P cent. on the 5s. ordinary shares at 27s. 9d.
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though the 10 per cent. dividend is covered times, it may be some time before investors NI el an increase to justify the present price of the Apart from the Halifax and, the Provo The City Prudential is the largest building socie which is- not a member of the BSA. It is al ril ordinary shares at 4 per' cent., savings shares fixed-term shares at 41 per cent. The 4 per co shares give a gross return of £6 10s. 7d. per Cell to those paying tax at 7s. 9c1: in the £, and fixed-term shares (£100) for three years Pc excellent gross income of £6 18s. 9d. per cer
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