COMPANY NOTES
NORTH Central Wagon and Finance Coll' pany has produced some impressive fig res do for 1957. Amounts reserved for future profits stt at over 121 per cent, of the hirers' balances of f25 million, which we believe is higher than the re' serve percentage provided by any of the other , large finance companies. The net profit has fallen 4tet by 14 per cent., but this was to be expected aJ the peak figures of 1956, which amounted t° £536,572. This company's board of directors has always been most conservative in the management of its affairs. This year it added £750,000 to free reserves and merely maintained the dividend at 171 per cent., although this was covered seVen times by profits. The 10s. ordinary shares Yield 2.7 per cent. at the price of 70s. NORTH Central Wagon and Finance Coll' pany has produced some impressive fig res do for 1957. Amounts reserved for future profits stt at over 121 per cent, of the hirers' balances of f25 million, which we believe is higher than the re' serve percentage provided by any of the other , large finance companies. The net profit has fallen 4tet by 14 per cent., but this was to be expected aJ the peak figures of 1956, which amounted t° £536,572. This company's board of directors has always been most conservative in the management of its affairs. This year it added £750,000 to free reserves and merely maintained the dividend at 171 per cent., although this was covered seVen times by profits. The 10s. ordinary shares Yield 2.7 per cent. at the price of 70s.
Transport Development Group is the new afl very appropriate name for General Lighterage (Holdings) Ltd. The policy of the company, under the chairmanship of Mr. P. S. Henman, is Ole of expansion, for over the past five years the capital employed employed in the company has been creased from £768,000 to £2.33 million. Last Year the Erith and Dartford Lighterage Co. wais acquired, operating 70 barges and some 30 ri)all vehicles. Now it is intended to increase the authorised capital of the Group from £2 to i3 million. Although the trading profit rose hY 22 per cent. the net profit for the past year 1A'as a little lower than before. The dividend has, hovl- ever, been increased from 11 per cent. to 121- Per cent., to which is added 1 per cent. tax free froril capital profits as against 11 per cent. tax -tree previously. It is known that results for the that four months of 1958 are ahead of those for file same period of last year, so that, all being vtell' the dividend should at least be maintained. The 55' ordinary shares at 8s. 6d. yield 7.3 per cent.
The maintenance of the 20 per cent. divide! do by Barton and Sons is fully justified when it is noted that earnings have increased from 5t)-3 per cent. to 71 per cent. It is also proposed t° issue a one-for-one scrip issue. The past Year under the new chairman, Mr. H. Prichards, has been the best the company has experienced. The chief business of the group is the manufacture of steel tubes and fittings; other sections cater for the motor and allied trades. There are subsidiary cora' panies in Canada and South Africa which are n trading more profitably than before. At 15s. 9d- the 5s. ordinary shares yield 6.3 per cent.
The annual report of Evans Medical SuPPlie6 is accompanied by a very interesting brochure 0° the Burma pharmaceutical industry. Evans Medi' cal Co. has been responsible for this project and as managing agents will retain their interest fer many years. They have also completed arrange' ments with the Liberian Government for distriba' tion of pharmaceuticals in that country. The curly pany has been appointed national distributors" American and Canadian Salk vaccine.
The Company has excellent up-to-date factory premises at Speke and is enlarging its research laboratories there. It is significant that the fixed assets appear in the balance sheet at £1,003,482' but are insured for £2,059,000, whilst the liquid position has improved, cash exceeding bank over- drafts by £70,000, whereas a year ago the position was reversed.
This is an old-established company and Mr. Ian Ferguson, the chairman, is reasonably confident of the outlook for the future. He believes that the fast-expanding section manufacturing and dis' tributing speciality products for human and veter- inary use will soon equal the pharmaceutical side of the business. At 7s. 9d. the 5s. ordinary she reg yield 8 per cent. on the dividend of 121 per cent'
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