Company Notes
By LOTHBURY StNcE the preliminary figures published by Tate and Lyle for the year ended September 30, 1962, the price of the shares has improved, prob- ably on account of the rise in the free world price of sugar. Since the merger between the two sub- sidiaries, Ste. Madeleine Sugar and Caroni, the group now has a 50.9 per cent. interest and for many years has supplied Caroni's rum to the Admiralty for the Navy blend. Profits have fallen from £7./44 million to £7.009 million, but are expected to show some improvement in the current year. The chairman's statement is awaited with interest. The £1 shares at 49s., yielding 4.9 Per cent. on the 12 per cent. dividend, are a good investment for the future.
Ryan Holdings has done better than the forecast of a 30 per cent. final dividend, made at the time of the rights issue last July. The pay- ment is to be 35 per cent., making a total of 53 Per cent. for the year to November 30, 1962, against 40 per cent. for the previous year. Pre- tax profits jumped from £292,000 to £350,000. The company owns or leases extensive areas of land which, according to the directors, contain enormous wealth for the recovery of coal. An Plants number of washing and screening been are in operation and rapid expansion has men made with the Plant Hire subsidiary. In sPite of the recent arctic weather conditions, this company is doing exceedingly well. It is proposed '0 make a one-for-ten scrip issue (which it is hoped will become an annual feature) and to split the 2s. shares into shares of Is. each. The 2s. shares at 22s. 6d. yield 5 per cent. and appear to have good prospects for the future. °nce again Transport Development has ful- filled best hopes by maintaining the 12.5 per cent, dividend on the capital increased by last year's scrip issue and now proposes another one- Dr-ten scrip issue. Acquisitions accounted for an increase in pre-tax profits from £1.94 million to £2.21 million. Despite the recent very bad weather, which naturally adversely affected the group's transport by land and sea, it is most en- couraging to know that increasing trade activities that continuing into 1963, which possibly suggests h at the dividend could again be maintained on the increased capital. If this is so, the 5s. Shares at the current price of 17s. 6d. would yield as much as 4.5 per cent., against 3.5 per cent. as now. The dividend was covered 2.2 times by arnings. The company has a most progressive record which, together with the promising out- look, makes the shares an attractive investment. h. The Eastbourne Mutual Building Society con- 'fltles to progress, having made mortgage ad- rnees of £1.444 million for 1962 and increased mon gage assets by £1 million. Investments .ecelved from members (including £116,000 in- terest credited to accounts) amounted to £1.711 11.1111:11,1‘1..on. Investments, which are now nearly £1 ii,!1.11.ml, all have fixed redemption dates and 4lud assets represent 1/.5 per cent. of total assets.
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