Portfolio
Buyes Toye
Nephew Wilde
As I live within walking distance of the Hyde Park Hotel in Knightsbridge, out of rather more than idle curiosity last Friday I passed the scrutineers and slipped into the extraordinary meeting being held there by the Bowater Corporation. From all over the country shareholders had gathered to decide whether this giant paper group should go ahead and take over Ralli. And I was surprised and indeed encouraged to see such interest shown by ordinary men and women in their own company. However, to me the outcome and subsequent appreciation in Ralli shares caused some regret. On my broker Wotherspool's advice, I sold the shares list week.
Matters were only made worse as I could not give full vent to my anger since Wotherspool was absent from his office when I telephoned him -and as if to rub salt into my injuries, his secretary told me he was " on a ceremonial parade with the Honourable Artillery Company for the Queen's visit to the City."
As a child I myself played war games every Christmas-tide with an uncle who had served in the First War and later I was compelled to join my school cadet force. However, I can never understand why grown ment take part in ceremonial' displays.
Yet for whatever reason, men do love pageantry and dressing-up. This fact was brought home to me the
rother day when I myself hired a Beefeater suit for a fancydress dance (a great success though I lost the halberd). The shop where I hired this gear had an amazing array of militaria gear, etc., and my curiosity led me to the discovery that one of the leading makers of such paraphernalia is a public company called Toye.
Apart from the curious nature of the company's business — and Toye, Kenning and Spencer, in the person of the chairman, holds the Royal Warrant to Her Majesty the Queen as suppliers of gold and silver laces, insignia and embroidery — there are attractive features about Toye. Its trading record, since becoming a public company in 1968, has not been exciting but recently has begun to improve. Latest interim results to June 30 recorded sales up from £660,000 to £952,000 and pre-tax profits were £57,000 against £17,000. Now Toye is benefiting from reorganisation and expansion, helped by the proceeds from the sales of its London headquarters. Prospects appear bright and there have been rumours of a takeover.
To finance this purchase I am selling — albeit reluctantly — my holcling in Harrisons and Crosfield. This indicates no lack of cohfidence in the group but I feel that after recent appreciation, the present rating discounts prospects.
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