26 JANUARY 1962, Page 32

Company Notes

THE ROYAL BANK OF SCOTLAND has for the past year shown an increase of 6 per cent. in the net profit at £1.09 million, this figure being arrived at after providing for all contingencies. The total dividend is 19 per cent. against 18+ per cent. At 114s. the £1 shares yield 3.3 per cent.

Williams Deacon's Bank (a subsidiary of the above) has increased its net profit by 8 per cent. for 1961, from £692,000 to £750,000. The reserve fund has been added to by a transfer of £250,000. The dividend (since the 20 per cent, scrip issue)

has been made up to 20 per cent. against an equivalent of 181 per cent.

Last year the discount houses had to contend with a rise in the Bank rate to 7 per cent. and

severe capital losses on bills held in portfolio. For 1961 Alexanders Discount has reported a very small decline in net profits and is Main- taining the dividend at 10 per cent. The shares at 36s. 3d. yield 5.5 per cent.

During the past year the Leicester Permanent Building Society was able to increase its loans

to borrowers from its own resources and did not accept loans from the Government under the House Purchase and Housing Scheme. Fixed- term shares and deposits maturing in 1961 amounted to £4.88 million, but 72 per cent. of this sum was not withdrawn. These balances have now increased from £64.2 million to £70.1

million and total assets now exceed £70 million. Mr. Harold Martin, the chairman of Allied Retail Trades (London), is optimistic in regard

to prospects for the current year, as he antici- pates that turnover for 1961-62 will be in ad- vance of £4 million as against £3.81 million for 1960-61. The group operates about 140 sta- tioners, confectioners, tobacconists and news- agents' shops in and around London, and will be increasing this number in the near future.

Steps have recently been taken to increase the operating efficiency of the whole group, so that increasing profits should materialise. Pre-tax profits rose from £162,602 to £181,032 for the year to September 30, 1961. The cover for the 21 per cent. dividend was increased to 63.1 per cent., so that the 5s. shares at 28s. 9d., yield- ing 3.6 per cent., appear to offer scope for appreciation.

There has been only a slight fall in the pre- tax profits at £3.83 million of Inveresk Paper

for the year ended September 30, 1961, and the dividend has been maintained at 13 per cent., which from the preliminary figures was covered three times by earnings. But a most disturbing point with the statement is that profits for the first three months of the current year are sub- stantially lower than for the corresponding period last year. The full accounts are presented to- gether with the chairman's statement. The 10s. shares at 20s. yield 6.5 per cent.