Company notes
Chairmen of property companies maintain their more cheerful note after the general gloom of the last couple of years. Mr Jack Bridgeland of British Land reports a 13 per cent increase in net income, though—partly because of the cost of an increased debenture— this has not worked its way through to the pre-tax profit. He expects to maintain the divi- dend at its present level of 104 per cent under the full impact of corporation tax, though part may have to come from the revenue re- serve. Canning House, the company's big Edin- burgh development, has been let en bloc to a government department.
Mr J. J. Rose of Land Investors shows pre- tax profit up from £335,266 to £378,890. The dividend is maintained at a total of 12 per cent. The company specialises in London business property. New lettings, mostly in the central area, will eventually add over £111,000 to the group's income.
Mr D. G. N. Lloyd-Lowles reports on a year of rationalisation at Tap and Die. Two of the smaller factories have been closed, stocks and work in process have been 'drastically' run down, and certain brand names have been eliminated—a decision 'not entirely accepted as yet' by some customers. Home sales lost the gain shown in the first six months, but with export sales—now 40 per cent of turnover— still rising, profits rose slightly to £1,261,479 and the total dividend was maintained at 10 per cent. Mr Lloyd-Lowles is guarded about the future: 'it is useless to pretend that anything as yet points to any great improvement in demand.'
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