Company Notes
I T is always most instructive and a pleasure
to read the illustrated report from Mr. J. S. Crossley, chairman of Barclays Bank D.C.O. Most of the company's business is transacted in the African continent; other interests are in Malta, Gibraltar and the West Indies, etc.—all controlled from the London head office. In spite of uncertain political con- ditions.in Africa and a sharp fall in the Bank rate from 7 per cent. to 41 per cent. during the year to September 30, 1962, it is remarkable that profits have increased by 8 per cent. and deposits are up by £94 million. The Bank continues to expand, not only its banking offices (forty- five more were opened during the year). but also its assets. Net profits were again up at £1.722 million on the increased capital, on which the 10 per cent. dividend has been maintained. The £1 shares at 38s. 9d. yield 5.1 per cent., a very good return for a bank share, in spite of the political risk.
Stockholders of J. Gliksten and Sons lid., timber importers and distributors, were ad,. ised last year that profits for the current year were likely to be considerably lower. Pre-tax profits have, in fact, fallen from £1.023 million to £676.485 for the year ended June 30, 1962. the net figure comes out at £311,258 against £541,161. Contributory factors to this decline were the sharp falling-off in demand from their principal customers, the motor, building and furniture trades. But there is a brighter side to the picture for the future. The chairman, Mr. Terence Scott, believes that the newly established door factory at Hall will in twelve Months-
be a large profit-earning unit. Although earnings have dropped from 83.6 per cent. to 47 per cent., the dividend is maintained at 32f per cent. The 5s. shares at 22s., yielding 7.3 per cent., are a good recovery share.
Mr. G. S. Nott, chairman of George Nott Industries Ltd., has every reason to be confident for the future. Townsend Ferries and the new cross-Channel ferry Free Enterprise will be making their contributions to this year's profits, which will be considerably higher than last. This side of the company's activities is expanding fast. Other interests cover hire purchase, an electrical division, building development, and shipping and forwarding agencies. Profits after tax for the year to March 31, 1962, are up, allowing for an abnormal tax charge, from £120,401 to £134,388, and the dividend from 30 per cent. to 33 per cent. from earnings of 67.1 per cent. The 5s. shares at 46s. 3d., yielding 3.6 per cent., do not look exciting at present, but there is room for increasing profits and dividends in the future.
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