Company Notes
By LOTHBURY
HE rise in profits from the Westminster Bank I is in line with those of the others. The net profits, after allowing for a 40 per cent corpora- tion tax and undisclosed transfers to reserves, have risen from £4.97 million to £8.27 million. The directors have not seen fit to supply any- thing more than the minimum information con- cerning these profits. The £1 'B' shares had a small rise to 66s. 6d. on the final dividend of 81 per cent, making 15 per cent against the equiva- lent of 11.9 per cent. The shares yield 4.6 per cent. Martins Bank continues to expand, the chair- man, Sir Cuthbert Clegg, reports. Deposits have risen by more than 10 per cent above the clear- ing banks' average, customers have increased by 6 per cent and twenty more branches were opened during 1965, bringing the total to over 700. The final dividend of 9 per cent makes a total of 16 per cent. Two equal dividends of 71 per cent are forecast for 1966 on the capital to be increased by a one-for-eight scrip issue. At 21s. 3d. the 5s. shares yield 3.8 per cent.
Shareholders in the Bowater Paper Cor- poration should be agreeably surprised with the second interim of 10 per cent in place of a final dividend. This makes a total of 15 per cent for 1965 against an expected 134 per cent. This higher dividend seems to be fully justified as the chairman. Sir Christopher Chancellor, states that he is confident that pre-tax profits for the year ending March 1966 will exceed £16 million. The £1 shares have risen from 46s. to 50s., at which price they yield 6 per cent.
Profits from the Leyland Motor Corporation (Britain's largest commercial motor group) have again risen, but at a lower rate than previously. Pre-tax profits for the year ended September 30, 1965, are up from £17,829,739 to £20,450,038. The total tax charge was £61 million. The group is notably strong in exports which amount to around 60 per cent of its total output. There was some disappointment with the total dividend of 114 per cent—only 1 per cent up. The group is paying an interim of 21 per cent for the current year. At 52s. 6d. the £1 shares yield 4.4 per cent.
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