Company Notes
BARCLAVS BANK DCO has had a • most successful year of operations (year ended September 30, 1961), which has probably con- rounded the critics.. of companies trading in Africa, having regard to the many political changes that have taken place in that continent. Mr. Julian Crossley, the chairman, points out that a net £20 million has been added to de- posits and in fact the average for the year was £324 million against £280 million. This detail alone reveals one of the reasons for the bank's success in the past year. Mr. Crossley is one of several bank chairmen who deplore the sudden changes in Bank rate and the continuous high rate- of government expenditure. However, early this year a successful .rights offer, raising £6 million, was carried out, increasing, the issued capital to £17 million. This enabled the bank to continue its expansion by opening another forty branches during the year, bringing the total to .1,279 in forty-one countries (chiefly in Africa), including .one hundred in the Caribbean. An extract from the chairman's report appeared in our last week's issue (page 911), in which he expressed confidence in the future. The net Profit was £1,597,462, covering the 10 per cent. dividend one and a half times. It should be Possible to maintain the dividend on the in- creased capital, in whiCh case a good yield of 5.2 per cent. for a bank share of this nature can be had on the £1 ordinary shares at 38s. 6d.
One of the very few hire-purchase finance companies to report higher profits for the past year is Anglo Auto Finance. Preliminary figures disclose that both gross and net profits have doubled since the recent rights and scrip issues. I he final dividend has been stepped up 5 per cent. beyond the forecast to 20 per cent., making 35 per cent. for the year. These results certainly Justify the optimism of M r. Julian Hodge. As chairman and managing director he expects fur- ther growth in 1962 and therefore makes.a full distribution of dividend. The company's chief interests are in South Wales, where spending ower is closely tied to the steel industry, so 'that they will do very well this year to improve An the past results. The trading profit was -7436.000 against £419,000 and net profits '£220,000 against £131,000. The Is. ordinary shares at 9s. 9d. yield 3.5 per cent.
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