COMPANY NOTES
D UILDING SOCIETIES are facing keener competi-
D tion in the small savings field than before, but none the less the reports coining in for 1959 are showing excellent results. Those societies with low management expenses and large reserves are still able to offer 34 per cent, on share accounts, but in the majority of cases 34 per cent. seems to be the rule.
Abbey Natrona! •Building Society, the second largest building society in the country, has in- creased its total assets by 14 per cent, to the impressive figure of £347 million. Another great achievement was that advances increased by 53.1 per cent. over 1958 to £62.6 million. These aver- aged under £2,000 per borrower and 98.5 per cent. were in respect of owner-occupier dwelling houses (deposits with the society attained trustee status). An expansion of this nature has meant a slight fall in the reserve ratio, but even so the position is immensely strong; reserves and carry-forward now exceed £13 million and liquid funds at £55.2 mil- lion show an increase of 15.9 per cent.
Leek and Moorlands Building Society consider- ably increased their advances during 1959; inves- tors' balances increased by £5.4 million to £43.2 million. Reserves have also increased by £200,00( h0
to £1.23 million.
Alliance Building Society has again issued an f interim report for the twelve months to Novea ber 30, 1959: Total assets have increased by 8 Per cent. over the year to a total of £73.1 million; this is an outstanding increase over the 1949 figure of £21 million. Investors placed no less iliav £14,482,000 with the society during the year. The , society was granted trustee status in July for its ILI deposits under the House Purchase and Housing) u Act, 1959.
Northampton Town and County Building Society made record mortgage advances dcriol: 1959 of nearly £7.1 million. Owner-occupied property accounted for 97.3 per cent. of lend 11.0 and 2.1 per cent. were in respect of small tenanted t , dwellings. Growth has been rapid over the Past ` year, assets having risen by 12.9 per cent. to 09.3 million. There are now about 70,000 investment accounts with total balances exceeding f36 mil lion. Alexanders Discount has, like other discount companies, experienced a profitable year, the net profit having increased from £166,943 to £202.801, and the carry-forward has been raised to thesub' stantial amount of £247,000. The dividend for 1959 is to be 10 per cent. against 71 per cent. The £1 ordinary shares at 39s. give the useful yield or 5.2 per cent. The chairman's statement (Sir :Eric Gore-Browne) will appear in these columns on January 29.
Union Discount, the largest discount hous the market, has declared a final dividend 01 per cent., making 124 per cent. for 1959, the as paid for 1958 but on a larger capital as creased by a scrip issue in January, 1959, so the present rate is equal to 15 per cent. The crease in profit of 20 per cent. is less than o discount companies have disclosed, but is doubt arrived at after transfers to -inner reser The net profit of £660,000 compares £550,993 for 1958. The company has always 1. conservative in its distribution policy, so that £1 ordinary shares at 59,r, giving a yiekl of per cent. reflect the soundness of this inveslm National Discount last August made a ril issue when it was forecast that a dividend of per cent. would be paid on the increased cap This has now been declared plus a surprise ha of 2f per cent., making 15 per cent. again per 'cent. Profits have increased as much as 80 cent. to a new record of £526,000, and the ca forward is as much as £345,000. The £1 shi can be bought at 55s. .rd. to Rive a very good y of 5.4 per cent. ter re, di .cec I [ , iy -lb titer rirlit°11:tili eilli ilia:
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