Company Notes
rr HE Leicester Permanent Building Society, now 1 the eighth largest in -the country, has had a very successful year, increasing its assets by over £8 Million to over £684 million. Although mort- gage advances were down, these amounted to more than £12 million and were all made from the Society's own resources. Receipts from investors were, on average, twice the amount cif with- drawals. Government securities have been writ- ten down to their market value and reserves now exceed £3,380,000.
The assets of The Provincial Building Society have risen by just over £6 million to a total of £90.5 million. Owing to heavier withdrawals than in the previous year, the net intake of investment funds declined from £5.3 million in 1959 to £2.8 million, but share and deposit balances were up by £5.6 million. Considerable advances were made during the year, over 99 per cent. of which were in respect of private dwelling-house mort- gages for owner occupation. Liquid assets remain very strong at £13.4 million or 15 per cent. of total assets.
Provisional figures from the Eastbourne Mutual Building Society show that they were able to increase the sums advanced on mortgage by £208,000 to £1,340,000 and their assets by £750,000 to £8.5 millions, This is steady progress much fo the credit of a good management.
An outstanding increase in total assets is re- vealed by the preliminary figures of the Hastings and Thane( Building Society; these now amount to £39.1 millions, which includes cash and invest- ments of £5.5 millions. It has been a difficult year for all societies, so that a fall in advances made.could be expected but even so the figure of £5.7 millions is an increase on the amounts advanced in 1958 and 1959.
Killinghall (Rubber) Development has returned excellent figures for the year to June 30, 1960, when the average price obtained for rubber was 29.1d. per lb. For the current year the price will be much lower but the company will not suffer as much as might be expected, as it benefits by
royalties equal to 10 per cent. on the output of Killinghall Tin, which produced revenue of £17,880, and this figure may be exceeded in the current year. Net profit before tax rose from £32,485 to £50,918, which made possible a divi- dend of 65 per cent. on capital as increased last year by a 100 per cent. bonus issue. This rate of dividend may not be maintained but even if it was reduced to 50 per cent., the 2s. ordinary shares appear ffiirly valued at 8s. 3d. when it is remembered that the issued capital is only £52,000 and the balance sheet is Strong.
The accounts of Venner, the electrical appara- tus manufacturers, cover a full year to July 31, 1960, against a seven-month period previously. The company is well known for its time switches, precision electrical motors and more recently for its parking meters. The chairman will no doubt be able to give shareholders at the forthcoming annual general meeting an up-to-date picture of the company's progress for the current year, par- ticularly regarding the development of parking meters. It is, however, encouraging to know that a dividend of 14 per cent. (against 13 per cent. this year) is forecast for 1960-61 on the capital which will shortly be increased by a rights issue of one for three to finance further expansion. The net profit after tax was £56,529, providing a two- fold cover for the dividend. On the forecast divi- dend of 14 per cent. the 5S. ordinary shares have improved to 22s.--a good long-term investment.
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