COMPANY NOTES
INGGI PLANTATIONS is one of the most ij prolific producers of rubber, the average return per acre being as high as 964 lb. The out- put of rubber was increased by no fewer than 620,000 lb. at 9,996,000 lb. for the year ended October 31, 1958, although of course the price realised was lower at 25.0d. than that for the previous year of 28.3d. Costs, however, were re- duced by 2.2 a lb. The company now has 642 acres under tea and 396 acres under coffee; it also has 9,500 acres of oil palms, a valuable invest- ment through its 46.6 per cent. interest in Oil Palms of Malaya. Sir John Hay, the chairman, reports to shareholders (see this page) that the net profit after tax is £211,643, being about 10 per cent. lower than last year, a very satisfactory result. £50,103 is being provided for replanting, last year's programme absorbed £85,425 whilst £90,000 was spent on buildings and machinery. There was a 334 per cent. scrip issue in March, 1957. This year's dividend is 164 per cent. tax free. The company has received a dividend of 15 per cent. on its holding in Oil Palms of Malaya, which company itself is financially very strong. Linggi can be considered one of the best planta- tion investments in Malaya; the 2s. ordinary shares at 4s. 9d. yielding 12.2 per cent. cannot there- fore be considered dear.
Monotype Corporation show a marked im- provement in their group trading profit from £452,907 to £590,510 for the year to September 30, 1958, the reduction in turnover last year having been made good by increased sales over- seas this year. This' is an important side of the company's business, being responsible for about 70 per cent. of total sales. The net profit (after tax) is thus better at £215,565 against £122,544, and £100,000 has been transferred to reserves as against £50,000. Last September the issued ordin- ary capital of the company was increased by a scrip issue of 1 for 3 by capitalising £500,000 of reserves, and on the capital thus increased to £2 million a total dividend of 8 per cent, has been declared. The £1 ordinary shares are 23s. 6d. and return 6:7 per cent. The chairman, Brigadier Sir George Harvie-Watt, Bart., will be reporting to shareholders on April 14, when he will no doubt advise as to current trading conditions. The com- pany's main factory is at Salfords, Surrey, and its subsidiary company, Pictorial Machinery Ltd., has a modern factory on the new estate at Craw- ley, Sussex.
Mann and Overton, who have for very many years supplied the Austin taxicabs in London, now announce that after several years of research they are introducing a much-improved cab built and • designed in conjunction with Austin Motors, several of which are now on the London streets. This, the chairman, Mr. William Overton, predicts, will be very well received. The total cost of developing and producing this new taxicab body is estimated at £135,000, of which £79,407 has been expended to date. Net profit after tax was £84,102, £50,000 was transferred to general reserve, bringing this fund to £205,000. The com- pany sells a large number of its taxicabs on hire purchase, but very few cabs were sold during the last three months of the year ended October 31, 1958, owing to the planned cessation of the old model; consequently it was possible to eliminate the bank overdraft of £78,000. The divi- dend, covered 2.8 times, is again 104d. plus a bonus of 3d. making ls. 14d. (224 per cent.) on the 5s. ordinary shares, which at 16s. give a useful yield of 7 per cent., which makes the shares worth retaining in spite of their recent rise.
.Anglo-French Exploration, who increased their issued capital last year from £900,000 to £1 mil- lion, now report profits (before tax) of £148,963 for the year ended December 31, 1958. Taxation absorbed £79,232 and after various tax adjust- ments, the net profit was £81,175 against £56,527. It is proposed that the same dividend as last year of ls. 104d. per unit be paid or the increased capital. The company's investments are in' the balance sheet at or under cost, 98 per cent. of them being quoted. These include holdings in several Orange Free State and other gold mines, Rhodesian copper and other mineral shares and several oil companies. The £1 ordinary shares are 25s. 6d. to yield 7.2 per cent.
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