29 MARCH 1963, Page 39

Company Notes

By LOTIEBURY lN our issue of March 15 we gave the report of the Britannic Assurance from its new chair- man, Mr. John F. Jefferson, which recorded highly satisfactory progress to shareholders in all branches of its business. It was particularly interesting to receive an illustrated booklet about the company's new chief office in Birmingham (opened on March 21), at Moor Green, three miles from the city centre. Here this great com- pany will be able to continue to expand its thriving and profitable business in peaceful sur- roundings. This is another insurance company that has wisely and profitably increased its hold- ing in dated fixed-interest securities. The capital was increased last year from £500,000 to £1,023,000, on which a dividend of 4s. 3d. is declared on the Ss. shares, which at £6 yield 3i per cent.

Over the past five years the progress of the Hongkong and Shanghai Banking Corporation has kept pace with the development of the Colony. Its affiliation with the Mercantile Bank and the British Bank of the Middle East has produced a remarkable increase in deposits. The bank trades in China, Japan, India, Pakistan. Malaya, Indo-China and the East Indian Archi- pelago, about which countries the chairman gives an informative report. The SHIC.25 shares are quoted in London at £171, to yield 4.5 per cent. on the dividend increased from 15s. to 16s. It aPPears that profits and dividend should con- tinue to expand: -The Third Mile Investment Trust did well in 1962. to record a further increase in its net revenue at £16,502 for the sixth year of its exiitence. During that period the value of the net assets has increased from £225,000 to L467,000. The company's funds are invested as to 51.7 per cent. in commercial and industrial shares, 14.6 per cent. in investment trust shares and the balance is widely spread over other classes of securities. The dividend has been, steadily increased year by year, the last payment ;ring I per cent. against 10 per cent. The Ss. Shares at 8s. yield 6.5 per cent.