Company Notes
e IR IAN D. LYLE, chairman of Tate and Lyle L.3 Ltd., gave a full report to shareholders at the annual general meeting held on Wednesday, March 28. The accounts differ from those of last year, because they reflect the regrouping of 'rate and Lyle Ltd., Tate and Lyle Investments l_td. and Silvertown Services Ltd. The reason for this was fully explained in a letter to share- holders on June 14, 1961. Accounts for the year to September 30, 1961, reflect a decline in the refining profits due to reduced home and export sales, which were particularly affected by heavily subsidised imports of foreign refined sugar; but the subsidiary company Canada and Dominion Sugar increased its profits. The group accounts show a small increase in profit contributions to total group profits from the Tate and Lyle Group and the Tate and Lyle Investment Group, but a decline of 4.1 per cent. from the Silvertown Investment Group. The overall group trading profit rose from £5.35 million to £7.83 million and the net profit after tax from £2,725,182 to I:3,277,450. The illustrated and detailed report records the successful expansion of the group over the past forty years. The £1 shares at 49s. 3d. give a good return of 4.9 per cent. On the 12 per cent. dividend more than twice covered by earnings.
General Investors and Trustees Co. has in- creased its income by 5 per cent. for the year ending January 31, 1962, which suggests that the funds raised by the rights issue in 1960 have been profitably employed. The portfolio of in- vestments is widely spread over a large number of companies exceeding 800, their largest interest being 11 per cent. in other investment trusts. 1.he chairman, Mr. R. G. Mills, expects a small decline in income from last year's figure of £478,869, but it should be possible to maintain the 21 per cent. dividend paid for the past two Years. The 5s. shares at 27s. 3d. give the satis- factory yield of 3.9 per cent.
Mr. G. E. MoWatters, chairman of John Harvey and Sons Ltd. (whose name is now being changed to Harveys of Bristol Ltd.), the well- known shippers of Bristol Cream Sherry and other wines, has just announced that he esti- mates that the group trading profit for the year ending February 28, 1962, will not be less than £900,000 (as against £670,000 for the 'previous Year). Since then various acquisitions have been made, but profits from these companies have been excluded from the above estimated profits, Which will, of course, be reflected in the next accounts. The forecast final dividend is 16 per cent., making 21 per cent. as before, which will he well covered by earnings. There is some justi- fication for the high price of the 5s. shares, now 49s., yielding 2.5 per cent.
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