ISMAY INDUSTRIES.
This company, which was formed some two years ago to acquire the shares of John Ismay and Sons and develop other local and allied interests, is making good progress, and during the past year there was a gross income of £68,144 as compared with £53,448 for the previous year. For the previous year the final dividend of 6 per cent. followed a special 4• per cent. interim payment, but that was-paid to compensate shareholders for the loss of a dividend on shares they converted. It appears that manufacturing and building programmes last year were delayed by the difficulty of obtaining delivery and large stocks have had to be carried, but fortunately this is understood to have proved advantageous in view of the rise in prices. At the Annual General Meeting the Chairman, Mr. John IsMay, stated that the company's total interests in subsidiary and associated companies amounted to L1,G5o,000 against an issued capital of £862,000, so they proposed to enlarge the capital position by making a further issue of shares later on. Mr. Ismay, on behalf of the directors, expressed confidence in the ability of the Company to maintain a' 6 per cent. dividend even on any increase in the capital. A. W. K.
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