COMPANY NOTES
i(LING ER MANUFACTURING. Trading , profits for the year to September 30, 1959. have increased by 38 per cent.-from £150,867 to '208 892. Allowances for tax and depreciation are Zcourse much heavier, resulting in a net profit of 8.000. This is better than the two previous years ; rld quite a turn-round from 1956 when there was 'toss of £164.518. Possibly the greatly improved
results can be attributed to the excellent sales during this hot summer of the now popular seam- less nylons. Shareholders will certainly be inter- ested to hear from the chairman, Mr. J. L. Callow, how he views the future prospects of the company, when he addresses them at the forthcoming annual general meeting. 11 is proposed to pay a 10 per cent. dividend--6d. a share on the Ss. ordinary shares, which at 7s. 6d. yield 6.6 per cent.
Glen Muar Estates. For the year to July 31, 1959, results were distinctly better than those for 1957-58. The total rubber output was 1,107,000 lb. (against 986,000), of which 237 acres gave the exceptionally high return of 1,300 lb. per acre. Net price per lb. obtained was 20.6d. against 19.1d. There will he an improvement in the over- all revenue for the current year with forward sales of only 112,000 lb. at present negotiated at 26.5d. per lb. The balance of the crop will doubtless sell at a much higher price. The net profit, before tax, was £22,196, from which a dividend of £1 1,465 is being paid. The actual rate is 15 per cent.-3.6d., on which basis the 2s. ordinary shares at 3s. yield 10 per cent. and certainly offer scope for a higher dividend allowing for the possible need to improve the company's reserves.
Anglo Auto Finance Co. Ltd. The chairman, Mr. Julian Hodge, who has so often championed the affairs of the less fortunate shareholders in other companies, presents excellent accounts to October 31, 1959. This HP finance company started its financial year with an issued ordinary capital of £900,000; it is now £300,000. The trading profit for the year was £134,768; and net profit after tax £48,975. New business has reached a high level of over £2,000,000 under hire-purchase agree- ments, which compares with £769,000 in 1958. There has been corresponding growth in total assets which also exceed £2,000,000. In spite of this rapid expansion, the company has been able to cope with the increased volume of business and has. opened district offices in North-East England. and in Darlington, Newcastle-on-Tyne, and Chelten- ham. The company's shareholders are kept fully informed of its progress by audited half-yearly accounts which are produced in a very short space of time after the period to which they relate. It is, proposed to pay a dividend of 15 per cent., which is covered 2.2 times and a rights issue of 1 for 3 ordinary shares has also been declared. The 2s. ordinary shares, which are dealt in on the London and Cardiff Stock Exchanges, are quoted at /35. ex rights to yield as little as 21 per cent., on an assumed maintained 15 per cent. dividend, but even so have growth prospects.
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