COMPANY NOTES
THE BRITISH & COMMON WEALTE SHIPPING CO. LTD. The Chairman, Sii Nicholas W. Cayzer, presents stockholders will excellent figures in this well-produced, illustrate( report. He points out that theirs is not a tramf business but a regular service in cargo and pas. senger traffic. There has been a significant incream in the trading profit (before depreciation) frolic £11,053,000 to £11,994,000, partly due to the ver3 high freight rates during the early part of 1957 The value of the fleet stands in the balance sheet at £45,830,763 and aircraft at £1,256,028 Depreciation will, of course, require to be pro- vided at a rate in excess of the corresponding tax allowance, and for the past year this charge ww £3,514,000. It has now been decided not to pro- ceed with the building of three tankers but instead to construct three dry-cargo ships for delivery in 1959, 1961 and 1964. The new passenger liner Pendennis Castle is expected to be in commission by the end of this year. It is proposed to issue, by capitalising part of the reserves, one 10s. share for every twenty held and to pay a total dividend of 20 per cent. The shares, now around 39s., yield £5 12s. Od. per cent.
Ault & Wiborg. The Board of Directors con- tinues its admirable policy of not passing on (as far as it is possible) increased costs to its custo- mers. The company manufactures printing ink, printers' rollers, paints and varnishes. It seems from the preliminary figures that sales over the past year have recovered well although profit margins may have been reduced. Gross profits for the year to March 31, 1958, are £82,000 up at £527,000 against a fall of £66,000 in the previous year. Earnings on the equity capital amounted to 411 per cent., covering the dividend of 25 per cent. over 1.6 times. The 5s. ordinary shares at 16s. give a useful yield of nearly 8 per cent.
Highams Limited. This group, comprising nine companies owning textile mills in Lancashire, report a satisfactory year of trading for the twelve months ending March 29, 1958. The Chairman states that the net profit for the year at £298,068 is little changed from the previous year and allows the dividend of 18 per cent. to be repeated with a comfortable margin. He also reports that the mills are in full production and that there is a most satisfactory order book. The consolidated balance sheet indicates a healthy position with good re- serves, of which £213,191 are in cash and short-' term loans. There is one class of capital in issue, namely, £911,945 in 4s. ordinary shares quoted al' 6s. 6d. to yield £11 1s. 6d. per cent.
Brixton Estate Limited. This property-owning company has for a long time been successfuliY managed and can boast a steady record Of dividends on the ordinary capital. That for the year ending December 31, 1957, was again made up to 25 per cent. on the capital as increased bY a bonus issue of 40 per cent. in June, 1957. The past year saw an increase in revenue of £22,301 and a rise in the net profit (subject to tax) frog' £129,601 to £151,890. The company's principal asset is the freehold 5/ acres industrial estate at, 1-3 Brixton Road. It also owns 49 per cent. 01 Brixton Development Company, which it manages. The Chairman stated that a rising rental inconle can still be expected from both these sources. The same interim dividend of 7/ per cent, has been, declared for the current year. There is a limit0 market in the 5s. ordinary shares. At 35s. theY yield £3 8s. 6d. per cent.
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