Company Notes
SIR LEONARD PATON, chairman of Harrison° and Crosfield, was a little cautious last Year in forecasting the results for 1959-60. Profits for the year ended June 30 have turned out to ht?, excellent, thus maintaining the company's end progressive dividend record. The final dividelle of 91 per cent., plus a 21 per cent. bonus, makes a total of 15 per cent., which compares with per cent. paid on the smaller capital. This OS increased by a scrip issue last December. GrouP trading profits have risen by 22 per cent. troln £1.31 million to £1.6 million., which is one Of 11 largest increases, in recent years, giving a 11, ,,e surplus of £664,764 against £571,166. It will 7 interesting to learn from the chairman's reP°r.; when this is available, which divisions of Or great concern have contributed to the highe,b profits; undoubtedly that section connected Wild the -rubber industry, for which Harrisons Crosfield act as secretaries for so many e°,1110 panics, will be one of them. The company ts many ramifications overseas as merchan; agents, importers and exporters and has reeentitbe added new interests at home so that this year t,'r chairman's report will be awaited with particu'ad interest. The £1 deferred shares now 52s. 6d. /‘ are 'well below their best price of the year of "e4s. 6d. and give an attractive income yield of '7 Per cent. on the 15 per cent. dividend which is Covered as much as 2.8 times.
Since the last accounts of A. Wilson's Stores (Holdings) Ltd. the company's capital has been increased from £112,000 to £804,480 by a two- for-one scrip issue and by various acquisitions Which accounted for 56 per cent. of this increase. Many of these have contributed profits for Periods of more; and some for less, than twelve nionths, but the chairman, Mr. John Tilling, stales that had all the companies traded for a Period of twelve months, the profits would have his9 around £340,000, which is close enough to forecast of last March. The profit for the Year ended June 30 was £390,618; taxation absorbed £183,575 and £42,319 goes to tax reserve, giving a net profit of £70,043. There is to the, interim dividend on the smaller capital makes total of 20 5/6 per cent. At the same time an riterint dividend of 121 per cent. is to be paid °LI account of the current year, for which the e""nrman has forecast a dividend of not less than hsPer cent. It will be interesting to learn from statement at the annual general meeting in December as to the company's future prospects, Particularly as since the end of their financial "ceilar they have bought Ross and Blairman, a 1,,Itin of eighteen retail shops which should add e`' their profits. If the company continues to the, 2s, ordinary shares at 10s, 9d. xd. yielding c Per cent. must be considered a good purchase. reteY could gradually build up to a lower income Colirri nt when their trading and profit trend be-
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