5 APRIL 1963, Page 28

Company Notes


MR. R. G. MILLS., chairman of General In- vestors and Trustees, gives an informative review of the company's activities for the year to January 31, 1963, when there was a small in- crease in the gross revenue at £248,000. The in- vestment portfolio of £9.3 million consists of 91 per cent in equities, of which 11.5 per cent is in other investment trust shares; geographicallY 74 per cent of its funds is invested in the UK. A complete analysis of the unquoted investments is given; these have increased by £116,000 over their book value. The asset value of the 5s. shares at 17s. is the same as the market price. The yield of 31 per cent on the dividend, increased bY 1 per cent to 22 per cent, is a fair one for this company, which has a good record. TWW, the independent television company providing a seven-day service for South Wales and the West of England, records slightly lower profits after tax of £534,000 for 1962 against £576,000. After the 5 per cent reduction in the interim dividend to 35 per cent, a cut in the final was expected. This is to be 60 per cent against 70 per cent, making a total of 95 per cent against 110 per cent. The chairman, Lord Derby, points out that it is increasingly important to conserve resources for the future, as by July next the company's licence is due for renewal and the new Television Bill now before Parliament may produce new problems. The company's other interests include TWW (Enterprises), a sub- sidiary administering the group's investments, a large investment in Dollond and Aitchison, the opticians and photographic dealers, a 51 per cent interest in the Bonner group of theatrical com- panies, an investment in Top Rank Bowling (Bristol) and a 12 per cent interest in KetlYa Television Service. The 2s. 6d. shares at 17s. 6d. yield as much as 13.2 per cent, which seems to over-emphasise the difficulties ahead and a Pos- sible further reduction in the dividend. Impressive figures for 1962 are issued by the Co-operative Permanent Building Society. BY reason of higher investment receipts the SocietY was able to increase its mortgage lending bY nearly £431 million, which was lent to over 20,000 borrowers—a great achievement. Liquid . assets are still high at 15.4 per cent of the total and include over £9 million in cash. The provement in the gilt-edged market has, 0' course, helped the market value of the Society's securities, now £21 million above book value., Leicester Permanent, one of our largest build- ing societies, last year advanced to home-buYers no less than £7 million in respect of 3,364 mort- gage loans. Shares and deposits during 1962 ex,.- million. £20 million against withdrawals of ilu The Halifax Building Society produces st4; gering figures for the year ended January 31 1963. Mortgage advances jumped to £114 million, an increase of £26 million, and receipts froro investors to £151 million, an increase of iJa million. Withdrawals amounted to £97 milli°°' small increase of £7 million. The general reserv: fund receives £3 million against £2 million. 1- hratih a o of r.6 per nt

funds to total assets is still

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