COMPANY NOTES
BRITISH SHAREHOLDERS TRUST has been launched by Philip Hill, Higginson and Co. Ltd., in respect of five million units at 10s. per unit, which is probably the largest offer of its kind to be made in this country. It is interesting to see that an investment council, whom the managers will consult, has been appointed. These men have great experience in financial affairs and will no doubt be invaluable in assisting the mana- gers. The Trust Deed gives the managers powers to invest in 125 securities, all of which will be lead- ing industrial concerns quoted on the London Stock Exchange. From these investments it is anticipated that the initial distribution will be at the rate of approximately 41 per cent. Investors in these units are offered unusual facilities in that they may obtain hire-purchase finance through the United Dominions Trust for the purchase of 200 to 2,000 units by instalments spread over one to two years. If a bidder dies before he has completed his instalments the units will be credited as fully paid to his estate. No doubt this new form of unit trust will have great appeal to the small investor, who will not be slow to respond to this offer.
Barclays Bank DCO has overcome the slight setback of last year, when the net profit declined by £99,716. For the year ended September 30, 1958, an increase of £105,882 to £1,267,355 is shown in the preliminary figures. Reserve fund receives £500,000, the carry-forward is increased to £641,120 from £543,009, and the ordinary divi- dend has been increased by 1 per cent. to 9 per cent. This most progressive and enterprising bank has, in the past year, been opening branches in no fewer than forty different countries. The total number of branches now open exceeds 1,130. Shareholders should be well pleased with these results and no doubt can look forward to further expansion in dividends and capital appreciation. The £1 ordinary shares are attractive at 36s. 3d. xd. to yield 5 per cent.
Glen"Muar Estates was visited this summer by the company chairman, Mr. A. R. Scott, who was much impressed by the capable way in which the estates were man'aged in Malaya and had confi- dence in that country's future. There has of course been a substantial fall in profits from £30,518 to £12,448 Owing to the fower price ruling for rather. Last year 111 acres of rubber were replanted and £5,377 was spent on iinproving labour and housing conditions. The crop estimate for the ctirretifYiar is 1,005,000 lb. and thp *first quarter's output is in excess of that for the same period last Oar. Itthe price of rubber, now around 2s. lid. lb., can (as is hope,d) be stabilised, it will. make for a. more profitable futOre for .the growers. the chairirnan states that profits for the year,ended July 31, 1958, :vould have justified a ingtier"rate of dividend than tie 21 pe'r cent. •riow declared;'but to.have Paid a I ligher rare wpuld have involved the company in iin unnecesSary lieavy charge to profits tax. it is
therefore proposed to add an interim dividend of 71 per cent, for the current year. It would seem that the 2s. ordinary shares at Is. 6d. have possi- bilities for the future.
Ansells Brewery has again produced excellent preliminary figures which differ little from last year. The group profit has increased by £23,839 to £2,524,606, resulting in a net profit of £1,169,700, as against £1,150,697. The accounts and statement by the chairman, Mr. R. E. Wiley, should throw some light on the capital expend incurred and planned for the future for it can expected that this progressive brewery, wh trading profits and assets have risen by more t 50 per cent. since 1950, will still be improviag properties and acquiring new ones. The diva' on the £1 ordinary shares is again 16 per (40.7 per cent, earned) to yield 5.6 per cent. 7; possibilities of a merger some time in the fai; with Mitchells and Butlers, the shares at should prove a sound investment,.
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