COMPANY NOTES
STRAND ELECTRIC. Presenting the accounts to April 30, 1959, this company shows a net profit after tax of £34,771 which is a record in the Group's history. The chairman, Mr. J. D. N. Sheridan, has good news for shareholders in that he is increasing the ordinary dividend, which for some years has been 15 per cent., to 20 per cent.; he states that the time has come to be more liberal in the distribution of profits as for many years in the past they have ploughed back approximately half the profits after tax, so enabling the company to finance its expansion out of its own resources. In the past the company was always considered to be closely associated with the theatre and was therefore considered to be in a speculative trade. The company's past record belies this and its future is certainly more widely based as it has many important contacts for the wiring of no less than thirty-nine TV studios in the UK.. The most important of these is for the new BBC centre at the White City. The company has branches operat- ing in Melbourne, Toronto and Dublin, has a high standard of equipment and work, and is able to report a full order book so that the prospects for the current and future years, according to the chairman's statement, are excellent. The 5s. ordinary shares at 18s. yield 5.5 per cent.
Harold Wesley, for the year to June 30, 1959, are restoring, the rate of dividend paid in 1957, namely, 14 per cent., this being a 2 per cent. in-. crease over last year. The company are manu- facturers of paper products and have overcome the difficulties generally experienced by this trade. They have enjoyed increased sales in the home and export markets, resulting in an increased net profit after tax of £40,991 against £25,998 for the pre- vious year. At the date of the balance sheet the bank overdraft, which is used to finance season- able merchandise, has been :reduced to £32,800, and the chairman, Mr. Percy Day-White, advises that it has by now been entirely eliminated. The sales for the current year appear to be on the increase and no doubt when the new building is completed and fully equipped this will be reflected by increased sales and profits. The balance carried forward is substantial and has been increased to £131,589. The 5s. ordinary shares at 8s. 6d. yield 8.2 per cent.
West of England Sacks (Holdings) Limited. This old-established company has supplied sacks to far- mers for many years; 1958 being an extremely bad harvest the company's profit naturally suffered, but the very good harvest of 1959 created a greater demand than ever before for sacks which amounted to 11 million more than in the previous year. The company have several non-sack sub- sidiaries. The profit for the year amounted to £240,468, as compared with £211,871 for the previous year. The dividend is to be 171 per cent., which, having regard to the bonus rights issue made in March, is as forecast by the Board. The clittirman, Mr. R. C. Brown; advises that the company is investigating certain businesses out- side agriculture which, if acquired, will tend to iron out any fluctuation in profits, should there be a decisive change in the use of sacks for the harvesting, storage and transport of grain, The 5s. ordinary shore's at I7.s. 6d. yield 5.0 per cent.
A. Wilson's Stores (Holdings) Limited. This company was formerly Marib Plantations and has now an issued capital of €112,000 in 2s. Ordinary shares. It controls the White Horse Clothing Company, Pennington and Sons with a multiple store in Spalding, and London ToWn Dresses, manufacturers for the popular market. Since the company's introduction this year in its new form, it has acquired three new Edgars brandies (retail men's clothing) and also M. Sloper and Co. Limited, established over one hundred years in the same class of business with shops at Devizes and Marlborough. The trading profit for the year to June 30. 1959, was £136,428. The net profit after tax of the Group was £48,970 and after allowing for taxation of £33,176, due by subsidiary com- panies prior to their acquisition, leaves an amount of £15,794. From this it is proposed to pay a dividend of 121 per cent. The company has just declared an interim dividend of 25 per cent. for the current year, and it is reasonable to expect at least a similar final payment. No doubt the chair- man, Mr. J. M. Tilling, will advise shareholders at the forthcoming annual general meeting as to current prospects, which, having regard to the present continued increase in consumer goods. are no doubt encouraging. The 2s. ordinary .shares at 14s. 9d. on an assumed total dividend of 50 per cent. yield 6.7 per cent.
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