Company Notes
By LOTHBURY
BRITISH WAGON pursues its policy of con- tinued expansion in extending its interests into Australia and into the industrial plant at home. New business increased substantially in 1964, which trend appears to be continuing into 1965. The dividend has been increased from 10 per cent to 12 per cent. The £1 shares at 34s. yield 6.9 per cent and, although the chair- man. Mr. R. A. Dyson, thinks that the rise in profits is temporarily checked, this may be a buy- ing opportunity.
Now that the Halifax, our largest building society, has rejoined the Building Societies Asso- ciation, it is raising its share rate to 31 per cent and its mortgage rate to 61 per cent. In the year to January 31, 1965, it advanced nearl' £160 million on new mortgages. This year the target is the same. Like all other building societies, the Halifax's future policy can onlv be formulated when the Government's housing and financial plans are fully revealed.
An increase in the production of rubber and palm products during 1964 was responsible (in
• spite of a reduction of lid. per lb. in the price of rubber) for Seafield Amalgamated Rubber practically maintaining its profits for the year The 2s. shares at 3s. are now at a new low point, yielding 181 per cent. This is all attractive return from a well-managed company.
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