Company Notes

"

our issue of last week an abridged statement appeared from the Halifax Building Society President, Mr. Algernon Denham, which he will live at the annual meeting to be held on May 29. ;he most important point he made was that 'the vonir:nment could of course make a valuable bution by recognising that profits tax is building inapplicable to an institution such as a 'ililding society.' This Government has been Particularly slow in putting into practice its rmany declared principles in its election mant- '410. This great Society has, since 1955, more than doubled in size, with an average annual rrPansion of £42 million. It may be by now that assets exceed £500 million for, unlike most tocieties, there is no investment depreciation 4110Wed for this year.

Scalield Amalgamated Rubber Company has ,0l,,,,

, grown into one of the giants of rubber Producers in Malaya. There have been a number recent .ent acquisitions so that figures for the year 41ded September 30, 1960, are not comparable 401 the previous year. However, very excellent Profits s have been made, at £1,527,168 (before tax), which disclose a 50 per cent. increase in the Prolit margin on rubber and a small advance on Palm oil and kernel production. This has enabled the board of directors to fulfil the forecast divi- 'ir,rld of 50 per cent. Their chairman, Mr. A. H. Marshall, points out that the price of rubber fell ittitirply last autumn and is now around 26d. per 10., but at this level, which is equivalent to 20d. 4 estate price, he anticipates that the company Will be well able to compete with synthetic rubber and as it is well ahead with its replanting pro- gramme should be able to make a reasonable Profit on its rubber areas this year. This com- pa, "Y s 2s. ordinary shares can now be bought al Ss. 64d. x.d. to give a return of 18 per cent. kukit Panjong is one of the smaller rubber Producers in Malaya but has managed to achieve quite a satisfactory profit, although the output ,,a1 rubber was down a little at 980,000 lb. This year's s output is estimated at 1.01 million lb., `n8000 lb. of which has been sold forward at the

lie very satisfactory price of 311d. per lb. gross. , present lower price for rubber and lower

wages will allow for a reduction in costs. This is Mr. D. F. Topham's last year as chairman and director of this company over which he has ?resided so well. He regrets that it is not possible II° Pay a higher dividend than 124 per cent. for lg 60, as the net profit (after tax) was £13,780 against £16,087. The 2s. ordinary shares are tip

red at 2s. to 2s. 3d.

Barton and Sons Limited, as manufacturers of '

SP to RN . s:ctural steelwork, electrical fittings and drop tOr. ings. have had another record year, having iercased their pre-tax profit by 9 per cent. over

19t

• -', This is particularly satisfactory, as the chairman, Mr Harry Prichards, states that in i

So of unfavourable conditions in Canada and South Africa the company have been able to :nerease production in those countries. The pre- tax ,.

pprofits were £1,135,113 against £1,047,530. his result speaks well for the management of is.

, company, as a large proportion of their last are supplied to the motor industry, which .iaii.

1, year suffered a severe recession. In fact, earnings were slightly increased from 48.8 per rlt ce.

to 52.9 per cent., and the dividend from

, -, per cent. to 20 per cent. There would seem ek ' ( ) be room for a further rise in profits; this is anticipated by the price of the 5s. ordinary shares Which at 27s. 6d. yield 3.6 per cent.