COMPANY NOTES
THERE has been a welcome increase in the dividend declared by C. C. Wakefield, from 22+ per cent. to 271 per cent. It is also proposed to make a scrip issue of one for two. Net profits for 1959 were £1,834,813 against £1,467,035; this Is a very satisfactory result having regard to the keen competition which the company has to face. their product, Castrol Oil, is very well known and widely distributed, and the directors now propose to change the name of the company to Castrol. Since the announcement of the dividend, the 10s. ordinary shares have improved to 59s., at which price they yield 4.8 per cent. The divi- dend is covered 21 times 'by earnings.
Mr. Frank Fox, the chairman of F. Francis and Sons, again reports an excellent year's trad- irlg• Group profits, before tax, for 1959 were 1-443,146 against £292,796, and included eight months' profits from Hartley and Sugden Limited, and a full year's profits from Glasgow Engineers Limited. The company also owns Keighley Lifts Limited and Sagar-Richards Limited. The chair- man advises that the various companies that are Manufacturing bottle closures are now being con- solidated into one firm, RDM Closures, which has, with its subsidiary in South Africa, made a Useful contribution to profits. It is worth noting that sales for the first quarter of the current year have improved by 31 per cent. and it would there- . fore seem the company is going to enjoy another good year. The 5s. ordinary shares at 23s. 6d., on it dividend of 23 per cent., yield just on 5 per cent.
Every subsidiary company of A. J. Wait (Holdings) Ltd. has contributed to the profits of the group for the year ending February 29, 1960, advises the chairman, Mr. H. A. Crowe. This Company of builders and civil engineers also con- trols S. C. Williams and Company, blind and cur- tatn manufacturers, Wren Craft, furniture manu- facturers, a property investment company, a timber merchant's and a company of insurance brokers, known as Practical Finance. Recently the preference shares were converted into ordin- ary shares so that there is now only one class of capital, namely £357,350 of Is. ordinary shares. The net trading profit after tax has increased from £53,472 to £73,339. There is a revenue reserve of £117,130, and a capital reserve of £180,228. The illustrated report shows some of the recently acquired blocks of shops and flats, to which type of investment the company pro- poses to add as and when opportunity occurs. The chairman is confident that the group, under the managing directorship of Mr. Arthur Wait, will continue to go forward. The Is. shares, which are to receive a dividend of 17+ per cent., at 3s. yield 6.5 per cent.
Witan Investment Co. Ltd. has recently pur- sued an investment policy designed to improve the quality of its investments and to reduce them in number. In the last two years the number of investments held has been reduced from 828 to 573—this policy has undoubtedly borne fruit as the net revenue for the year ended April 15, 1960, has increased by £64,808 to £382,120, and the dividend has been increased by 1+ per cent. to 12 per Cent. Ordinary stocks and shares now account for 98 per cent. of the company's holdings, of which 63.9 per cent. are in the UK. Over £12,000,000 of their securities, out of a total of £18i million, are quoted on the Stock Exchanges in Great Britain. The company owns a hotel in Algeciras, which, the chairman advises, continues to prosper and he looks forward to being able to improve the company's portfolio and its income. The £1 ordinary shares at 67s. 6d. yield 3.6 per cent.
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