The Guardian from London, Greater London, England on November 15, 1951 · 9
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The Guardian from London, Greater London, England · 9

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Thursday, November 15, 1951
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THE MANCHESTER GUARDIAN, THURSDAY, NOVEMBER 15, 1951 9 DISTRICT BANRW GOLD PAYMENT TO EUROPE Commonwealth Deficits FROM OUR FINANCIAL EDITOR London, Wednesday. ! payment of 12.821,071 has :l made to the European Pay-"nion in part settlement of .-;.ng payments deficit in 2 at. Lcmaow cates issued by Japanese banks for exchange control purposes. These suggest that exports in August and September were no higher than in June and July but were still nearly double the rate for 1950. TI , iiic seasonal irenrt in imnr-t ; During that month the especially marked in imports from the nrinm hnrl o nor rlofi.t ir i Sterling area Which snrmliae r-io Kingdom had a net deficit in . .ns with members of the ...i Union amounting to 84 In addition, member- - used 5,000,000 of existing . resources. Apart from the ment the debt was settled by :Yom the Union to the British :r-.c-nt of 76,300,000. ''in'.vd Kingdom now owes the ..'7 Millions. The adverse trend, : ;.ti in May and has been ;, derating, innot continue ..:,.;i-r without exhausting the , : ities in the Union. There are .ions for hoping that the :.i-i-n passed. The import cuts ..ive some effect soon, as the : T::i'ie seems to have compelled . iiiH-el outstanding orders on :.. :it. Experts in Paris suggest v.ist a third of the October .... he due to the 'Vflight from If the new Government, :'. -reri like a iamb, starts before : ,r Hkc a lion, confidence mav : speculation against sterling iritis believed that more than Ori-iljcr deficit with Europe i i-ount of the overseas sterling may be natural enough that :;i:nions should order on the r.' what they cannot get here : heavy deficit which they have developed with Western iiiiht to be quite temporary, r ' .l countries have now small f s'criinp raw materials and are 'i Imy again. i' City the feeling grows that .: hi'i's Government has lost round. One psychological for reversing the drift of ("airs has been missed. Few arley in the spring before the Japanese harvest is ready. But the fa in imports in the last three months seems unusually heavy. In the first half of this year imports were running at twice the 1950 rate. Again, figures of trade are not available since July, but the value of import licences granted in August and September was very much less than half the rate for the earlier months of this year. Part of the explanation may be that rumOUr.S that clerlinn ,r.,,)A !, , - . nuuiu UC . .. - ...... v... gci """'" swept japan in September, : ut llar on creaioie rumours of some uiueis ior sterling area eoods may ' "'I"Ke,,K!nl or asseis. in Japanese LONDON STOCK EXCHANGE Markets Mostly Erratic Wednesday. Continued uncertainty marked the start ot dealings for settlement on December 4 and similar conditions ruled in the Consols market where a weak start was followed by professional buying, with actual investment too slight to afford a factor of gilt-edged business. However, Japanese bonds were in sustained demand and Peru National 6 per cent I68i at one time reached 69. There were just over 8,160 markings, the smallest to start a fresh account since the Egyptian situation became an adverse factor a week before the general election. At first higher quotations for the more important Industrial equities suggested professional overselling during the recent account. For example, up to 50s 6d was given for Imperial Chemical. Selling " for cash " then became conspicuous and showed the extent of the vulnerable speculative position mentioned here yesterday. Buyers gave up to 91s 10Jd for Marks and Spencer, which fell 3s 6d yesterdav. British Celanese were quoted ex rights to the issue of new shares on which there was eventually a premium of 2s 6d. The three serial funding stocks issued to fund part of the floating debt were ail quoted but business at 100 1-32 in the 1954 stock onlr was recorded. Political factors are becoming increasingly important in the Consols market, where uncertainty invariably disturbs the market. A 3 per cent bank rate to-morrow is not now expected. In dollar stocks Chrvsler (S1481 were $4j down, but C.P.R. gained a half- have been DostDoneri Thic u-m,i explain why Japan's sterling balances nave already risen faster than was expected when the Anglo-Japanese payments agreement was signed two months ago. This rise is now expected to continue, and at the end of this year Japan may have three times as much sterling as she had in December, 1950. But the heavier payments for sterling imports are resumed in the spring, and it should oe noted that these balances represent Japans total sterling assets The com-1 3'Ut Cnn mercial banks have nr. ctDT-!;,. i Consols. It is the policy of the Japanese Government to accumulate reserves as they are still small compared to Japan's II? . 1 there is no reason to suppose that this will be done by a deliberate policy of reducing imports, and it seems probable that exports will expand again in the future. NEW ZEALAND WOOL SCHEME It seems likely that the New Zealand wool price scheme will be accepted by the Dominion Parliament. It has 1 already been accepted by the wool ! gruws.'1-s. But it Will nrnliahlv K lr., I late to put it into effect for ihk rrni ! wooi cup. as sales wiU begin within the Gri ,A isu loans the 1930 reached 127. fie 1924 ioan a, tne 81, and the 1910 58. German i bonds also improved while those of Greece , came on offer. Both rubber and tin shares j wer; marked, down on the news of the murder of a City man in Perale. and1 conditions at the close were again most . unsettled. Settling day, Tuesday BRITISH Fl'NUS. 3 Br. Tros 3 do 88-73 3 Brit. Elec 3 do. 74-7 3S do. 78-9 3 Brit. Gas 3! do 3i Br. Steel 11 etc. Bda lit. NW 51-3 1i do. 52-4 21 "i do. 54-6 3 PJ.D Ln. 3S, War Ln 3'1 Bav. 55-85 34 do eo-70 I 3'; bo. 65-75 84 U 86 5b 883b MSB 8! U Mil 101 I0O34 1002132 101 U(, 1015J 953. 31 16 89.116 cr Stoctl Price or r all Pall Hi Sav 64-7 &8I2 3 Red'mpfn BIS -til 3n; Treasury 7312 ' do 11)75 li-ia '13 llS 3; do 77-BO '9358 '8 21 Fua. Ln Sa 'fl -Jl do. do i 00 1 i --8 V'4. do 49-69 91 1 1 ln 1l 3 do 66-8 3338 la ig 4 do 102 ?is -lis L 4"n Consol Ln !6 4 Vic. Bdj 103516 1 16 Am. 31 65-9 9334 -1. 1 32 (Jo S'K, ... B658 -la 1 16 N Z 3 M-J 92 -'a do. 31 ra-5 M's --'a -la S Africa 3I'. 10Ue LCC 3)5?-63 lOn'lS '16 M c 3"t 1891 723S life Liverpnol 31 843 FOREIGN BONDS next few days. The New Zealand V!' nlleL,tfkS schfme the' same object as ion at once. But many had !;;.t (he Prime Minister would " -r.fr nf his eye To the risk of : ci unrimic consumption. the I'M. IN JAPANESE TRADE wider L.ommonwealth scheme which was turned down bv th Australian wool growers to set a floor under the receipts for wool. But it does not set up a buffer pool as the wider scheme would have done. It will simnlv ho i:.i'e rxporls have been stationary , minimum price insurance. It at any z :hc summer, while imports have time tne free auction prices fall below f.,!:itig. according to reports from the minimum tne growers would get a i. .i t , supplementary payment from the New A - a result the fore.gn exchange I Zeaiand Wool Marketing Organisation have risen considerably. Since which is to tie set up bv an act now . Winning of the year the reserves in preparation. This practice would not : : Teased by $150 millions, and at be resented bv wool buvers and it :,1 of October were at a post-war would avoid international" controversy ' T,'''Pr 7.00 mlllions- This, as it would not have to be adapted to :cs millions (49 millions) . the rules of Ihe Havana Charter and -tcrhng balances. Most of need not be ratified bv the International . :.;n,..ciiicnt took place since the Wool Study Group. ' If th3 plan goes ''. Al:;iifv through it would have no immediate ""')s d nitjniy seasonal enects except to reassure New Zealand wool growers about the future. But it may well be followed by South African nounmiiid. wool growers who were riisannnintpri i when the Commonwealth stnhilisatirm plan miscarried. B'te'm 4 '36 H312 -12 'O Ynunn " I 4512 1 41 Briill 5 13A 75 -12 G Polash 7l Chile S"' 1916 46'4 14 Jiipar 4 6!Hj Ul China 41 98 1612 -12 I M 51 '07 113 Uj do. 5 1912 Uj JM:dl Rly. ... aa do BaifT-" 17 -li Ipr.'.znd 7 I -12 Czech 3. 8 !S Plo7lh26; 44 -la Gretlc 7 1924 141! -U Spnl!h 4 "" G ' 1 54 li 'C - Mg-jay 3j' 6312 -1: BANKS Alex. Dls. ill 79 6 -0 3 M dl'd 2i pd 9 -3;2 Al'DH vyiR 40 o do. 2 f pd 95j; -1 36 Ban or AUft 37 fi -0 6 do. l f prt 77 J Barclari A... 44 9 -0.3 Mat of Egypt 27 -12 do. B ... 65 412 -0 3 Nat of India 3012 -14 do. (DCOI A 43 3 -03 Nit Dljct 8 n j Cat'r Briehtn 7t 6 Nat Prov A 48 G Char of India in 1 4 do B 66 3 -0 3 District A ... 84 0 -JV3 do 1 f T pd 72 3 -0. 3 do. B ... 46 0 -0 3 I R Bit. Can 1 ! 16 Ene Set. A 55fl -116 I R Bk. Scot '7? 6 H'Bfiti Ehl 9312 ISrcTh 8 Auh'n 32'0 !-!( JeVl Toynbee 34 0 I Stan of S Af 19'b !-1r Lloyds 1 pd. 55 3 I Union Discs . . 45 9 -0 3 Lon.&S. Am. 55 U6 .Wltmr 1 pd. 826 M'lln E2 Pd Rin ltl 0 Pi t.pd. 56 9 1 INSCRANCE 41"nce lNwl.. "30 IN Brit. Ai M. 125a Com. Onion.. 12 lifi Ncirthtrn ... 25.4 EaKle Star &c 4 IS16 iPcar! ?21s -18 Employ's L'5 5 Phoenix "IBa On Accident 6!a -lis Prudential B 416 -g n;;ard!an .... 6 1 q Ro'al I2$a J Ion. (t: Lanes 1 T ,'6 1 ' Roval Es'e. 11. in .i.ipanese imports, whereas c sieadier. The trend of f -hily, the latest month for ':.ide figures are published, " i y figures based on certifi- Bleachers Brad. Dyers.. Brit. Celanese C.i) Printers Coats It n 28 3 till 3 40 ! 57 3 47. 3 TEXTILES -03i F.TIK Sew. C Fine Sp. 4 D I l.an Cot. Cp U03 i Linen Thread 0 3 Listers 1 1 Pat. At Bald n n 6 41 3 j 0 6 64'5 COMPANY AFFAIRS BIRMID'S DOUBLED PROFITS. i.ji'wl ui Diiimu lUUUMriL'S. alter all 'wv a p c. rea. cum. convertujie pref - - including taxation, was 848 525 ' ff '? V iK J 1 ? ord shr 'a,h iTSt 4fi2 114 This floiTVn .....J I l. tI'nl;,;m -o be announced lute.-. Trn.,jrv " n L 7:h,t', nn4 rK ? 5 f'-n : ha, been obtained Ne, cipiu.: reo.u,ted t 'in T:ivatinn inf. nrimn CAA . 1 -J Aer. Bread .. Barker Ijn.) Boots rjebenham ... Gamage ..... Ot Only Stf Harroda Home St Col STOB.ES. CATERING. 23 3 1-0 3 24 18 3 M tj 27 8 60 Lewis In. rr Lvons Maple Marks & Sp. Utrl. Dairies. Uld Drapery t 1-0 6 Walllj Th 7 1 1 2 -.Hi W oolworth S9 7 1 2 41Jio Jtl 7 I 91 -3 J . 62 3 1-0 3 "13 712, :?L6 !-ll6 . 45 U2 152 i 1 tax equalisation account in : if initial allowances. The com-. figure for 1950 was 546,176. The m nri is increased from 10 per cent tn :ii : rent and the bonus of 10 per cent :. ,.:r.,.;nned, making 25 pec cent against : ccnl : 220.307 is placed to capital vl- lor replacement of fixed assets ''). 186,000 to stock reserve ". 25.000 to general reserve : 27.000 to pension scheme i 25.000 to dividend equalisation 'ci nothing) . Muntiurue L. Meyer announced a final :i nri of 32J p.c. making 45 p.c. for the I'iimpared to 37j p.c. The trading .. - t47fi,190 as against 402.113 and .tficr nx was 150,544 com- i L 145. P38 Thonuu Owen mud fa - Inrfm, n,r,n, tcii (vir. loss ut .t LO-J.a-.ri; lax 15,L21 11210. 45'fl 5l-fc. tea I- '-'0 ll5.774); cash i:40.675 H..-.50i(i. due to (jankers 587.703 (85-'. IH2i ' sundry creditors SlK.4fjB (26.3S51; dlv. already announced JO p.c inn dlv ). Pullman Car. Net pruTH alter deprec .atlon 93.952 (91.rVJ5l and tai 82.750 (CB3.9O0) Is 62.700 61.819. Final d:v on A and B ord. 61? p.c, makina 101: pc. on cp.tal increased by 20 pc ocnus rl2'2 pc on smaller capital. Forward 82293 i;4s.ia6. Reels Property. Profit 159.353 ( 142 . 1 r,i 1 , betore tai H:.4e3 (E6').rir4. Tn repairs and con-tirutenoiea 24.834 (.6.28J. Final rt.v R p r . rrwJcini: liH2 p.c tsamel Forward 4 1.ts77 (23. .',171. Remtisn JeJei Rubber. Int. d:l. 10 p c. (25 pc for year i. Saponi Rubber Eitates. int. dir. IS pc. i25 pc. Tar nisllllrr. Set p: 'fit. al:er taj nf li-54 9i3 and drore, stltfn 5 '.500 li 3. PCS ,33.i R2 1 f-.iiil d-v. majtir.a 1 1 r4 pc i.. '1. (rrtieral : I..UUO laantei. K-'iwsrcl 4u.T38 Srottlsh f7.539 i 29.000' 7l pc. veiicre 1 Motors. Thr consolidated profit j srnior' Economiam. int. div. 30 pc C ir tn .Tlllv 31 Was 1.403.94fi! Shear Steam Shlppim. -Net profit C l.219.tta. This was after ! J134:?5 't41.97hi: t 132.33 rnnennnr. : rix - Pr on Urrer capita (15 P Sun I.ifr Avsuranre Sciety H'v!: Br'dc'st Relay E. K. Cols Cossor 10 0 14 0 IDecca Record! 20 41 2' f Elec & Mus.j "210 Murphy 7 Jl I IRON. COAL. AND STEEL Allied Ironfd 62 8 -10 5 Ouest Keen . "54 0 Banc's: Wilcox 77 6 -0 3 Pease & Pts. 12 0 -0.-3 B.S.A 12 0 -0 3 Powell Duff 35 6 Brown (J.i . 47 H2 Pressed Steel 13 6 -0 3 CammellLaLrd 12 3 Swan Hunter 63 6 1 Cor? fW 1 ... B9'8 Tuhe Inresc. "120 0 I Craven Bros. I48 Vicsers Ord. . 48 3 -0 3 BLILDING, 4c. Ass. Pt, Cera 109 '0 0 3 I Eastwood .. I 47y6 Ber6er ... ia.3 -0 3 Hindon Br'.ca 61 0 Br Plas. Bd 16 0 -0 3 'pinchln Jn. .. 43 0 -0 J Crlttall '9 10; 'Wall Paper dM "54 0 MOTOR AND AVIATION taT. Ll v: l.r9"i.489 Altributablc to out-h"MiTs ti9.T94 t 41 133 . and ini enmpanv or lis subsidiaries : -UllfltiSfli. The dividend is I - al Xlh P.c I I -iper Manufarlurers. The con I Sim( j atc r yeRKv d v. b.il ".nCO-heft shOWS total aSSOl? rruw and C o ¬ in DC. :ai tret ame' Tr ananurain Palm Oil. r-.njJ d'.f. 6 p c. niaking 10 p c. i VI p c.i. Trust I'mon. n'.. L.v. 6 p.c. t5 pc i 'rttxr Birwrrim. In', dlv 5 Dc (Smi. Wilson iind Walker BrvwerfM. int. di same) A.C. Vehicle: fl2 i i Hnwfcer StJd. 37: 1 Austin I "an 3 I iv:and n Blackb'n Air. U t rLiica .. . 'M Br;K-S M B 4Jlfj ia jMor:i5 36 f -0 1 Brl:o Aero.. I't :i Rai?h Hdg jG 3 -0 6 D- Havl!!and. U Is-Rorcs !in 0 1 -vi 6 Der.riL! Bros. 3B .1 - 5 l Rover 2fl 6 -0 n Fftire Av n.. 3J j Rrvr.tes i 5 i- il2 F-t3t'n .... 52 6 l-tirr.nie 17 i Prd 52 3 -0 6 iPTiffer "S ) Hjindlrr Pagg 10 9 'Standard 1 9 "'2-0 SHIPPING Brit Ptemra 30 0 Frar.rp Fen'k 57 0 4-03 CRirn Line - 13 3 Furrier , M 71; - 4j Clan Llnp .-7 P & O. del. 48 0 Ona.sl Unu ! 6 Roya Mali 31 5 tM'! C::riRrd 3 3 -O 3 :S:Jver L'n 22 f E D Line ... afl-'ri 'Union Cattle. 41 21 2 P C. jroup pr( flta fciter tax and a!Ver riOflM 1R7l Purrpnt ncts I prvd:nf iJDO.tAK) tor obsolescence A-c. 13 i.Bf.Die lI-c . (i.011.205. compared to r.:ilnnrcs a: bnnkers and ensh unt to l.til8.397 i 1 .848.271 . n.li'iri ;ire shown at JC6.401.3tJ4. "n 078. ftna! d:v. :eaed, by nt after tax it W ."50 1 on r.;?::a; :r nia':er cap.. 'a' Rubber F.r-l Int. -rr "Ci--.ip nrt p:ft:. aT'er tax . or .ix mnth 80.7 1 i ' .1 '. (CR4.5rJ. ftnaJ div 14 r nie i h I'rtrnlrum. By !hs.r o? nit pm- a- . fur.. 17 4"i iCi:."1 .-: rct div:dends r:vpd 41 .RriT romf rrwJce5 a: 74 889 Nf: ' '.TJil (oebit ll.&Jbi. icrs Trut. -In'.. d: pf (san"'' .nd Minv - (if'Up proflS- aller laA - li. :a k:47y, AZ i 1 3 1 . 55y . f i in.e it and O-'up profit ; "n-Eer fn m prr rLJ-on tr ielrrrel. ..rifi and d.-'.'TrLfnt of prev.n-is r. rtf A'reidy innouncsd l-v taxation E'SS.ffOO fiil20-OOOrL div IS pr on cap;ta doubLeJ bv boniu name on s.Taaler capital) Yorkshire Dfrwart and! Cbemics, Int. dlv. 2. 'a p c. ,ame. Zip Frmch Cleanra. :t)l. dJ'- 16 2-3 p c. on rapi 11 increased by 50 p.c. bonus (25 pc. on amailBi COTTON COMPACT William Tat. Profit, afler aOi Caiange InrUid.a ; L I7.flh ( 96.46t)i : tax 12.057 hi.lu7.hii6". tinal div. 10 p c., mat n '20 pc , , sa-iirr: tn siack reserv? 60 000 i4S000, rnera,i rcsrie 3j-di0 inowi. lax eq ual ion .2.bj0 fSnn - Bas5 ' Charnr.Rton. Co'.iriipe D:s:L:!ers ... ! Gu'.r.rtrsa 50 6 32 0 BREWERIES i) r i Tnd Ccwpe -0 6 Stem : Taylor Wait I 1 Wilier Cin -0 3 Wbllbread ., I 22 r 25 a 2fi 5 I 40 9 ELECTRICAL Asvc. Elect .1 89 U I Brit. ios. Cabi H 0 Brush Elect.. 5 Tlj crcimpton Pk i : i i z- Fnfleld Cathie 15 6 1 lEr.cli.--h Eleci j 6U i I nf 3 a Ever Read . i, : I; , -0 3 iGen. Electric. j 95 3 -0 3 tiJ'nF'n A Phil. "S: t I FlJ:i:TWCHlD FISH. Wedoeaday. S:ne trawlers Unaed .J.00 s'.or,. Ha 286 0. cod 1S0-0. had-docfes ISO U. conwr "iS-'O, drflsji 84 0. rurnard IO t'. ::r.p 54 0. megrims 1820. monkftiii lOO'O. nd Finanr.- F-.na dlv P r 1 ' .Tti-r jnl Co - Pf'it ..r vrr C46 OH-i MA-nn t:iB 055 (18.006. Div. 1 ' ! inrt Frodurr. Net profit, after tax. . fi1. 1: Aerond ml div. 122 P c.. sar-ieV No final dlv. H. ih,TV P-ofiti. fter twt. 176.506 i e tax 15.000 (160. 640V . ' iCQ.soOi: income lax reserve f in.'i.: aiJt.in-es 9 V00 t:m appropr.a: n account to SO 000 tnothng: final dlv 13 Iotard 258,529 i:r-f Klcrkadorpl . Loss lor year, before .I'-.in ine no lGruier rrau:rrd. -. a. "-) : af:er tax CC.OOO . No , Iiiir Firnf-i - Ner pmflt. after px k 12- mi depreciation CjS.T'-' CI C'6.472. Pinal fi ' 2' i- i.tRnie To aene-ral reserve r !-. :ai. : 6.1 ' ci 81 94 1 r.: d:v. .V P c. tanw. i.-. : , p ,. arid '.nt. bonusi 2-2 P t". - rfudwn, Dd C. S Trd Nte5. Nirh.4-1 Quarterly ear'r.gs ". ' -" 7i2 tn tMrd ouarter M :: m Sept. 30 earnirugs -ere x" " r--V S-iTi. l-'iii. and A renrT. Ins . div. 2'" '- p r ir-w d v reserve , 21? P r 1 "r o! i "iu. Tnalcirtr a V tai r1 .n respci ol ihal Tear, ar.d ear, e- rears' prr,ri(.e. " - " d p c i N, rraflt. after tax. 16.95" r r inn div V ' ":"' 1'hnrM Ruhtrfr. Group proflt fTter - 1 . 11.000 O3otlinsv- " r r a -eadv is4-n Tsaid no dtv.l in rirx Nt profl 21.633 (12 6101: ' L. "'- L1-8S9 2.0O4. Dlv. 8 p.c. 7'V- 5 618 10 295V And rn, York Investment Corption. T c nm 15 p.c (14 p.c. rrdd B.rn pans reived consent of Cm:ttee Tor the offer oJ 20'0 per "p T dd " lri IndulHal DwlllBf. fet profit. Biter -.?8I4ii Add amount browht tn JH.sation of d!vs. trajial erred "! -9 569. PinaJ dlv. 2 p.c makinr Ti n-aen-e 4,857. Fonrard F'j-:ri"- irtt dlv 1rA2 P-f- PJ" nrntm :'' Sect 30. making tota.1 Int. div. .' 1 d Butlers. Tola! assetJ 15.270905 --r:n a-.sets ' 569.69 r.r Btork account for ; r ? " 74.6fli: current I.iblHtiea "4 44Ti with hank ordrft -inc- Tr-i! distrbution already - , ' ri -rmprMi to repar th B75 0OO " r. -1m at lrt4 Mtrch 31, 1953. -"::.jh " 1 roJci- Iod O. piaj l1. hJt.ns LK i ten i'.cnr Wear AfrtraD . . Aitiii tiaatr I 2 4l;i iKunnneo ... 3 6 , ,U; , Ar,itin .... 7 :i j Kahu 0 1 i A,t-.int'. 'I-? & l-0 3 Loadn & Afrlc 2 Ci B'.tnani ..... 9 1 iMarlu 3 0 I I G C Sil Tt I IE -0 3 iTaq A Aboea T 8 -0 3 RtKtdesisa I Cam & MuUj; T -n lJ2 R Brueen H 73; li " Cnarteieo " 63 Hi -,2jRh-ran 313 Orbe & Pb ' i R.ian Antesp 11 T 1 2 1 S Chanca S Select Trust 47 6 ,-3 R ADEto-Ara S4 "9 j-o 6 fTansanvlta ' 51 -0 9 Ril'd Sel Tr JS 9 '-0 3 Zambesi ; 38 3 -1 53 UlaeelLaneoaa Anj Amer. T a Mt. Morgaxv. . 19 '3 Br. Tin. in IT ' 7 1 a Mysore 5 fl Broken HtU S 54 A) -1 '0 New Br HIU M 3 Burma Corp 5-0 wUj N. Broken K. T3 J -0 6 Canip Bird 13'S N KalurU . -17 a C. Pro k 4 8 -0'8 Nundrdroog. 70 0 3 Champ Reet. 9 0 OrorlUe De Beers df &S 08 Ooregtim .... 13 PTesnUlo U PaiianB Oow ISO HJ3 Gt. Boulder.. T 412 Petalmi Tin 14 Ha Hontiona T U8 Rambutmn .. iT fl Ipoh T Dred "X 0 Renong TIB . !0 3 1 Kamuntin 1 '13 T2 Rio Tin to .... 22 1 , Lake Gir6e 23 8 -0 1 San Francesco 31 9 -0 9 Late Vie '21 0 Slam Tin SJn 24 0 London rm. 6 732 -0 3 S Kmt ... 16 3 -0 fala-in Tin 23 3 S Malay Tin M 0 MawchL B 6 Sons of Ovai 12 9 fl 3 M.n. Corp C 7U T re pea 3 H? Mount Isa . i8 9 Tronoh 29 0 -0 6 Mount Lyell 20 n Wlluna 13 6 Ejc dLndend t Ki bonus t Ex rtfhta Ex Loupon I Ex all t Ex d raving I Aiur CroAa ..; .mal Prea Ass Br. Pict Brr & St'nea B?erhams .. .. ! Bowvs Paper Br&xij Tmct- : Brit Alum ... i Br. Am. Tob. 1 Br. Drug Ha I Br In. P:stc I Brit Matcn. Br. Oil Caie. . Br't. Oxjgen i Br:t. Ropea.. j BuUtoa Carreras 'A ; Car Man ... ; Cereb,v Dally Mirror ; Dalgety Df L Rue nunloo Rub. Forest! Land 1 Galianer Gaumont Br 1 Olan Hujson's Bay imp Chetn . MISC11 LL A !VEOfS 3 i-b 3 f !mp Con G 58 10 3 to 0 33 6 4? 0 33 ? 8 9 j 4.12 5a IS fl 45 0 13 D 1? 0 34 6 63 35 ' 552 an n :fifl 112 -Ms 49.7.2 ''112 .:er Sicei Imp To&acoul Kemsley .. ..I Kleeman Lever B St 0 L j'.er ... . Manure Gart ) 12. 1 M'the: & pit i Meta! Box ,. ! Murex ' Odenn -C 6 iPurrtell . .. -0 3 podJ'y Ph'lJ5p 1 Piatt Bros I Pr-cea rnjit. Raiia:on I Rants .. . Re.-mtt n 3 lears J Sp:trs Sunday Pict Tate St Ljie Tr plex Trust H 'vises Turn N 0:d MoJa"e5 Wiga'ns Tpe I "rO 3 -Mi 40 'L 12 11; 50 412 J4 b 60 D 44 ? &O 9 i : 41 24 3 4(J -T -C 5 -i-O 3 -0 6 77 6 15 3 62 1 1 24 0 3 .77 8 36 3 "- fi -0 3 -0 3 -ft 6 -0 6 OVERSEAS tLAlLWAYB UNIT TRUST PRICES Tne latest pr're (applied ay the companies) for ta anils of trie iirrnrrnnted tru.ita are an ronows.- Municipal and General M 8l O Gen ;a H in 111 tnd BriUjih 3 6 33 3 3rd do 32 101 34 9 4th do -3 0 33 3 New Bntisn Tl 4 6 IS 41 Limited In . H 4. U KM. B'thH 3 SO '104 6eott& N C 33 '4i 35 3 PorOovt Bd Bank Inanranee Bt & In - ii H Bank rjnita.. 3044 33 'U m'&. fJnita. "22.'6 24 3 Corn def ... 14 21 1 Corn deba, . 2C'10j Tn Trut 2311 33 104 Allied rnvfs&ere B. nd Flex 30 5 do Tnd.. do. 3rd -do 4th ... Bed. Tnd .. Met A Win Nattonal Rational D. 17 '9 Century Scott lah '5 21, 2 20 & 22 '4 23 1 1871 19 3 t!6 4 17 10 30 2 l!f 5 31 '4 33 7 1711 Cwntn relai Ud:t Pied 0 do tnd . 19 3 Kenton Keystone . T19 9 14 H 19 11 6 101 fl71 31 3 20 9 IS 11 30104 72 1 lTr-ej 111 DJ do. 3Dd ... do Plex ... p PT. D !trtl Ktrrtone C do OokJ.. Sec. Ptm Provident Hundred See tiaie4 41 Inveat. Oold. 0 10. 0 da Oen 1771 19 H First PrerlneletJ Pint Prrjv B 14 0 do. Reserrv ifl1 197 Ortbodex OTt'dox n Tr 8 30 97 fBt.InAcPi.3 d T309 32 3 Pour Sqaare. tMltH 34 41 Brttlan Empire Br E Cam.. 20 81 Kill Br.S.ConiBs. 1s 11J rree of oomnilftsloa ad sump duty t Es dlrkieod. Aotoia ora 19 1Jb pn Pac deb "8i 1 2 I ; do. pref T6 Peruv Corp. . 3 Can Pac:Oc 6BI2 2 do det . . 73 1 do pref. .. 7JJj -4 S&J3 PauJo ... 13 42 Oil i Anglo-Br ud. 3J 3 Lobltos i 3 ; Anrlo-lru We Mexican EaJel 27 3 Apex 32 1 32 Royal Dutct) 391 Attoct ..... l' Shell e Bnt. Borneo 47 9 Tr d Pet. De 3b" :0i -'.s2 Br Ct?nd pi 15 10i - 12 Trnld'd Leas 31 0 'tO Bunnan . .... 352 - L lb Ctd Brttisn 0 I , Can Eale ... J4 9 Ultramar ... 32 t 1 2 j n3 Kern ... .3 U;'0 3 Wage Or Id .. 3'i2 1 j KIBBEB Nl TEA l' Allied Sumat fln Joretiaut Tea 30 0 -0, 8 Aoslo-Cevlun 20 0 Kui:i Luapur 2 0 Anftlo-Chjicb 8"9 Lina . AnclQ-Malay t3 o Lrr.ion As:at '3 191 Batu Tiea 2fl 8 Lurout ... .... 17 6 -0 3 Ber'.ain . ... ? i-z Malacca .... .2 S I Teflon 1 Par. $ 9 Malaatam 3 -0 J reiino Tea 61 8 -l-D 'Sedeem Tea. '. 1 6 j ! Fmp of Indtj 14 fl Ir Plan In lr ;r 1 3 H:ph Jt Lo. 23 -3 is Tea -j ' ' t imrj'r'al Tee. 2. 0 ' -n 3 I g Sua &ertg 83 3 ' -f 1 ! TNJs ! South 4Trlrar. . J fi fiurop i"i2 Middle An, 13 3 C 3 Arwlo-Amer. 11152 1 12 S Klemton'n l I'jj BlyrooruiLS V 49 3 -0 3 grange PS.D 31152 Brakpan 19 0 K 3 Rand Leaser. 44 9 Cent. Minlni 2- Rand Mines. City Deep 37a -l do SeJertion aiSjj -I52 Con. OoJdf'ds 3I932 Raadtfon ten.. . 13 3 Com k- Rer Hi. Rose Deep .... 1 13t Cons. Mine & 1 2? 33 St Helen, jjt Crovn Minea. 4te sunm & jack s 9 -l 13 Dttmfontdn 5e SA Lands .. jlljj -1 jj Durban Deep 32753 Springs ... fl 8 E- DMBfont. 1 n 3.2 Sub Vigel ... ja Ernst GeduJd 352 Daioxi Corn 1014 -Jfl East R&nd P ttft Venters pan M 3 Fre State In 11 U2 U2 Via tf no ten a ir-j Oeduld ?5s Voffelstrh t 291 Gen M-imn Sifi -Mb W Rand Con ?7sj n Pjtplnrn 25 '0 0 3 W Dr:efnnr"n 5 H r !32 Grootirlel 18 '3 W Wmwavd 211 S2 4 52 J'burE C ln ffeslern WeeT 44 3 I Luipaards Viet 3o Holding 312 M32 l4dwib Rrt rn 71" Welkom 1 I Predd NLA u 'tol 41? Sew pioneer 20 PTedd's S.L.A. U 0 Prea Brand 20 Pree S Oed'd 3'i - sa Prev Sfeyn a Harmony .. . 34 '3 Stilfontein ... 28 I T j I MVrTiegpmlt tfQ fvireinia .. ' 13 '4 1 -j A copy of thla Advertisement 4na ma Aarerosoc&exii ia lasnca in attached therein the documents specified, below v baa bees delivered to the Recuorar of Companies for reelatration. 4UectlveIy od todJuaJ, copt fulj respoBelbUl' for the accuracy of the tn forma uan given and confirm that fiaVm made all reasonable tOQuiriea Co the best of their knowledge and belief there are no other feed the ooweaju vtuch woatd make any statement In (he Adrertlseueni misleading. Applicathm dm been xzvade to the Council of The Stock Xaeh&nce. London, for pcrmlatfaon to deal itj. and Quotation for, tiie tssued ahaxe cpitai of the Company. HAIGHTON HOLDINGS LIMITED ( 1 nf orporatcd undtt the Corn frame s Act. iqj WEAVERS, PRINTERS MERCER ISERS, DYERS, FINISHERS AND MERCHANTS OF COTTON AND RAYON TEXTILES. AutWc SHARE CAPITAL : Wd -nd ,uU p-.d ( 1,230,000 in 25,000,000 Ordinary Share of U. each 1,250.000 Neither the Company not any of iu Subatdiaric baa any Moirrgasea, Debcmurr or Loan Caniial hut the Subiidiane hae unaecurtd overdrefu from iheir Ban km, the aggregatr principal amount outstanding thereon aa at thr Qrh Scutmhrr. lM. btng 14,054, (Chalrznaa of Tiie OlCtSCTORA : WLLXJAM DOUGLAS OIBBS. 93, Troy Court. Kenamrton, London. W8. Solicitor A mocha lnveatment Company Limited.) i Chairman.) NADJ1 KHAZAM, " Surmount.1 Br&dlay Pold. Bolton, Lancaahlre, (Brttioa subnet lormarlr Irta: (Managing Director. it JAMES DYKES KYLE, 65, Park Lane, London. W.i (Chartered Accountant.) BANKERS 1 BANK OF SCOTLAND, 16, 18. Piccadilly, London. W.I. BROKERS 1 RODOSON & BAKER, 6. Throgniorton Street, London. E.C2. and The Stock Exchange, London. E.C.2 HISTORY AND NATL KB OT BUSINESS. Halghtcn Holdsnrs Limited was Incorporated a private r compa-iy an the 12th September. 1951, and was converted Into a public company on the 5th October ' The Company was formed lor the purpose ol acnumnj, a..d naa ac-iuired. ail iha Ahares ol the aecn ComDaniea which constitute the Halghtcn Group except a one per cent, interest :n one of them Te ! Haifhton Oroup carries on buslneas as Weavers. Pruieen. Mercerljera, Dyera. Piniahers. Makers-up Exr r1 The fallowinf are particulars of the operating companies ln the Haichton Group, a.l ot which are ! private companies. They are ell dlrecuy and wholly-owned by th Company, with the eacepuon only oi j r 1 1 1 h, a 1 per cent, interest In Hill End Mill Company Limited I i.a.i.oc 01 BOOTE EDGAR & CO . HICHARX3S. BUTLER SOLICITORS : 53. Spnna Gardens. MrK-he'.f r. 2 CO., TraJ&trer House. 11. Waterloo Place London. S.W.I. AUDITORS : WEBB tt HALL. 90. Deanscato, Manchester. 3. Chartered Accountant. ACCOUNTANTS REPORTING TO THE AUROCHS INVESTMENT COMPANY UNITED 1 WHEAWILL At SUDWQRTH, 35. Westate. Huddersneld, Char le red Aocountmnu. REGISTRARS AND TRANSFER OFFICE : WHITEHEAD INDUSTRIAL TRUST LIMITED. Mitre House. 177. Regent SUeet. London. W.I. SECRETARY AND REGISTERED OFFICE : ERNEST PROCTOR, lb. Pnncess S:reet. U&r.che&ter. 1. b. We report aj foilona -:tii respect to Ha:ghtLn Hc.dincs L.m;ted : 1.' 3l ii .nctirporu'ed on Uth Sepien.L'er. 1 : - .-S 1 . ,Lh a uap,:a: if 100. cons:s::n4r of 2.000 Ord.r.. . S.-.a.f - r On lilh Oi.;tjwer . lj L the cap. la., uu uiued to 1 ,250.000. oyria.A: ,r.u s : ji 000.000 Ordunary Shares ol Is. eori. n j: ms de up an y .4 ccot-n cs or pa :d any d : v. den as ujed J.00 Oranajy ibarei each (or uii at par vo Mr. Nan of Operating Company and Businet. Hill End Mill Company LiwiTrn Weavers of plain cotton and rayon cloths, drills and jeans, Rob tax Ewtwistli ( Dasww) LiKiTrB Weavers o! plain cotton clothe and sheetings. HYTHOBNTKWm BKOTKERH LlltlTEC Weavers of p.a.n cotlon and ravon cloths drills and jeans. R:ch.fc Frriox Waiiasui.sDtn'cs Milli Liuetko Weavers of cotton and rayon foods ion JacQuarda and Dobby loomsi including Lablecloihs. hijh-cli&s pophns and furnlshmgs, V. E. Haighton Limites Bleachers. Dyers. Me r censers. Printers, Finishers and Merchants of cotton shirtings and, cotton and raun dress and over nil clo'.hs and furnish: ryjs. The N tutu law Trading Co. iGatAT Britain) Limstld MrrL'hants ot colton and rayon ie'. :les WlH-ciS & CONVEKTORS LlW 1TI.D ... Mrn.hants ot ccttjn and rayon tex ilei. rear of Foundation. fb Incorporation ot Locality of MtlU, Wt'arehouiti and Olflcej. Hill End Mill. Brier-clifTo. Norfolt Sl:eel M'.il, Dirwrn liucd Stiar, Capital. Ne M'li. Darwen. Mnunt Piiar.t MilL Wate: l.e-.id Lr.uhar.1. A.bt: I M-U. Bai:ow f -rd Park Milt. Barraw C.-rd. S'.arm-iuni M.U, Bradley F-.-li. 16. Pr'.n.-e.'i.i Walersheddir.B Mill. OJdhazn. 5.6" Bhares of j each 14 Shares of 1 racri 15 nno Shares of 1 4 O'l-1 Shares of 5 eicn. S.fl'O 6 per cent. CniLilaliVB Preference Sh&res ol iJl eafi ar.rj I fl 002 t ird. nary Shaiei uf k. i ea:ti 3 dhares of 1 eah. 3 Shares of 1 ech. Coatlnaed at foot of previous column. P&KbENT DtV'ELOPMESTB. As w.Ll be seen Irom Lhe paruculAXA g.sen oixjve me bi.ne.sies ol Lhe five main operating companies have been founded over the las; 60 rais. the Trnstsi having oeen este. : . 1 isaed some 3 d y ears ago. The c Ui. neae j . un t . J a feu1 ears eo . w ere und e r en tire 1 v d 1 a Brent direction and nersh.p. It was not unti l4r46 that Mr Nadjl KiMZara . tho ?reent M& nosing Direcior, oecan to interest hurue.f La the Comp&nces. He acquired control of one otf the neeviog ixxnpaniee towards the end of 194c and, by the end of l'.)49. ho and iv.s aivxiates hd pur-LAed ior u.sh virtually Lhe whole of the share capitals of the companies, from which time the corn pan. m have rjoctue knovn as the " H&Lhton Group " With the advent of Mr Khazum. experienced id ihe Tert.Ie IndasLry. there can. a a racticaj oharLge m the policy and direction oi the companies, coupled vt.ih a vigorous programme of reorganisation and. expansion. Two addHlonal Mills, New Mill and Staxmount Mill, were acquired, the weaving machinery of one ol the compan.ee vas sold and is now De:n replaced Cry the inst&ilatiun ol automatic looms at SUrmuum Mill, the marchajiting side uf the business uas reorsannied . a .arge prijjyj.nicie ot cap.ia. erpeiaditurs was commenced. To Lheee- deve.opnienie more deLai.ed reference is made ot.uv. Lhe:r pruP utu results are a.reudy oecomirm app&ren:. MILLS, PLANT AND PRODUCTION CAPACITY. The Mills are freehold with Lhe ex.-'-pt on ol New MLB and the part ol WalArshediianga Miil occupied try the Oroup. which are neid on siiort teeLancea. Tlie fl'ior area ol tJi rr.uls totals 413.2O0 igjare feel, oi ".ix.". 30.kjiJ0 qure let je ::eeiu.di kjjj oJ.iu'D square let are hoid under tenancies The lour Compaaiies in the Weaving Secuun of the Group nve a ulj ol ) .3ii- Laniahire Loorm ot reed sp-ace vaj-yuiff from 36 incuvve to 80 inc-nes and mcjude 4 tt Jiuiq j b-jq, And 17j mei '.i Joon.fa, Ol theae, approx ima-tely 1 ,oO0 looms are ruTLriiryr at the present time, Ui pJOdrucrtiuti o. z'.oOn aggrenitinj 12 3. QOO yards per week and repreeemitLg only a part of the Urtai clotfi ni4sxcrukJWfcl cy t,ae (Jruup. uie haJ-ance haj ru&hertc been bought from oUier manufacturers Tne recent acq oisj Ucm oi SiarrzLOiirrt MiU wu. make the FanishLna' Section mdepaident of outside yjppiiM ol oloth. U is oemg equ.pped w,th 604 Nortlip Automatic Looms of 40 Lnohee to 56 inches reed space. Over one half oJ uieae Iooitls are already del4ie:ed and dj-e now oe;n InJialled and t is eipeoted that all JO-1 kx-mo wiH be in lull production by March. Im.J Tlie total output ol cloth, inc Hiding the mrput of tieae auioniauc loums. wfiicii w. is intended vo worlt tcr two S-houx stula per dMy, La esrtimaxed at 30.000 yards per week.. The Group le fully eOAiipped with aJ2 oecesoaj-y plam lor Die&cliuig. tiieirj. prir.iaina, nercerLV.nu and ftrL-hixig the cloUi woven by the Oroup "a miliS. Crease-resisting and rai.-cng fbaJ-ta fc-re being instated xogeLher with che necessary adxHtionaJ pruntan meiiinery to mcrisase the proceasmg capacity ol the G roup Irom 250.000 yards per week to 350.000 yaxdn per week Lhui aligning; tne xrooeaaunj Lipacly wjth Che e&t. mated production ol oloth. Des.-gmnff and enravuie neoes&ary for the Group's production u oarrred on ay k own expert smfl in a dpi utxaen t fully equipped vith all the necessary pam and maclunery. M t k '-na -1 1 p ana pckunf for export L6 donfl an the premises Thus it wili be seen th&t lhe Oroup is a a U -con tamed and balanctsd unit arid w.uh lhe acuuiiLlLn and equipment of Otie plant described above material benefice will accrue to the Group by way ol atill lurther Improved efficaericy and increased producitaon MANAGEMENT. LABOUR, AND RAW MATERIALS. Mr Nadj; Xlsaiam and his aseociate directors of the Operating Companies have been engaged in the Text! La Indus-.ry all tn.e.r wurtmy Uvea. Ht has a; reed to ac". as Managin Director oi the Company for 10 years. The operating ccfnipariiei w;U rema:n under the management of their present Executive D. rectors. The Oroup La well oqu lipped with technlcaS and design stalls and has approxunaicly 9O0 employee No dlllicurty is anticipated in mainuiinuuj the presenL complement or .n ob'-a.r..:n; the add.:.urul weavers lor the auiomatlc looms. Raw material supplies, suthcien; :ur the presen: ijupm, have been nidir.ta.ned, and the Directors anticipate no dlmcuity :c obtaining fucure supplies lor the esc una ted irjcreased prtxJuctue capacity ol the future. PRODUCTS. MARKETS. AND CUSTOMERS. A wide rurige ol cotton and rayon puvlns. shir.mgs. dreia clothe., lurmshmri labr.es, protective ciuihing. dr:lLs. ;eans, shretirnts and tablecloths is manulafiorcd and merchaiiied by the Group. When :ne new plan:, which is at present be -..4 .r.. dialled, is in lull productior.. the rayon clDth. output wiU be doubled One ol lhe uperating conLparLies has agreements w:;h Tixiialj Broadhurst Lee Company Luiiited in respect ol the ijfrruiion ol tntir czeise-rfca.aL.ng picn-'css ana also .n reapect of the use ot the trade mark " TclfllLIZED " on gcuda so pruce&btKi The products ol the Group, ol wh.ch some 75 per cent lall wuh:n the " Utili'.y ' range, are dis".r:bu:ed through Its own agents and to many well-known merchanting houiycs and gannem moJiul ai. t urers a: nojne Bind aaroad Approximately 25 per cent, of the output ls exported erectly and indirectly 10 some 4j cwntnes, mcludiaUj Australia. Burma, Cyprus. Ceylon, Denmark. Eire. Fiji. Gold Coast, Iraq. Iceland, iron, Indone&ia. Ma.uritiua, Malta, Nigerui. Sew Zeaiand. Nyasala-nd, Paxu:an, Rhudes.a, South A:ru:a, Sinaore. South Amer.ca, Sweden, Sierra Leone, and the Weal Indies WORKING CAPITAL. After taking Into account the pruflts earned Jro-n 3Lst Marcn. 195 3. to date and short term financial facilities, the Directors unider that the .uj:fc.ng capital of the Grp Is adequate to finance capital commitments and current trading FIXED ASSETS OF THE GROUP. The axed assets (.excluding the landj were recent. y va'ued on a replacement hftiLs with the exception ol Star mount MjjJ. Vkhih -J.aa valued un a lair i.uo taMii fur insurance purposes the Groups Valuers This a.L:atiun, adjusted to o L it Mar-'h. l'-jl, amouii'.td to i; 1.05u.lJ 5. The Directors estimate that the gotng-conuern va.ue ol the fJroup s flied ablets ma be conservatively taken at AJiOO.OOO. ivtlnn rather le.i than hif ul thai hgrt. PROFITS A.N O PROSPECTS. The rapid expniion ot the business since the present Managing Director acquired control is iaiseiy atirioutaule to the coriMdtrailt reuran:&at iun ir.t Ins taken p.it under his direction. This reorganisation has been wholly effected since the end ul the wa:-Lime concentration si1 hemes, whiuh severely restricted tht activities ol the manufacturing companies. Fur these reasons ;;ie Directors consider that the results prior to 1:?49 afford nu cnttnon ol the p:e--ejit ean.ir.; tapcity of Uie Gruup. The Increaaing net pruHt, ol tha Oroup dL-rmj; the :ast three yearb have tec:: n'mir. v due to Increasing productivity as there have been no substantial lncrets in profit margin and not itiistaiidiug the large fluctuations in raw material prices during that ptriod onJy bo:i:e ii; per tent, al tlie net pro tits has been attributable to the increase in valu? ol iu'k.v The Accountants' Report shows that the combined net profits ol the Group !r the year ended 31st March. 1951. alter making deductions on the oas:a set out in purmjraph ot the Keyort. ere i.4oU.u,fai (etore taxation 1 . The Directors estimate that the t-omuinea net prohts ot tne Group lor tlie n:at six months ol the current financial year compare avourab.y with those tor the corresponding period m the year ended 31st March, 1951. Owing to flexibility in production and the lat that the Orjup does nut re.y on outride supplies (or any productive proie.-w.es Irom the yarn atage onwards, the Group i.1- in a poiUon to take advacUupe of orders for Qualities or designs for v. hich there is a demand ior quk X deuery As most of its pruduiti-jn :s tn the "Utility " range, the policy ol the Group has been to trade with a minimum conn n 1 intent ( ur bot h purchases and hales In accordance with thL pOiicy . the present orders on hand are ec u 1 v a 1 e j 1 1 to i 0 ee k.s p rod uc 1 1 ..-n . Tl 1 e t e are no heavy com m 1 1 j nen ts f a r ri m a te r 1 . s at high p n ces : raw materials on hand and contracted lor are equivalent to -d weeks yupply at the prevent rate of product ion and have Oeen caught at a coal slightly lesj than . urrer. t marke . prices . n-.e indications, theretore, are that tlie (..unirjiried net profits lor the current Madji Khaxam and tu :s?ued 24 ,Hv9.8O0 Shares ol Is earih. credited as i uilv paid, as cons-derauon for thi he uhole. except nhere staged ot the issuea sJiire cap-ti ul the liowinii OtwraAina t,jtnpar..e v.i. V . Haig-htcn Ljm.ted ti.OO o per cent Cumulat.ve rre.erer.e Shares of 1 aach a.-.j 1 S JO J OiTUiary Sla-fa of a. l eacJiL HJ. End Company Um.ted ti.oOO Ordinary Shares ot -b ear.: rirr-vi 5o Shares. Ro xr; Enu.'is'.ie iD::' Im.ted Ord.na.-. Shares of 1 each . Ha.. Ur-.Tnthw ana Brothers. Limited (IS. 000 Ordinary Shires of all each', and Ruhard Futon kWatersheddmfi M...i L.m.:ed 4 jQ Ordinary Shares ot 5 each.i. Yours fa. '-ill Lilly. Signeoi WEBB i HALL WHEAWILL (k 8UDWORTH, U1 C'La'tfTed Accouittantl. PLRtHAE CONSIDERATION. The cons, tie ra:: on p.d by Lhe Company lor the whole ol iht i.-.arej cap.-.iia f tne uperat.iva Compa-iies lexclud.ng the 1 per cen ouistanding mtereal in on : l .i:. aLi.jtn.etu o( U4.9JSeJULl 0:dinary anre ol la each in the Conipany (credited as fuL.v ps di and uie sum of iu .n cash tContraot No lis below 1. No por;.on of tius purchase coaalderation u spe:.a-aliy p4vhie lo.- goodwill am 149. 823 may be regarded as attnbutabue thereto. Ancillavry to th-a .rariAatj.on The Mfferian Tradrng Co. Oreat Brit&.nj L-mited has under Contract No. i2t below acquired .or tai.2o the stock and other trading assets of The Nigerian Trading Oompany Limiied. which ha cosenanted not to compete and will in due course go Into liquidation The Latter company baa until recemlv carried on the mercnantlng activities of the Oroup which will m the future be carried on by On lat 10 o'i the Companion listed earlier m this Advertisement. tjENELRAL INFOKM.ATION. The Aurochs Investment Company Limited (." Aurochs ") has. under LJi.irct No be.ow. agreed to acquire the whole of the issued share capital of the Company ol a i.m Tia: Ta.ue of 1.250.000) at the price of 1 . 1&5.0OO. to u satisfied as to 1.050.000 by the 1 rankle r to Lhe Vendors or their nominees of 5,230.000 out 0l the 7,7iJO,ioOO fully paid Convertible Deferred iiha.es of 4s. each In Aurochs and as to 1 15.000 m cash. Of the 1 30.000 nominal amount 0 shaies m the Company acquired uy Aurochs, o5.000 nomit al amount (.I.e., 10.5O0.000 shares) are besng onered to the Ordinary Shareholder ol Aurochs and to the members of the Private Placing Lost ol Whitehead Industrial Trust Lnmted at the price of U. per share. Iree of sump and commission, and Aurovhs wlII make avai.a.e lor the Market ul required, not exceedinc a further U.OOO.OQO fully paid Ordinary Shares in the Company (Contract No t3 below 1 . The remaining li.4DO.00O Convertib:e tiettned Shares ol 4s. each in Aurochs are at the same time being oflered lor purchase at a price ot 4.-. tier .share tree of suiup and con.m:v:ion to the O.'d.-r.ary Shareholders of Aurochs and to the memtjers ot the 1 rust's Private Placing List tContract No (o beio 1 . Whitehead Industrial Trust Limited has. ui.Jct C.::-.:act No. t H he.ow, underwritten 37b. 000 ol the Convertiule Deferred Shares in Aurochs and : ti3ues that number tvjz.. 1.500 0001 ul the Ordinary Shares in the Company on the basis that lor tich u::it ol tine Converuble Deferred Share and (our Oidmary Shares so underwritten the Trust or it s'ju-ji.detu r iters aje to receive irom Aurochs an underwriting commission of 4l:d. per unit. AL) sales and ha.se.- ol shares under Contract No. i5i wlU be conditional upon the Council of The Stock Exchange. London tii 'granttnif permission to deai In and quotation lor the whole of the issued share cap 1 tar of the Company, ar.d ti:i granting permission to deal ta and quuution tin the form of Ordinary Shares, for i he aid d.jjO.OOO ConvertlbJe Deferred Shares In Aurochs and lor whatever number of the said 2.4M.QOO Con vertiDle Deferred Shares ln Aurochs are purchased and paid lor in resrxme to the offer of them reined to auove. such permissions and Quotation to be granted not later than the 14th December. 1951. As a resuJ of theee operations Aurocha wlii bold a minimum of 50 per cent, of the Issued ahmrw capital od tiie CooCany . and the Vendors under OocXnact No. U balow wUl bold a monunum o 50 par OtOA and a maihrryirn ol apprweunaxeiy 65 per cen. ol tn Lamed Ordinary Share Capital ol Aurooha. Aurochs has an authorised. Issued and lully paid share capital of 2.100.000 divided into 2.800,000 Ordinary Shares of 4s. each and 7.700.0OO ConTertible DerJerred Shares of 4a. each. The Ordinary Snare carry the ngtvt to the whole of the distributed profits and assets, and complete votm oontroJ. The Convertible Deferred Sliaree are held by whitehead Indus tnal Trust Lmiited k" the Tnun " i a Trust r.jr -Jie Ordinary Sharehoiders of Aurocha under a Trust Ded dated the 7lh Sepftember. 1948. as rnndafled ny a Supplemenial Trust Deed dated Lhe 12th November. 1951. Under the terms oi these Deeds the above-mentijiico D.lailOOO Convertible Deferred Bhares lall to be made over to the Vendors in part satisfaction of the sum 0: 1 .1 65.0O0 payable ic tliem under Contract So. beiw. and the r&mainliifl 2.450.000 Oonvertib.e De. erred Shares fail to oe oflered by the Trjsi lor purciiase al 4s per share (free of gtamp and oommjiiiunl. the net sale proceeds to b made over by the Trust to Aurocha. In terms of the Trust LeeiA tlie s.d j.2:xJ.OhjO ConvemibJe Deferred Shares and such ol the said 11.4.)0.000 Convertible Deferred S-i-e as are sold and paid tut in response to the offer or them 111 be automat iral lv converted into Ordinary Shree ol Auroclis r-uLking pan passu In all re&pecte with the ex.isb.na l'. 800.000 Ordinary Shatret oJ Au 1 JC hs . The lo. lotting materia: Contracts (not temg Cun tracts tn (he ordinary course of business) have been entered into withm the two years preceding tha date ol this Advertisement : tlj Dated 1 5th October, 151, between Nadjl Khasam. of Star mount, Bradley Pold, Bolton. Lancashire, and Fiora Ventou. of 5, Moorfield Road, West Didsbury. Mancheflter. ol the one part and the Company ot the other part, whereby the former belueen them agreed to bell to the Company the hole of the iued share capitals of the Operating Companies (other than 3o shares in Hill End Mill Company Li nited i for a consideration consisting In the aggregate ot the issue (credited as fully paid of -:4. 'tf'j.BOO Ordinary Shares of Is. each ln the Company and the pavment ol 10 ln cash to the venaurs or their nominees as follows, via. : Nadjl Khazam (2 J .5Hl.i .508 shares, 10 cashl, and Plora YetUu.o t .4 70.1 sl-aresf. The sale has been completed. The Contract provides that the Operating Companies save the last Xvo mentioned under the heading "'History and Nature of Busuiesa "j shall oe wound up not latei than the 31st December, 1cj54. (2 Dated 15th October, 1951. between The Nigerian Trading Company Limited 0 1 . The Nigerian Trading-Cw. 1 Great Britain Limited uif, and Nadji Khaiam, haac Heiskel Eljahou and Isaac Reuben Ventob a the controlling 6hareholders of the first-named Company (lili, for the s&:e to The Nigerian Trading Co. Great Britain, Limited ol the lollou.ng assets ol The Nurerian Trading Company Limited, namely. 1 a stork and other trading assets at the aggregate price of a7.'J,75 Ijs. b)d.. and ibj goodwill at the nonunaj figure of 1. The sale has been completed (3j Dated 15th October, 1U51, between Nadjl tthaiam and the Company, whereby the former, as controlling Shareholder in Haightons (West Africa, limited, covenanted with the Company that so long as he remains Managing Director of the Company he will procure that all transactions between the Company or its suusidiarlee and Haightons (West Africa) Limited shall be earned out at reasonable and proper prices and upon normal and usual conditions (4j Diued 15th October, 1951, between the Company and Nadjl Khazam. appointing h1rn as Managing Director or lhe Company for a period ol 10 years calculated irom the lah October, 1951, t an annual remuneration of 4,000 (exclusive of Directors' feesi. (5t Dated 15th October. 151. between the Vendors named m Contract No. (1J above. Aurocha and the Tj ut. oeing the Contract more particularly referred to under the heading " Oeneral Information " above. Under this Contract the said 5Z5O.0OO fully paid Convertiule Deferred Shares of 4s. each in Aurochs and the taid sum ol 115,000 in cash lall to be transferred and paid to the said Vendor a in the io. iowing proportions, viz. : Nadji Khazam 4.o74 4110 shares. 1 1 rj,oO0 cashj , and Flora Yer.toi, i. -.7 5.50 shares' Onder this Contract Aurochs agrees 10 sell to the Trust at par (Iree of stamp ana oomniission, whatever number of the said Ordinary Share.s m the Company ai'e re--soid by the Trust to the members of its. Private Placing List pursuant to the offer re (erred to under the head. rig "' Oeneral Information " aove. (6) Dated 1 nth October. 1 '.'51, between the Company and the Trust appointing the Trust as Transfer Rerftrars of the Company for a period ol Ave years (rum the ith October. I'i51. at a remuneration to oe mutually agreed Detween the Company and the Trust in the light of the work involved, the Truit 111 oddit.un Liemg entitled to receive the transler lees and out-ol -pocket expenses. (7j Dated I litb November, 1951 , between Aurocha and tfw Trut, berni? tlie Supplemenlat Trust Deed referred, to above- (8 Dated 1 lith Novemler. 1951, being the Underv ru:ng Aureement referred to alKive. Dited IJth June, ly50. being 13 'Iranslers by Vernon K&jhton, Bertram Haighton. Joan Shaw, Anne ElizaLth UaLghton. Srnest Haighton. Sam Preston Hajghton, Catherine CnnL Pattlnson, Arthur Haightcai. Ruth Jane Chadwick. Glyn Davies. and Tom Vernon of the enure issued share capital of V tl. Haighton Limited to a nominee for N adj 1 Ktiazam lor an aggregate consider a tjon of L!7e,u0Q (10 Dted shares gust, 1-j0j. being a Transfer t.y Florence Miidred JacltMjn to Nadji Khi 5 each m Uiil End Mi, I Company Limited (or a consideration of jj zam of 15 lully 115 uhLch was CwniraTts rtuve been entered Into ny certain al the Operatmg Companjes (':r the purchase ol plant and mach.rjc: v .n the ordinr course of business, the amount payable thereunder as at the 31st March, 19j1 Ite.lln' appro-nia:e i. L 7 . ,'J-Jij The only transactions relating to the jihares m the operating companies aufj.u.red by the Company under Control No. '1' aboe mcn have been completed wiihn toe two years p: feeding the date ol th-s Advert-cieni and in wh.ch the Vendors to and the Directors of the Company were interested are those referred to in Contracts Noe. (9j and (Iuj above The promoters of the Company are Aurochs and Lhe Vendora under Contract No. (1 1 above. The preliminary expenses of the Cumpany iesiimaied a: 11lmjuj and the eipeasee ul the issue and of the application lor Quotation realimated at 77,400' are payable by Aurochs. The expenaes in connection vith the above-mentioned oil ere ol Convert, ble Deierred Shares in Auroch (estimated al 24,550 fall to be paid out of the gros proceeda ol such offers, and under the Trust Deed relerred to above Aurocha has covenanted to indemnify tne Trust in respect thereol The last mentioned eiLpensee Include a remuneration - o: j. per cent. 01 such gross proceeds which is payable to the Tr-is-t under the terms ol the said Trust Deed. Trie Interests ol the Directors are as fojJow. . William Doug.a CdOs and James Dykes Kyle are reapeLtic.'y Cr.a.rman and a Uiret-tor of, and hoid rtapect;e.y :.KJtJ and OOU ui.y paid Ordinary . Sjiditi: - 4s eich in. A'jtufha, and a, such Shareholders ui l.c entitled, and intend, to purchase a SatlSlaCtOry I liJli"J -LJJ y J - ' ' iraiAumtij ui hj Jij..jijrw KJJKJ UiULimx y ifi luuipuy bul th.y feel cnlldent thai in lhe a:.ene ul unloreieen uuimlancei pruBl. ul cnl-r.ue u earnto " V., rV Deed d'ted he 7th SrLe V.fn 1 I ?h , Z -r, ,L V;r." .hr.i ,n the authorised share (japLtai ol the Company. iKriiini cmnje, iht ) .nrr in f.r.ir-.r K-n u. f. r,rt , ;n. r.r.rt to re 'mnend a dividend L he p I'esejzt aggregate rate The Directors accordingly intend, in the alienee ol unioreseen circumt ffir the current year at that rate. jjh;en to there Detng no miteriaj in-rea of taxation on the profits or tlie Oroup ACCOL'NTNTS1 REPORT. Llie loowmg us a oopv of the Rep-irt cf Mefitsns Webb &. HaJS . CJrtartered Accountants, the AudjAons uj t-ie Company, and ol Mes.-J. WL,e,i'ft te -S . a 1 :i Cin :-rrei Ac w .Ji L u. Ls . To the D.i'ectori ol HAIGHTON HOLI.Ni LIMITED. and ol THE AUROCHS INVESTMENT COMPANY LIMITED. 1 th Ocxober. 1 'il. 1 G U I LLMtK . 1. We nave exajnmed the Iwjkjs and audited acoounta of the compari.ea nd-med seloa (here.nter culled " the Opeit4ng CciJipaniee " lor the penoda begnnang on the dates shown oeiow and ending on tne 31st March. 1951 . V E, Hajg hxon L i mited 3 1 t M aroti . Tj.S' Hill Mill Company L:m;Led 1 fith December. 18 Robert Entwistle iDarwenl L.mcl-ed .'Ui June. 1947 '.aWie of IncoTporal.on). H thorn Lhwaate Brothers. Limited jlst March. 139 Richard Pirton ( Wj,tenhedjdinis M1..1 Limited L7:h December 1 3 B The Nigerian rradane Co. iGreat Brwain) LaLrorted ... 13.1 Apr. 19 50 lOaive trading beican 1 . Weavers az Cmvertors Limited 12J-h Apr.i, J950 'date trj-lm begar. 1 t-Jielhcr a-'.'th t:;..ise of The Nyjeran Tradoxtg Oocnparjty Lrimited 1 herejr.af ter reJerred to as " Nigenam " (.jr -.lie IJL2 years ended 31st March. 1951. The whole of Nigenan'a text lie business hwus been taken over as Irom 1st Apri., 19;j1. try The Nigerian Tradurj Co (Grewi Br JL&in 1 LaijTi,iied Z We report that the oombmecl prafiLa or lotsises of the Oprair.g Cocrtpanite tnd N-.geran lor tiie twelve years ended 31st March. Kul, arrived at on the baeaa sert out bejw. were aa fol.ows - rndfd Profits as delned beiotu beor Directors' and all Taxation I he Opera 1 n fl .V ipeicfi. C'"7patnf3 - -2- ! ial. "I i'rrrfi Promts Tai an-i Trottj lex at aifsted or e .L.jtfd- created in Contra : the capital ot The Njgersan Tj tiding Company L.m:ttd. Lo Ij.'h c-jmpar.y 1 ax ot ttit operating a were cm thf 9tn Novtmoer. 1951 . indtrcted in the aggregate sum ol 1 46.f0:) and whKh v. iti on the idnit date inaeted to tuo lulhcr c.'t the ope. a ting iompmes in the aggregate sum the rlgL-:e he.ng arrived at alter debiting u.e ai:iJltjjt payable under CuLtract Nd. (li out : 9 ! -ji 1 9 4J 1 J 3 944 '.J 1 94-1 1 1 J iJ I Ir j 1 i9.ai 3J 28 019 32 295 iv Ha 4. H 53 Z-i 19 2 -1 . J fi J 2i s.04 8 3'21 4 77 323.98 8i.71i l'J4 7 4 IT) MO 1 1 E n-a rL5 ah'ir. in C'.-mns i1 ivat 1. War Damage C - r a t:in nn Ireeho.d oujid.niji. paru r, ; p .,P'.'e v r.'m.r..i .'!! Ir. iter :n aK . n s d-. ' 1 o J-. e r a uj stint : 1' and i4i arr .n a-fran-f "h '.r.f ifl 'til -s . D r rct n rs ' r. . :i 1 -t :l 1 A'.i Tii" r. . ' "', a : rar.pa"jrr. Da.'-eci on 'Jie . "Jdr.'f '. y. ti A.. nuance ar.d Ba.an n' A. .,a.'ji t .r,--. S it c-ins.der app.-1 -pr.aie nr.ud.n? .-tmer,ti r Lhe iniii. Lii,:vor con tit u i.onipan compa:. 'it iJ 7 beiure crediting tne profits 0: Ina Nigerian Trading Company Limited to which as from the 1st ApnJ, l'.ibl . m. lie Mgt::aij l :aanig Co iLrieat iiritajD i Limjted l eotiLed iu.de r such Contract L td i is interested in Onir.ct N:: i3i a the h ,.der of a 000 ol the ICj.O'jO !u..y pj,d Ordinary Shares of l each whicn iunatilulc tr.e LapiLaj o: Haightons (West Alricaj Limited, nhich Company Ls Indebted to V. X.. Haighton Lim,ted. the amount outitandiag as at the 9th November. 1951, being 90,947 : e Is the guarantor of tht bank iiidtLttdnesb oi the suosidiary companies to a maximum aggregate amount ul 180, OOO. The Articles Association ol the New Company provide in ellect as follows, vU.. iat that tha qualification ol a Director shal. be the holding alone and not Jointly with any other person of bliares of the Company to the nominal amount ol fcloOO; 10 j that the Chairman shall be paid out of the funds of the Company remuneration ior his ervioe& at the rate of 750 per annum and each of the other Directors shall be paid t tne rate ol i50u per annum together with such additional remuneration ill anyj as shall ve voted to them by the Company in Oeneral Meeting, and that suuh additions remuneration shall unless otherwise directed uj a re&o,.utiLn ol such General Meeting j oe divided amongst the Directors as they shall aree or failing agreement equally, 'cj that a Director who whether under an agreement of service or otherwise racetvea remuneration lor any service to the Company m an executive capacity shall not be entitled to remuneration jjjdtr the ka-.t preceding ituohead unless the terms of Ute resolution ol the Oeneral Meeting voting the same oi uie terms ol hi engagement m such capacity as aforesaid ahau specintaliy provide to the contrary l (dj that the Directors 'hall be entitied to be repaid all travelling, hote.. and other expenses Incurred by them in and aixui trie busmen ol the Company, including their expenses of travelling to and from Board or Committee Mr tariffs or General Meetings, ifi that an Director a ho serves on any Comm.ttee or ho devote ipecial a - :eni ion to t..e business t( the Company or who others tse performs ier vices, hich in tne opuaion of the Board are outside the scope ol the ordinary duties of a O rector may o pajd such entra remuneration by way o: iaiar, percentage ol pronto or otherwise aj tlie Board may determine; Ifs that a Director may hold and rece.ve :em-cieration in a prot es.sional capacity for tne Cnmpany in conjunction with hla office L.: Director, igt tl,dt no Director or intending Director shaL ue disq uaJ ifled by nis office from contracting j.,ih the Company, either aith regard to his tenure of any sjct other office or p.ace of profit, or as v-jjdor. purrhaier or otherwise, nor ihalJ any such contract, or any contract or arrangement entered jnto oy or on uehalf of the Company in which any Director is In any way interested, be liable to ue a v j.dtd. nor iT.u: any Director 30 contract mg or Lremg to interested be liatiie to account to the Company r-.r ar.y protlt r?alied by any such contract or arrangement Ly reason of such Director holding, LhaL ojQlce. or of tne flCj ciary relation thereDy established, provided that the nature ol the interest of the Director .n ji.D .vnti-t-t or prupuied xntract or arrangement be declared at the first meeting of the Directors t :..'h to tJje kMu'.ea-re ...1 the Director concerned tne qLiestioa ol entermg mto the jams U Qrii ir.". i.i..-.de:ai.4jn tt r..A mtere.il then eAiti, or tn any other ca at the next meet in jj of lhe ne.u alter he became interested, b) that a Director sriaU not vote m respect ot any conUact or arransement m which he is so interested out so that this prohinilion shall not apply to any contract or j.-i-.f e,; ri.iereo ;lh another cmpar.) mere ttie sJUe .ntere-i ol a D. re' tor is that h is a D.rt h: t: r editor or member or employee ol o: 1-. a shareii'jioer in the rompn . ajth which su h t.in1 : j. 1 : a: rangement :s to be made; or to any matter or arrangement in f.-mnei '...m with any pension r a; .ieme provided lor by the Articles r t: an r uritrar t I. -.ted ns pr p jsd 1 1 ue listed in any ' i'ZL -r- ..- : Offer for &ie or Notice Ior P'j:.,.- .n: -rrr.Jijun .n re.ai.n u shares or deoent res .n t::e L-jn.yanjf or Statement m lieu ol Prospcts oi the Company fthich ta pubi.shed or filed itn.n m.r... aj . alter the dale of converiion ol the Companj inlu a Puolie Company. jj that the Directors iiii) arraj.tif that any branch of the uusanesa earned on cy tne Cinany or an other oumes in n Ijjcji may De interested shall be carried on oy or throuau one or more suosldjary companies .:ereM :n H... End M... Company L.m.ied , T:-.r m,ni dec'Ju-reO, lrtr Depreiaf.on m arr.vina at the pron :ur -jlo .. ear ri.ji-u .''. .s - o 1 3 ajjiTLt uie es.-.ma.ea (Uiure onarfce id .ne rns w- ,.aL 1 ma appoint, remove and reappoint any persons he trier m-mers o: their un oody or aotl to act DrevrV a.tita oi the Fixed Aets at 3 ; at Marv 1951 We are 1' tn1 : D.re,ws. Manam Directors or Managers ol any such company or any other company in which aL. uc ar.::en up :o the books of uhe Operate CornpajLieii o uie a.ua-oa ngres ..... . : r,-.- . v n tr-t - 4. th rmunmr luh.r - TZt -i- 3 Ttie cotmhsned net proAu shown ln Column (41 above for the year ended 31 March. 1951 . after deducing the sum or 7.8t'J to cover the estlmarted unreaiieed inter-Company proha included m s-.ocks and an e r ded uc : .ng on the future has j D irectrs ' Emolum rnts 1 3 , 7 5 0 and De p rec :at .on 19.945 (ajjalnst 8 075 already prondedi tocether with 13.252 tn respect of Laxatlon on the tos3 equivocal of DopreciaHoo to th extent to arh.oto it exceeds the amount a-lowed for taxation, would have amoumed to 4 80. 592, 4 The loHowmg is a statement of the combined asaets and llaoJitles of ttie Operating Companies, based (a as to the fixed assets on the value at the 31st March, 1951. a-3 estimated by the Directors accordance wrth the paragraph headed " Fixed Assets of the Oroup in tne jr-articu.ej-s 01 ni.wu m .s ilio on p roll u or otherwise oi any person so ap po in ted. and that an y Directors of the Compan y Holdns Limited, and bi as to the remaincna assets and liabilities on the:r last audited Balance Sheets . deU:rmme 'It l dated 31st March. 1951. attar makings iutti a Due men us eonsider appropnate . . '-' prjMdmg P ,. na that fi FIXED ASSETS Directors' Valuation Freehold and Leasehold Land and Build. r.gs Piant, Machinery, Futures, Fittings and Motor VchicjCa Deposits on Machinery INVESTMENTS Quoted (at cost). (Market Va'ue 47 ) Trade tat cost less amounts written oBt ... 509.898 CURRENT ASSETS i(.vk u ce:s.!ted cy (hi Direr'' r under- n f t h 0 Op r a ( 1 r. g rr p n . i 1 1 Am Ca.- n ad var.cr and Deivi' r.d at Bank LSSS : CURRENT U ABILITIES -Trade Creditors and Accrued Charges Bank Overdraft Current Taxation Loan Creditors Preference Dividends Creditors (or Investments boocht 163 2 4 73 010 10 7.979 3.786 908 5.327 NKT CURRENT ASSETS Btock and other trading' assets of The Nigerian Tradlnc Company Limited at 3 i. st March. 1951. now taken over by The Nigerian Trading Co (Great Britain 1 Limited Lest Amount due to The Nurerian Trading Comoany Limited Lea Minority Interest tn Hill End i Oocnpanj Limited NET ASSETS exclusive of Goodwill) attributable lo Haighton Holdings Limited 97.275 97.75 Notes (i CatKtaJ CoenmtUneBU entered Into but not provided for total approximaUly 173.000 () In the Accounts of tha Operating Co captures, pro flu unounoc to 157.446 have been appropriated to cover eatamated Incom Tax due on 1 t Januar. I"t52. (c) Ha.ghton Hold.nce Lnited wiU te enuued to the whoLt of the proftta nf the Opermtnf Companies (apart from 1 per cent, of those of Hill End Mdl Company Limrttd) frra 1st AprL.. 1931. the who. trf which from this date to 15th Octooer, 1951. will p treated 07 u as capital. may retain any remuneration ta payable to them, (j) that the Directors may establish any local board or agencies lor managing &ny ol the aSalrs ot the Company, either in tha United Kingdom or elsewbere, and may appoint any persons to be members ol such local ooards. ur any managers or agents, and may Ox their remuneration: ( that the Directors may from time to time appoint one or more of their body to the orhce of Managing Director ox to an; other executive omce lor such period and on such terms as they thnk fit. and that a Director holding an; such executive afBce as aforesaid &eal subject to the terms ot any contract between him and the Company r receive such remuneration (whether by way ol saiary. commission or participation ln profits, or partly in one ay and partly in another 1 as the Directors may determine and he and his dependants may be pad such pension or gratuity as the Director may that the Directors may institute such iunds. trusts or schemes as they may deem expedient pensions, life asourance or other wrneflu Ior employees or ex -employee of the Company. or such purpose any Lirecturs re'.ei . ng remuneration irom the company (other than lui n : ar,a or truit or members of any such scheme J other qualified under the provision thereol . 2H 000 I hai may receive and retain all benefits to which they in become entitled ttoere under, and that trie U00 I j;reciora pty out oi the Company's monies any premium or contnutiuns oeiommg payable by the ' Company under the provialons of any such fund, trust or scheme m rti-cct ol Directors who are beneficiaries 500 OOO 1 rricrender r members thereof; lm that save and except so far as shall be avoided oy any provisions of the 9 .fc9d 1 s-a les the Directors. Auditors and Secretary and other officers for the tune betas ol the Company and the Trustees uf anyj for the time being- acting in relation to any of the an airs of lhe Company and their respective personal representatives snail be indemnified and secured harmless out ol the aaaets ol the Company :urn and aga.nsi all actuma. costs, charges, losaee. damages and expenses which they or their or any ol their pernor, a. representatives snail or may incur or sustain 07 01 boj act ovik, cuMunnj i&, or . - j 1 i-tn fcri.i as they shall incur or sustain mroLgb their own w.Jtu neglect or default respectively. Li 4 j3 ' Tn Aivertemen: u not a pubi.e ofler ior jwle rrf any of Uie H).5-MfVMJ Ordmary Share in the J " ! f T.pir.-. the a.4jO,'jOO Convert. tile Deie: red enajea m Au.-ocha referred to above, aach shares will be -a pr .iHly as stated above. No part 1.1 :r.e proceeda of ether plac.ng w.ll &e rece:vrd cy the Company V-.-i a.1 j'ts are to be provided thereof. : a.r.j ol the matters .-efened to ji parag:apii 4 of Pan 1 oi ::.e Fr-.T schedule to the companies a. . . r" S- Amo have been pa.d. or asreed :o o- pa.d. :o in; Director ol the Coaipany. or tn any Ann ol which ne j a memoer. m cash or shares or utnerajrf ay any person either to .aduce nun t become or to quality r..m as a D. rector or other lor services rendered by nra or by his iirm in connection with the promotion or lo.TTiaiion ol the Company Except as spec.fically mentioned abova, ao cash, shares, securtt.ee or other oenets have been paid or given to any promoter during the two vcars precedlns the date ol this Advaxtiae-mer.t. nor is tt proposed to par or give any cash, shares, securities or benaflu to any promoter. Except as jgpecJcally menuoaed above or In the ordinary course ot oos.neaa. no property has been purchaeed or acquired on capital aeooont by the Company or any 01 lap ooenpanlea in tha Group daring th two yesux preceding the date of this AAwtasKneot. nor, except as aforeaaid, does the Company or any of the Companlea m the Group propose to ptzrebas or acquire any property on capital aonocnt, nor nave any rnmmlawlona. discounts, brotearagei or other special terms been paid or given to any person io connect loo with the lawoe or sale ol any share tn or etebaatnroa ct th Company nor (except as stated, above) is it Intended to pay or give any such rornrnlTW, dUocvnta, brokerage or otfaer aper.'-al temu to any person ta connection therewith. No shares in or debeaturea of Um Company are onder option or agreed to be pat under option. Messrs. Webb & Ball and Messrs. Wheawtll & Sud worth respectively have given and have not withdrawn their written consents to the issue of this Advertisement with the inclusion thereto of the Report set out aoove in the form and context in which tt ts included The documents attached to the copy ol this Advertisement delivered to the Registrar of Companies are copies ol the jetters under which the said 10.5O0 OOO fully paid Ordinary Shares in the Company will Le placed trie untten comnts relerred to above, cop lea of the Contracts tLited above and a written statement by Meurs. Webb & Hall and Messrs. Wbea ill & Sudworth setting out the adjustments made in theLr Report and giving the reasons therefor. Copies of the Memorandum and Articles ol Association of the Companj-, and of the ebcv mentioned consents and statement, the orisinal oi Contract No. (1 above and oi the Accountants' Report, and copies ol the remaining Contracts listed above and of the Trust Deed dated 7th September. 194B. mentioned above, and of the Audited Accounts of each ol the operating companies for tl.i last two financial years, may a iren at the office's of Messrs. Hodgson At Baker, 6. Throgmonon Street. London. E.C.2, during usual ru.xiness hours (Saturdays excepted) for a period ot fourteen days from toe date of publication af this Advertisement. Dcjied l4tA November, 1951. 1.1 14 1.100.177

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