The Guardian from London, Greater London, England • 12

12 THE GUARDIAN Tuesday January 24 196? COMPANY MEETING News from the bourdrooms AVON RUBBER COMPANY Turnover Increased by 7 Investment analysis by computer 9 Let's choose executors with ROLLS-ROYCE'S STRONG ORDER POSITION CENTRAL WAGON PROFITS UP AGAIN DECLINE FROM WESTINCHOUSE ROLLS-ROYCE. A strong order book for all major products and particularly for gas I turbines is reported by Sir Denning Pearson, chief executive and deputy chair man. He writes in Bristol siaaeiey News" that at a time when a general recession has overtaken thn pap inHncrrv the now R.R WESTINGHOUSE. Hit by reces- WILLIAMS DEACON'S BANK LIMITED ST. MANCHESTER 7 to 26.6 million.

3.8 million was in direct exports and a large part of the remainder was in. products which component parts of other exports. Sales at the beginning7 of the present year have been satisfactory but with the economic diffl-' culties now ruling last year's level of profit will probably be difficult to maintain. On the other hand I believe that we have the organisation and production facilities to tackle the task. Avon products maintain the models have been exceptionally year and against a background of nroflt before tax of Westinghouse well" received.

"The oil engine generally gloomy company news, roJ, Lmbled bv 30 division at Shrewsbury will be the figures stand out like a beacon. Brake and Signal tumbled by io even busier during 1987 than it At the pretax level the group per cent last year. Trading profits was last year. The nuclear sub- notched up a gain from 147,398 to from the Indian subsidiaries drop-marine programme offers continuity 409,391, and even without the 1537000 and thus are of work stretching well into the inclusion of 81,129 of profits Pea '-u T. future.

Research, engineering, and (63,645 preacquisition) from nine Snm 17 development capacity will be fully months of Tangye, this has fen? tS One Snlote-utilised on existing products and established the group's recovery, million, to "5 nf f0 in the initiation of new projects." Unfortunately for shareholders sUitWe dire" One major decision has been Treasury sanction for an increased be interfered with, and tne oirec-taken after the merger with dividend as forecast by chairman. MJSJkJVf Bristol Aeroplane Company and Mr P. Fine in June has not been we; again recommending a An ot Bristol Siddefey engines, Sir Den- obtained and they have to be ESSLIiL IS? JI The annual general meeting of Avon Rubber Company Limited was held on January 23 at Melksham, Wiltshire, Mr. C. M.

Floyd, O.B.E. (the chairman), presiding. The following is an extract from his circulated statement Group Profit for the year before taxation amounted to 1,288,405 (1,217,922 last year, which included 122,845 from Moseley not applicable to that year). In my circular to Shareholders on 1st July 1966 giving details of the Bights" Issue offer, I said that subject to unforeseen circumstances and unless trade was affected by economic conditions outside their control, your Directors expected profits for the year to reach 1,300,000 before taxation. 'The measures announced on the 20th July to deal with the economic situation brought a sharp fall in tyre sales during August and September, usually two good months.

As a result the final figures fell short of my estimate by a narrow margin. However, our sales of tyres in the home replacement market returned to normal in October and under all the circumstances I think the profit fo the year can be considered satisfactory. Group turnover increased by THE TEXTILE TRADE Markets for cloth on the Continent By WILLIAM PILMNGTON With tariffs on manufactured goods now removed to trade the European Free Trade Area and with the possibility of British membership of the European Com- h. mumty again having to be taKen into account British industries are giving more attention than Aver in tnnir chances of mcreas ing their exports to the Continent, The Lancashire textile innustry has an especially strong incentive to do this, as its trade with Asian ana liaun-Amencan raanseu iiao Hurini114 in a VirhmllV negligible volume, while its exports to Af ri- can markets have fallen sharply in the last year or partly, but not exclusively because of un- lavuurauie jiuuhhu tmuiuuig. -f any Continental country depends largely on the condition of textile trade generally that country and in this respect the West Euro- pean picture as a whole shows an uiicwu wwmuww shade.

river frnntinpTital Western Europe as a whole, according to ine laiesi reports, conon production has recently been running at a level about 4 per cent greater than a year pre- viously, though 'in the first half of 18B8 the corresponding increase was greater. Output has been larger than a year previously in Italy, France, Spain, and probably Portugal, hut there have been declines in Germany, Belgium, and the Netherlands. Trading con- among nave oeen uniavuurauie the three last named countries, with shift working curtailed in some German mills and one large Belgian mill closing, permanently, In France, also, the situation has changed for the worse since the EXPORT NEWS Russia buys fibres and medicines from Britain The Soviet Union has placed Products Company, of Surbiton orders for man-made fibres and Surrey. The contract was signed prescription medicines in Britain, in London by officials of Medeiport, Courtaulds is to deliver 5,000 the Soriet State purchasing tons of man-made staple fibres, authority for medical supplies, worth more than 1 million, to It includes an urgent 35,000 Russia in the first three. months of order for negram, a recently dis- 1867, a company spokesman said covered drug used in bladder and' yesterday.

"It is hoped the con- kidney infections. At the request tract will be followed by further of the Ministry of Public Health of highest reputation for reliability as instanced by orders to supply our car and ether tyres, for the first time, to the Ford Motor-Company. New orders have also been received for the supply of truck tyres to the Leyland Motor Corporation. The Vauxhall Company, who have fitted Avon tyres for many years, have given us substantial orders for our new, ultra low profile car tyre recently developed, and we continue to receive original equipment uiuers from the Rover Company, Rolls-Royce, Aston Martin and other, companies, Export orders for Milking' Machine Parts, other Precision" Products, Inflatable Craft, ing and Components for vehicles' made overseas, continue to 'The report was adopted and a' Lutai uiviueiiu ui J.00, icaa ioa, approved. trie ussk, ine nrst 50.UOU negram tablets are belns air-freishted tn' Moscow this wees.

The Russian demand for negram follows a recent series of clinical" trials carried out by Soviet doctors using supplies of the drug provided by Wlnthrop. THE POUND YrriA'tlir finm VUICLIJ 111 111 Sterling ruled quietly firm -mjnet Cnnn afau.oi. Lilt; wuAUu cvaita uuui, forward in a moderate two-way business and closed 1-16 point up on the day at 2.793-32. The closing trend was helped by a fairly irnnH rfamonri fnf nniTnio i Noin York. Senfimisnr.

in the mnrl was helped by. the statement of Mr Jay. the President of the. Board of Trade, on Britain's export achieve- ment in 1966. price of gold fell Id to zd- silver was uncnaneen at By RICHARD M1LNER Computers are quicker at calculations, but can computer analysts actually make for more profitable investment? Two actuaries, Mr D.

Weaver and Mr G. Hall, have worked out a system that might show improved results. It involves expressing the yield on a share interims of three known factors (dividend cover, past earnings -growth, and variability) together with two' estimated factors (short-term earnings growth and long-term dividend growth). As they explained to the Institute! of Actuaries last night, the' weight" to be given each factor is determined by regressional analysis a technique that the computer makes much more practicable. The I0A reports: "The actual results achieved by the system knn fnltawerT since Novem ber, 1963, and suggest- that it might enable portfolios to be selected that will perform about 3 per cent per annum better than the average." The result is regarded by the authors as sufficient to justify continued experiment, particularly with a view to introducing their analysis some of the many other factors which are known to affect relative share prices." But how are those shortterm earnings and long-term dividend forecasts arrived at? And that crucial relationship between share prices and share data? "Here 'the authors have jnade use of their experience as investment analysts," the IOA comments.

So maybe it's the men ana not the machines that produce the results after all. RAW COTTON TRADE Pakistan in demand 23. Demand was well maintained for Pakistani descriptions offered for shipment through to the summer and forward offers of" Nigerian cottons also attracted buying response. Spot and nearby shipment offers of Turkish' styles were requested by spinners covering nntefnnrlinfv reail irementS. but other growths were rather slow of sale.

Spot and shipment sales returned totalled 3.675 bales, including Mexican, South Brazilian, Nigerian, Pakistan, and Turkish. In the official values Mexican GM and SM 1 l16in, were reduced 50 points, East African No. 1 BP52 increased-25 points, BDM increased 50 points, Pakistan Sind Desi increased 2a points. AMERICAN FOTUBES Mart dose Piw. oloje MMh 21.50 M.J 2150 31.50 July 11.50 21 50 Ortoter 2J.5G- 21.50 December 2150 2150 MaroB Z1.50 Zl.aO uu 2150 n.s Wem York at Liverpool's dos unchanged.

Pilots (rent per In.) Mir. 21.40. May 21 SI. July Z1.9 Dec, a v. Oot.

22 50. SUDAN' FOTUBES Today's c)a Pnic)0M JamiMT 28 50 28.50 Mircti S8.50 M.50 Mn 29 50 2150 OFFICIAL VALUES AroMicm mWdllns "itln. BrozllUa Patuo No 5 laln 310. rcrurlao Isssuls Ho, 3 ligin. 35 25.

Mexlcut ralddUrjf lia 23.00. Sudan Lambert So' 6 23,35, Kmv vniur. 23. nottrm tutnres were steady throughout the d7 but actual tmdtnsE was vtrui( no new feature developlnc Price quotations were entirely lSkuujjed. from those of Friday's clcee.

and mere were no etjxa ouruix uie acasjuu. NEW V0EK FUTURES Today's close Hih Low prer. dose Mar. May July Oct. Bl.w ..21.81 ..21.90 ..22.50 ....2273 ....22.40 Dec, Mar.

May July WALL STREET Fractional gains NEW YORK. January 23. Market advanced fractionally today in active trading. The Dow Jones industrial average rose u.st to Close at 847.72. Volume increased to in.83n.non shares from.

9.530.000 shares last Friday. summer, the' volume of near orders jjavtog contacted and rttaf gne cause ms situation, has been the- depressed conditions in other EEC countries, especially Germany. French exports to Ger- affhut imnorts from Germany have increased, Italy is the only EEC country where K.innt thnuat. 'domestic consumption of cotton goDds may be affected adversely By the increased taxation needed to pay for repairing damage done ny me nooas. T- imnile fr.Tm this oap of coutries as a whole have" changed little quarter by quarter over the last 18 months so, but France and the Nether- lands have tended to lose grouna Willie eajJUlLS, X1UJ11 UCIUIOJUJ, IWlf.

Belgium, and Switzerland, and possibly also from Portugal and Spai' nave increased. Several European countries have been exporting more cotton cloth to the nucu scutes in recent miuia, where there has been a marked inproasp in PnriuEmese exrorts to the United Kingdom. Exports of man-maue nore uunua nuiu Continental Western Europe, after rising steadily for some years, now seem to have levelled off, though Germany, Switzerland, and proo- ably Austria have recorded larger figures. prospects, accordingly, are not bright as could be wished, but these markets are conveniently situated for British exporters, as directors and salesmen can easily vjSjt them and seeK our qppor- tunities for themselves. There should be scope for high grade cioths and novelties, and curtain materials and hpholstery cloths are another, field which should be worth exploring.

sumo (more, co the London wool toes. narkei oiosed slaay, two ro ten pauvis rdgher. dosing prices ipenot per mm. 106M01.2 with 100 8-106 5 paid, 106 5 with ICG 3-105 5 paid. Julj 105.4-106,5 wim laso-itca pain, oot icst-icras with 105.3-10S6 pud.

Dec. 1036 105.5-1055 Wlii Mir 105 3-105 5 with 105 5-105 0 Mid. 10s 3.105 5 105 c.105 Jni, 105 3-105-3 irh put. 3iia 13 low tts goib smMitr uu. S5 S.

SSf S' oat. 60 ow Mar nesai 55, vuy co otct oot. Oct i yirDit. 57 morer gff OK- BMtt SYDNEY. AH ducrlpUonf of merlnD flwee BMrUn were quoted In ella' favour comptred with the previous wtti'i clojinr Snader na demarm wu keen tor comeowii crosibied, and CKdtaB woou, ratei for eK remiiulnE Ann.

There vu sood ana irKmprtid competition from jpmi, the continent. Eutem Europe. WOOL AND WOOL TOPS Better tone continues for merinos BRADFORD. The better tone In are Irregular, both for topmaking mtin oiTp- wodoei Vet continued todas- Merino wools laaaiiig on considerable weights of of good style and, character are New Zealand wool in support of standing up well to heavy offerings' that country's minimum reserve in primary" markets, encouraging the Ume.Joth and. spinner-manufac-.

exossbreds, for which there is no turers to believe they have little to floor-price scheme, are selling often lose, and possibly something to' below the Mew Zealand reserve gain, by extending their cover in leveL tops at the prices now available. British-grown wools are meeting The past days have thus seen patchy demand. Some speciality reasonable business, mostly in 64s types are selling' reasonably well and finer qualities, and merino top and Scottish blackface qualities makers report further inquiry auctioned in Edinburgh a few days today. ago were in good demand for the The total volume yet placed is Italian mattress trade, but many not large when measured against other sorts remain neglected. CENTRAL WAGON.

Profits leant, ahead aeain during the last freeze is that cover tor tne pay- ment is now dec dedly generous at 2J times. Assuming a straight 40 per cent tax charge lhoh Z4.6 per cent, it iooks as tnougn WKSS Prob.ai"y. makInn the running and tarnmg a contribution moreover for a Period of 17 montns. ine half year is the best one Jr electric storage-heater sales, but CTed it restrictions should be a Kstramlne influence Turn two subsidiary companies of the Associated Motor Cycle group. iMWMAS BUNU wutti'H awu SONS.

Discussions have been taking place with O'BRIEN spinners and dyers of Cork, Ireland, wWh also cpntrols Kincora Car- VSSf Cork.Vth a view to Bond THOMAS BOND WORTH AND worms acquiring a suDsianttai holding in O'Brien Bros. Details wUi be announced when negotia- hons are cpjrnpleted Kincora makes DICKSON. Shareholders of the timber group a fa. tn iraf a nan nonf i Jitflflm Last time, an interim of 7i per cent for tax reasons was followed by an thechairman that the indication, of the final, which will depend on the year's results. Pre- tax profit for the half-year to September 30 has fallen from ejbb.ouo to aaos.ouu.

Mr uarDy explains that United Kingdom turnover and gross margins slightly declined, costs increased, and stock values were adjusted to bring them into line with replacement costs. Even so, all 'the United ITfnrrrfstm mmnsnioc aavnaA a rtrnfrf jn grst six months. Apart from a slight setback in Malaya, tne Far lastern subsidiaries enjoyed favourable conditions and their combined results which represent a material contribution to the a "material contnnunon to tne group's profit, slightly Improved. feh afrVan cnhdrTisrlu made The African subsidiaries made iL. Th i in Titaris.

much reduced." Sawmilling operations in Ghana will cease on January 31. TOLLEMACHE AND COBBOLD Bfoup, is keep.ing. its dividend at kaenmff ts dividend at nei- cent with a final of 6 per nt to 37,0 before 143,215 t0 leave a nt of Wi and orfll' earnings of lt.B per thaes for paym1nt a gross basis. T0M LOAN OFFER BY HP GROUP MERCANTILE CREDIT, the hire purchase group, is to offer 10 millions of convertible unsecured subordinated loan stock to its rate of 71 per cent, with a 1987-92 redemption date, but has tie extra attraction good conversion terms. Each, aoff of stock is convertible in 1971, or 1972 into 110, 105.

and i00orainary shares respecUvely, equivalent to prices of 18s 2d, 18s Id, and 20s for the ordinary, They now stand at 17s 7d, and were as high as the first conversion snarenoiaers at par. ine shock 7, snares. Jjazarauroinersacearraug- ing underwriting for 8,496,180 of tne issue. Westminster Bank and Martins Bank, major shareholders in Mercantile Credit, are entitled to subscribe for the other ot wesuiuuaiBL has already undertaken to subscribe for its full entitlement James Capel are brokers to the Issue. nMDOnM ANr, EVERSHED.

Shareholders of -the Burton-on-Trent brewer are to get an interim dividend of 4 'per cent In 1965-6 a 12 per cent total was made up of a 9 per cent interim and a 3 Per cent final and the board headed by Sir Clifford Gothard, intend to resume the normal pattern of dividend pay- ments this year. Meanwhile, the pretax profit for the half-year to September 30 has slipped from oenieniuei ou una fl-w1- 470,000 to 458,000. ProBts include the beneBt ot Budget duV ori stocks of 24.000 in I960 nftlTPVIWftThe ihiDDer exporter, and general merchant, nnnno- nn nerm OlVl- dend of 8 per cent Pre-tax profits fell slightly in the first six months from 325,000 to 322,000. PLATHER HALESOWEN. The immediate outlook is not satisfactory and a further reduction hi profitability can be expected unless there is a sudden improvement in the economic climate, Mr Prank Kershaw, tne chairman, states this in his annual report PLACE OIL AND GAS (U.K., i in the Lanca Qhiro area with Burmah Oil Exploration, has found gas aria oil in Whltmoor 1 bore tne Lancaster reus, oui uic stated that it was not present in commercial quantities, HAMBROS BANK is amagtag for a $15 millions 6 per cent 10- vear external loan for the Nor- wegian State and municipal power consortium SIRA-KVINA KRAFT- SELSKAP.

The loan is to be snhnrrihed iointly by Hambros and the Stocholms Bnskilda Bank, and application is to be made for a London quocauon tor uie oonus London brokers to the issue are Rowe and Pitman and Strauss, TurnbuU. ALLIED INVESTORS TRUSTS has announced that, in response to the offer of 500,000 units in the Allied High Income Unit Trust at 5s Id per unit, applications were received for a total of 1.740,930 units. Applications are still being received and additional units are being created to meet the excess demand. AT A GLANCE GLENLIVET AND GLEN GRANT DISTILLERIES. Int.

15 p.c. (same). Int. report will be available at beginning of next week. THEODORE EMMS.

Final 15 p.c. making 30 p.c. (same). Div. on 797,500 shares has been waived Group profit 227,129 (225,333) before tax of 92,500 (83.000).

RELIANCE HOSIERY (HA LI. iiv. zzj p.c. nei profit 36,435 after tax 23,326 In 1965 also struck after writing 6,034 off goodwill. Hnn anri rWnlnaflnn In India.

"XX.I ram? "mi ffiSgif; c'minilonTarainst 27 7 akfi ffi 'fnargins wfa Td have 1 1 A 4- iVin Sent year will bring any great The sroun's Dositlon rrf SlSr the Grlsharn yd Craven subsidiary cut rte from 308,000 to 119,000, SthJbSuth cautious opU- ian expects Gresham in its new gctory Chippenham to turn In a pront in the current year. ROBERTS ADLARD. The interim dividend of the Bromley roofing contractors, builders1 mercnanxs. has been cut from tne equivalent of 3.75 to 2i per cent The turns in an estimated nei for the six months 30. after charging to sepiemoer oy, tuux.

24 500 ta. Tto compa unfavourably with the io eiped for the wt This compares 1965-6. merely reflects the general trend in Uie industry resulting from credit restricUons and increased costs. He adds it is difficult to see any improvement in he immediate future, while recent failures in lcf. Bo ment of essentia! buUdrng can only mean postponement, and therefore the group's long-term prospects are perfectly sound.

GOOD START BY SAMUELSON SAMUELSON FILM SERVICE has made a satisfactory start as a public company, Mr S. W. Samuel- son chairman, reports a pre- rofit for the six JJff SBieSVfie he thiA fP'm that the fficond cotS c-y. nrnfltnhlp at the asBt Tlikelv that flTst ne. says pre-tax pronrararecast less than 200,000 for the whole nf 1966-87 wiu be justineu.

tie empna-cicos wintinuine expansion requires the highest possible amount of retained profits and for this reason the interim uiviaenanas kun mahwil nn SAO RKS shorAR lipid Bv tne directors and their wives. "SSai5n nnrts that Samuel- wSStoSi 'ShTSbd mi Eauipment Service AG are now formed in Holland and and Hist a hgifof their ordinary capitals have Sw avallabie and will.be subscribed lor oy me samueison Film Service at par. The consider- auon ior tms suoscnpuon amoums to1 Dutch FL 5.0DD and Swiss 10,000. JOHNSON, GIBBONS'S shares will shortly be appearing on the Northern and London Stock Exchanges. The company Is the amalgamation 01 tne oia-esiauusueu ZSSm'mtouA Johnson.

Clap- ham and Morris, the metals and hardware merchants, and the privately owned London based business of Gibbons Skinner The new company will have a national coverage in the wholesale distnbu- tion of a large range of hardware, garden implements. and iron and it is, stated. Tile Northern quotation of ohnson. 1 fni company are uumuig i market through an introduction, and the brokers mvolved are Laurence, Keen and Gardner in London and Henry Cooke in Manchester. unnup Tnntrarv to forerasttte tfrectois rtn whoil fortoiei of Bra'd Group, whose 'ULSta decided to cut the dividend by 21 points.

The final of 15 per cent brings the total for the year to only 22 per cent against 25 per cent last lime. With pretax profits down by 26 per cent to 228.130. the cut might seem Justified, and jn fact the board has probably taken past experience of credit squeezes into account. Caution seems to be the- policy this time, snee on a net profit attributable since on a iicl prein criuiuucauic of 1.32,467 earnings of 41 per cent provide good cover even for a maintaine dividend. However.

company best, and something put a 7 WlsC. METROPOLITAN GAS METERS. Div. 20 p.c. (same).

Group profit 19,692 after tax 10,960 COMMODITY PRICES Copper again METALS COPPER quiet. OfflclU prlcei (morning clcxe)- Spot 445-44510. settlement 44510 AfiemooD imafQcuul: Spot 443-444 Saks 2.075 tons. TIN. Quid omcUlj Snot three mouWs lettlanenl 1,139 Altemooo Spot three monthi 1,200 Silca 150 tool.

LEAD Quiet Olllclal' Spot CTMS-T9lT6, three months fgO-MV2C. settlement 19176. Afternoon: Spot mXS-SSd, three montns 90-S036, settlement 79176. Alternoon: spot 7915-oa, three months S0-S026. Sales 2,050 tons.

quiet. Olllclal: Snot 10010-101. three months 9715-137170, settlement 101. Alternoon: Spot 10010-10015, three months 97i5-97i7o. sales 750 tana.

RUBBER LONDON. Busier: No. 1 RSS Spot Benaonenc ttoioe: feo mm ia'ie-18: Mid; March 1S-1BU: April lu-'i: L-june Januar7-March loiB-: Anrll-June 10Z-'a; JiHr-Eeplember Wt-'i: 19-Bs. No. BSS c.lt baac, ports: Feb.

ith-is. March. 17'4-', Pale cceoe. thin. Feb.

la4. Pale crepe One. Feb 19'i. No. 2 HSS balic ports.

Fet. n-u, MaTch iri-34. Ko. 3 RSS c.l.l., basic ports, Feb. 17i-ib.

March rrn-H. COCOA LONnoN. Steady No. 1 contract: Mat. 2140-150 wllh paid, MaJ 2170-2176 with 2176-2146 P'd: Jf 2190-21S6 with 2196-2166 paid.

Sept. ZflV-2216 with 2216-218fl paid. No. 2 contract. AujT 217C-2196: Oct paid: Dec 2106-2206 WUh 320O-2180 paid' Mar 22OC-2210 with 2206 paid.

Ma? 2216-2230 Basla good femented Accra Laeos per cwt In bags Soles 1,097 lots. The shipment market was fleady with Ghana good lermented. Dec -Feb MS'O-SlTiJjJinij-Mar. 2163-2180 Feb -April 3176-22011. c.l Continental poru NEW rortK SteadT, Spot BahJa 26 lisal.

Snot Ghana 2S' I27'l ures Mar 25J53 25 401 Mar 125 631 July 126551'. Sales: 1.674 lota (1.0651 TEA LONnON. Today's offcrlni "rt Indian, Alrtcan and other miscellaneous teas totalled 32 53 padcojes. There was keen compel Won (or bright Assam, CTO. and best quality Amcan.

prices for which Here llrm to dearer. Dooars showed Ultle chante on ll vtaa pplces. Closing lj Market Ram Closing Rata New a.79-2.79, a.79-2T9 3.W4-S 00'. S.OOVSttl, Amsterttua 10.061i-lo,oeaa 10 BruKflj. 139.46-139.50 133 Copturagen 19J9-1 1UM1J0U a.KCt-ll.M'a Lisbon'.

80.12-80 MllSO 1.7H', Oslo 19.MS.-19 0S'', Pirlj 13 813-13 13 BIH-IS-SH StocHiolm. H.42ij-14.42S4 Vleiliu 73.1B-73 21 T2.ia-ra.a Zirrlcn u.os'i-u 06's U.M'-ls.oa, two major operating units in we large aero engine gas turDine uem, based on Derby and Bristol respect- ively. each capable of initiating, facturing major aero engines, BERNARD SUNLEY INVEST- rrDiiorrD. rono.vahio SSiSffiwJwS eXPenies and amortisation mm( ffWOOOi leave net rent! of 629,000 TQwK AftS including i 31,000 profit from buuding and other income of andMdeducting interest 01 uie pretax profit comes out at 298,000, against 270.000. Sir Brian Moun- irc tiint new nroiects being SfiifJLn thP fate of certain SwSS now being Mated FSJSw whpn comnleted further thf ne ffitefe points tfe' Uu vSr cent tain, me amtmeui.

wuo ohoi- loctfl Met a net 000 but that eame'pajimtif iffinrivi tor 'thi current vear. The dirStos intend to declare an ifeii Thov hone that it Will be of the irmauon rnen ava.i- possible to maintain a 12 per cent payment, even though this may mean drawing on reserves in 1966-7. NATIONAL FINANCE CORPORATION expects profite for crmt from 808,000 to 925,000 hpfore tax, suggesting that the second half has perhaps been a little more favourahte than was indicated at tne time ot uie Interim report in September. The directors led by Lord de make this forecast, in giving full details of the bid for Birmingham Industrial Trust, and at the same time forecast an 8 per cent final fi maintain flip tOial at 13 per cent. This would be covered more than l.b times on a Ki basls after a full to eharce.

The chairman or BIRMINGHAM INDUS- TRIAL TRUST recommen ds acceptance of the offer, of ftree acceptance or me unci, PNFC ordinary shares and 22s Bd nosh fnr everv two BIT shares, and reports a snarp arop in pruuu. CATOB CONSOLIDATED PROPERTIES Is paying an interim dividend of 8 per cent as forecast The group turns in a net revenue rffifiTOS for the six months to September 30 after expenses ot and S3St? out1 that owlns to KiK comparable in the basis ot tax, no comparciuie pec? previous year. Tneyexpecx laaai 1 jHtff HSSrfSSw'rf revenue for the second half of likely that there will be "some shortfall in the earnings required to cover the full year's dividend of per cent, which will be met bv a nartial waiver of dividends by some directors snin PHOPKRTIES Is afFerinz 1.6 millions in 81 per cent partly 1987 92 for PIC (PROPERTY INOTOTMPNTQ rONSOLIDATEDl. TCboVrlrr win accent the offer h5l fll 99 Sf the an? in rpcommenrl it to recommend It to snarenoiaers. GRAND HOTEL EASTBOURNE.

The directors of DE VERE HOTELS said last night they were -hare 5nare- JAMES GRANT AND COMPANY (EAST) is arranging a placing of 700.000 of 7i per cent first mortgage debenture stock dated 1991-6. xnis issue was toresbadowea in the recent circular to the stock- holders of the existing 6J per cent debenture. Joseph Sebag and Parsons are the brokers to the issue. CUNARD 'REBELS' SEEK MEETING CUNARD STEAM-SHIP." Rebel shareholders sent a circular letter yesterday to all shareholders seeking to obtain enough voting support to force the calhng of an extraordinary general meeting. The r.

fnr ShLfrtor XfVh? board id ir hid Sd thmlrrf taUfc 1 returnme snv of the monev in shareholders, yesterday tUe critics rnmnlainprf that tnt fnmnanv needs to raise funds of this order "it would be logical to dispose of loss-making vessels before selling this most promising investment in a growth industry," and they declared consideration should now be given by the board to reporting the full reasons for this sale and to make a capital repayment out of the proceeds." SPENCES. TURNER AND BOLDERO and JEREMIAH ROTHERHAM said last meht discussions are taking place with a view to achieving aimerger of the Mo companies. At the same time, board of Anelo African Finance, a suDsiannai snarenoiaer in Dow companies, announces that it has agreed to acquire the goodwill and certain trading assets of Pawsons and Leafs, a subsidiary of Robert KHchen Taylor. GRAND METROPOLITAN HOTELS. Mr Maxwell Joseph, the chairman, predicts in his annual renort another record vear and says it is proposed to make a one-for-three scrip issue.

EDGAR ALLEN. Mr P. A. Ross and his codirectors of the steel makers and engineers, are paying a iicl i.cuu jutcijui uiviuena com pared with the 4 per cent, paid for tax reasons last year. They report a good recovery in profits in the first half, from a 10,000 loss to a 66,000 pretax surplus, with an extra 35,000 coming from a nonrecurring item.

Sales rose from 2.54 millions to 3 millions. How- ever, in the third quarter of the year conditions have worse aeain. and Drofits were lower than last year, so the board is unable to indicate what rate of final dividend will be forthcoming. Last year's final was 2 per cent The directors remark that trading con ditions are difficult at present, but ssv that the recently announced reorganisation of some of the United Kingdom companies in the group result in a significant reduction in costs in 1967. MEGGITT HOLDINGS.

Final 7 p.c, making 12 p.c. for year (1 p.c. for 19 months equals 12 p.c. annual basis). Profit for year 50,884 (50,557) for 19 months, before tax 18,977 Bnk of Entfud ofllctal limits of United States dollar 2.1S-2.B2.

FO it WARD IM.TZ8 CP! Yvrk 0 26c. to 0 23c. premium. Monrri! 0.19c to 0 12c. premium.

-Amitcrtam rc to ic. prsnlura. Bnru lOe to Sc. Copoalujen 1 ore premium par. Frankfurt 1 to euilusa.

Milan 3 to 2U lire premium Oslo 2 to 2 ore premium. piH ii.i. tn ll.f ttremlum. Vienna. 10 to 5 grosctaen piemlum.

Zurich 2'c to la4C premium. and Irwell notr hM tn fhfnL- nf ha xlM last night. There are six big nominee hold- Ings, but one likely candidate is Phaea nnmlnppc tuhifih boasted rririil rr ,35 Biuciauit; iiiiuvcuiGm wu tually inactive conditions of earner maoVa and hac rnucArl Iparliner rTjSiriiSf aJ52 standard topmakers to replace the Id ner lb. which was taken from inorW ten mintatinns tart iffcp? merino top quotations just alter the turn of the year. The general asking price for 64s tops today is Ilia, and, although it is doubtful if this can yet be made, obtainable prices for merino qualities' are against the buyer compared with rp, There IS little life in the remainder of the top market, how- under contract are being taken in QUite Well, it IS difficult to arrive at a nripo Yas fnr further hniinp: a price Dasis lor lunner ijusiness.

General prices for crossbred wools TO its stake from 599,920 to Kfawk unit? over the last orders tor man-maae nores ana yarn for delivery later this ne commented. The 100,000 contract to, supply medicines to Russia has been successfully negotiated by the Wln-throp Product Company; the exporting associate of the Bayer Trade drive in New Zealand and Australia A trade mission, organised by the London Chamber of Commerce, leaves Britain on February 10 for a six-week tour of New Zealand, Australia, and Fiji, The. 12-man mission, led by Mr B. E. Attired, managing director of Taylor, Wood-row (International) will be "seeking to boost Britain's exports 'In what are' becoming two of the world's most competitive, markets," commented a official, yesterday.

The which' comprises representatives of British capital" goods, and service industries, will be investigating some of the vast capital development projects in Australia arid New Zealand, The Chamber of Commerce feels that ventures like the" Gfppsland natural gas development in Australia and the building of a steel industry and the hydroelectric schemes In New Zealand are 'going to offer the best openings for British exporters in the future. In the last ID years Britain's share of both the Australian and New- Zealand markets has fallen by 20 cent, believed largely due to fierce competition from the United States, Japan, and the Common Market countries, and, in particular, through the' development of Australian Industry. WHO OWNS IT? Greengate With the board of GREENGATE AND IRWELL RUBBER still to reply to last week's 2 fnUlion bid from' Slater, Walker Securities, the share price has so far shown little reaction to the offer. Although Slater, Walker already owns 18.3 per cent of the 8.8 million 4s ordinary stock units, its name does not appear in the return of shareholders last August Its holding was apparently spread among several nominees, tlr James Slater, the Slater, Walker chairman, would not say who these were, nor, indeed, the amount of shares they held at the time. I'd like to be specific, but IVe got my slightly up: tin, GRAINS pSef5ir mh.

ThTmaricct ctegd I- to 23126. Mai 23170. July 33190. MAlze unquoted Prices on the SOt muket Were: WHEAT No. 3 United States red winter mM-Feb -mid-Mtr 28176.

soil white mil- Feb -mid Mar 2776. MAIZE No 3 yellow American 5h. 2426 to Liverpool GROUNDNUT CAKE. Burma emller, 50 pa Feb 4010. Nigerian espeller.

Feb. 4015. cottonseed CAKE. Kenja-Ueanda- Taasanjma 46 Feb. 36.

SOYABEAN MBAL Canadian extraction. 45 p.c Jan SUWFIOWER SEEK Arientlne extraction, S7-sa pa, mid 336 to Liverpool. All oer ton. all United Kingdom. Spcrt wrieat prices on the Baltic were: ciiiM Rprl Winter Tin.

a mid Feb Mar 26176, Hard Winter (on Sjnplel Feb Mar. 285, Australian Feb. cafoM 26176. partcartoes 27: Eaniso AprllyMaJ 377S to Liverpool and Manchester CHICAGO. Short coverlet was attracted to grain and lutures, and at the olosc prlcei wire above the day's lows Ncarty soyabean poslWjns at the flnaj bell wore a3e previous closlncs VVHBAT Easy, a4 to one lower March -163.

Mas 170V171. July Sept 1CBV 169T Dec lTB-WS1, CATS Barely steady, to lower. March 74V May 75'. July 73i. Sept.

MAIZE. Barely steady, ia lower to unchatiied. Mrcn lSO-lSSa. Mar 142-142'a, July Sept Dec, 133. RYE Easy March 122'a, May 126s4.

July 1284. Sept ma 134a. WINNIPEG. Rye: to 'a lower. May 103m tVJi.

flats. Unchanged to A lower. May 90', July isci oa nuier, to a SISAL A crnri rTS Kn TIm. eA Ord 71. NO.

3 ord 69 UG 68. No 1 tow 60, quoted. No 2 tow 36 All per ton SHELLAC LONDON. Feb. 2050.

April 187, Juno 1900, Aug. 1900, Oct. 190-. No sales, Tone steady, AU pel cwt trustee account wim COMPANIES, LIKE PLANTS, MUST EITHER GROW OR DIE units. annoii.

o- total Mr Derrick uoiton ana. Another, of Manchester has the 1 biggest individual holding with 250,000 units, Prudential Assurance heads the Ust of insti tutional mvesiars witu units, and the -Royal London Mutual owns 70,000 units. lead higher COFFEE anZfflj) MJJ. oSKo' Witt Z48U-24V0 aSTSS Bukoba. and An sol Robuataa.

Salea 20S lots lol 5 tom each) NEW TOM. Santos. No. 33 Soa OSH). Saatffl NO.

4 38j (36'al. SUGAR Mar 14 WjUl n4.60-noo paid: aiw5S' H4 95-JE14 30 paid. Aim ZifS 16 60-1610 paid. Mar. ISlI? oi Sth sugar Terminal Association price to? nwautarVa.

13.25 per ton o.U. fcrTatf ebLhom. sttgw price! or soot was 689 per cwt. sadc. NEW TOKK--SW' No- 5 wea on boam 1.40 II J3) MEAT i.EBPOOL.

Fresh meat: Beef aides. buHocBaid heifers 23 to 38 ewUonat 20 to cows Vn cipSo5al 18. manufaoturtM cowl S'm vcol Jrtl to 20, bobby 14 to 1. Ewes 10 to 19 Hoisets 14 fo ls iambs, small 26 to 29, M0 medUm and larec IK to 24. hJU, lm to 24.

Figs, small 26 to 29, i exnep- tumal 310, cotters mediums, heavy hd at 110 Sow 1" to in- Boars 6d upwards per lb Froien New Zealand wethers l4i to Lambs. New Zealand, old season's 2J, season's 211 to ,251. AnrenUne Iff to lmTAustraUan 22 to 2313 Pork, IW-- Slav loins 476 chilled beet ArsenUno fow'-r l4s to 18, hlnda' 27 to 38 FISH FLEETWOOD. Landings were 32,000 stoce-. Hahe 6950 cod 1S470.

-haddock eel 60V, dogflsb 1550.. turnard 1520, as 1200 mestlnts 1250, rnorikflshr 90O. coalflsh 560, roker 2200 plaice -'30Q0, vrhltlnra 77a. witehes 40O nr 111. atone.

uninHi. oneii coo 111viou, -larae haddocks Ism plaice 20O-22O, wimp 3S0. whltlncs 70 coalnsh 970-76. reus per stone JUTE, LONDON. Firm UA llghtnlnia 1V -UA hearts 13210 per ton c.U.

PROMOTES HEALTHY GROWTH believe. Our plant purchase and leasing schemes enable companies to buy plant or rent it over a specified period, and we are also able to advise them an such matters as stock exchange flotations. We make certain that every customer gets the help he needs in a form that ensures healthy growth without financial If you, too, are suffering from growing pains, come to us at ICFC. It may be that we can help you as we-have helped so many others. Send for our booklet, Capital for Business.

Thencomeandtalkaboutyourspecificneeds. Companies need capital to help them grow, andcapitalisnot always easy to come by-par-ticularly for smaller companies in their early days. That's why ICFC came into being. The job of ICFC is a specific one to advance long-term development capital to small or medium-sized companies who need something more than short-term credit, but do not yet seek public investment. Since we were founded in 1945 with the backing of the Bank of England and the Clearing Banks, we have helped about 1,500 companies to grow; today we invest aboutamillion pounds a month in companies in whose future we Indnstrial ntd Commercial Finance Corporation Limited, Piercy House, 7 Copfhall Avenue, London EC2.

Offices in Birmingham, Bristol, Cambridge, Cardiff, Edinburgh, Glasgow, Leeds, Leicester, Manchester, Newcastle-ott-Tyae, Reading,.