The Guardian from London, Greater London, England • 13

13 11 The Guardian KEEPING ACCOUNTS Some people bare a horror of keeping accounts man; arc really too busy. Would It help you to have more than one account with us for example, so as to keep household Finance and Industry THE GUARDIAN, TUESDAY, SEPTEMBER IS. lm.i 10VIVE LEH expenses separate? Any of our managers will sladly explain how will sladly explain how DISTRICT BANK fW" I COINTREAUreeaROCK simply this works and how It can tare you trouble. ON THE SIMMS' DENIAL Ilondon stockjexchange BEER PRODUCTION LOWER New account starts with gilts still wanted Erratic movements in equities CITY COMMENT One central bank for Europe An outline of the future BY OUR FINANCIAL STAFF Millions 2a Beer Ourpuh 1961 Bulk Barrels Beer production totalled 2,742,892 bulk barrels in July, nearly 92,900 barrels short of this year's peak brew in May. This compares with an output of 2,514,478 barrels in June and 2,754,103 in July, 1961.

Analysis of the latest returns shows a swing towards stronger beers, commented a spokesman for the Brewers Society International bank and IDA lend over RAPID GROWTH OF DEMAND The interim report lifted Sangamo Weston Is 10d to 31s 3d, while Cannon Holdings advanced Is 3d to 22s 9d ex dividend. Newton Chambers, by contrast, were knocked down 2s 3d to lis 6d on the halved interim, and "substantial trading losses" reported by Kenwood Manufacturing depressed the shares to is 10d. Investment comment boosted Ernest Scragg 2s 9d to 41s 3d. Breweries were mostly easier, Greene King slipping 2s 3d to a nominal 65s. Woodhcads provided a strong exception, however, leaping 3s to 25s 6d on their connection with Beamish and Crawford (focus of a bid battle between Charringtons-United and Guiness).

Stores made up early losses and finished on the bright side. Dragcs did best with a gain of 7d at 36s 6d, Boots rose from 26s lid to 27s, and 6d. improvements were recorded by Debenhams, Frascr, and United Drapery. Lloyds Retailers A moved up 4Jd to Ss 4d on the better-than-feared results. On the building pitch Rugby Cement lost Is 3d to 56s, while Land Securities were a particularly weak spot in properties at 26s 7d.

Among consumer durables, Rolls Razor advanced a further lOJd to 29s on hopes of a deal with Pressed Steel. Steels were easier with 4d losses in Dorman Long, Stewarts and Lloyds, United Steel and Whitehead. Court Line benefited from the projected sale of half its fleet to India, improving 3d to 7s. Buying of Kelsali and Kemp lifted the share price 2s 6d to 32s but other textiles were easier for choice, Pasolds A dropping 2s to 60s. Among newspapers Dally Mail Trust were marked up 3s to 72s 6.

Flsons lost 9d to 28s in the chemicals section. Gold mines generally made fair progress. F. S. Gcdtild improved Is 3d to 130s on investment comment, while Consolidated Gold Fields hardened Is 4Jd to 69s 6d and Ofsits the same amount to 87s.

In coppers, Selection Trust recovered Is 3d to 8Ss 9d. Tins frequently gained a few pence. Oils were widely irregular. Ultramar slid 2s 3d to 21s Gd on the report and passed payment and Attock lost Is 6d to 30s 6d. BP held firm, however, advancing lOJd to 37s 7d.

The number of bargains marked wu 11,617, compared with 9,177 on Friday and 11,316 a week ago. Gilts were still in excellent form on the London Stock Exchange yesterday, improving rapidly after a rather slow start to show final gains of up to 9-16. Kquity sections, on the other hand, began the new account in the same apathetic condition as they had ended the previous fortnight Investors were held in check by the opening of the I.M.F. meeting, though there was no contraction in business. Apart from British Funds, most sections pursued a rather erratic course.

Stores rallied after a dull start to show slight improvements, but steels were still in the red by the close and insurances were dull. Golds were harder. The Financial Times industrial index dipped 0.2 to 272.1 by midday and finished 0.4 down at 271.9. In the gilt-edged department, buying orders continued to favour the medium-dates and Savings 3 per cent (GO-70) was lifted i to 861. Demand for longer issues frequently found the market short of stock, Electricity 3 per cent (7G-79) and Treasury 3 per cent.

(79-81) each advancing 9-16 to 78, and 76 7-16 respectively. "Old" Consols led the Irredecmables with a gain of i at 44, while War Loan was marked up 3-16 to 601. On the corporation side, Manchester per cent set the pace with a jump of 9.10 to 2J premium. In Commonwealth stocks New Zealand 6 per cent improved 5-32 to 1 11-16 premium and among foreigners Spanish 4 per cent was lifted a full point to 66. On the industrial front, blue chips presented a patchy appearance.

ICI improved 4Jd to 49s lid, Sears A 3d to 28s 7d, and Unilever NV 7-32 to 81, while Associated Cement fell 9d to 53s, Dc La Rue 6d to 42s, Schweppes 3d to 26s 3d, and Tilling 4d to 25s 6d. Among foods, National Canning were a strong feature after the annual review, jumping 2s 3d to 45s 6d. After the bid terms from National Provincial, District Bank bounded 12s to touch 98s 9d in early dealings, though profittaking later cut the price back to 96s 3d. Nat-Pro themselves tumbled 3s 3d to 81s 3d. Insurances were fiat.

Legal and General slipping i to 34 and Sun Alliance 2s to 82s. Acrow did well in engineerings, spurting 2s 6d to 54s 6d In response to the higher profits and scrip issue. If the European Economic Community evolves in the direction its supporters hope and its opponents fear, revolutionary changes will take place in the European financial system. There will be less room for nationally determined economic and monetary policies and a swing towards central financial institutions whose fiat will run throughout Europe. This vision (or nightmare) is outlined in an Anglo-French symposium, "Aspects of European Integration," available in this country through "Political and Economic Planning." There are two papers with a direct bearing on the financial implications of the Common Market: one by Mr Alan Day, of the London School of Economics, and the other by M.

Raymond Bertrand, director of the Organisation of Economic Co-operation and Development. M. Bertrand is the more daring. Implicit in the spirit if not the letter of the Treaty of Rome are a system of fixed exchange rates for all the national currencies of the EEC, including the United Kingdom if we join, and total freedom of payments within the Community. Arrangements to bring these about are nowhere near the drawing-board, but M.

Bertrand shows how they may be brought about. The key proposition is that if currency devaluations within the EEC are ruled out as a method for dealing with chronic balance-of-payments problems, effective co-ordination of economic policies, and mutual financial assistance on a generous scale are indispensable. If co-ordination and international credit were developed to a high degree member-countries might be saved from "fundamental" imbalance in external payments. Almost as an aside, and with a beady look in this country's direction, M. Bertrand says that independent wage increases are by far the most dangerous factor in any fundamental disequilibrium and sets correspondingly great store by finding a solution to the wages problem.

Without underestimating the enormous institutional difficuliks involved, M. Bertrand foresees a single central bank in Europe. He contemplates it with more equanimity than most because he considers that credit, policy as such will play a role of declining importance within the as the freeing of movements of private capital gradually brings about a single money market. We shall fairly soon reach a point when national money markets will no longer be under the control of national Governments. Under such circumstances the only problem of monetary policy would be whether it would be beneficial to tiie Community as a wuoie to expand or contract liquidity, in my opinion it would be more ltgitU lor a decision of this type to evolve anu be implemented in thu iraineworx of a common central Ijanic." The second institutional proposal is "a purely European system oi international settlements." Already in tne area of international creau Europe on the one hand and tne United States and the United Kingdom on the other are tugging in opposite directions.

M. iJenraua suggestion is a European institution wai power to create credits and deposits. The deposits would be accepted by the central banks of all member countries in settlement of international debts and would not be exchanged for gold or convertible currencies. This, of course, Is the nub of various plans, notably the Trillin plan, offered as a solution to the world liquidity problem. Of the two functions control of the supply of money and the settlement of debts between members which might be assigned to a European central bank, the latter is the more important and more urgent.

"It would-strengthen the international monetary system and would create a powerful yet flexible medium fo'r European integration in a framework which might, moreover, be slightly more extensive than that of the European Economic Community." From the narrow British point of view this conception of a European central bank has distinct attractions. It could lighten sterling's load and by so doing extend the scope for growthmanshlp in internal economic policies. In European eyes this might seem an excellent reason for opposing it. The British attitude might be unhelpful for other reasons. M.

Bertrand reports the fairly widespread feeling on the Continent that United Kingdom membership of the EEC might check the movement towards monetary integration. "This idea is based on observation of the tendencies of British international monetary policy over the last few years which have been eminently conservative. Britain had reservations about the European Payments Union and lator about the European monetary agreement, but was In favour of bilateral arrangements such as the Basle operation it would certainly have preferred the special reserves of the Monetary Fund to have been purely and simply an extension of the quota system." Changes in attitudes on both sides of the Channel will be needed if this grand design of monetary union is to be realised. The World Bank and its affiliate IDA (International Development Association) today issue their annual reports for the year to mid- 1962. The most striking disclosure is that the two agencies together have lent more than $1,000 millions in the past 12 months for economic development projects in their member countries.

The loans granted by the World Bank itself rose to $882 millions against $012 millions In 1060-1. The IDA in its first full year of activity granted 18 new credits for a total of $134 millions, bringing its commitments to $235 millions. IDA has altogether $917 millions of subscriptions, of which only $757 millions is in convertible currencies. Funds needed The demand for IDA loans, which are repayable over 50 years free of interest (though with a service charge of per cent a year), is growing so fast that all the initial resources might well be committed by the middle of 1963. The question of obtaining further subscriptions from member Governments will be urgently raised at this week's Washington meeting.

The World Bank and IDA together, it will be noted, have now reached the lending level of 81,000 millions a year which a United Nations committee described as essential almost 10 years More funds for The International Finance Corporation last year made nine investment commitments totalling $18.4 millions, and one underwriting commitment of S2.9 millions, in seven countries. The corporation's sixth annual report, published today, also records that an important development of the year was the approval of the board of governors for an amendment to the articles of agreement enabling the corporation to make its first investments in equity form. As a result IFC was able to participate for the first time in underwriting an issue of common shares by one of its borrowers, a steel corporation in Mexico. IPC's total funds available for operational increased during the fiscal year by $4 millions to a cumulative total of $120 7 millions. The cumulative total of investment COMPANY AFFAIRS OF BID RUMOUR Third this year More rumours about a possible takeover bid for Simms Motor and Electronics Corporation, the motor components eroup, brouflX yet another denial from the chairman, Mr G.

E. Liardct, yesterday. In response to what he called persistent rumours he commented We have had no approach. We have no discussions in progress and we are not in contact with anybody. We have no idea of selling out.

We are on our own and are very happy to be on our own." This is the third time the company has had to issue a denial this summer. Simms' shares, which rose lOJd to 17s 4Jd yesterday, are now 3s higher than they were on the same day last week. The Ford Motor Company of America has been mentioned as a likely bidder on several occasions. Just over a month ago the Simms shares were bid up to 17s 3d on similar rumours. It was then revealed that Simms was merely having talks with Ford of Britain with a view to the sale of a Simms factory at Ponders End.

Breweries buy wine firm shares Two of Britain's largest brewery groups have each bought a 5 per cent interest in Geo. G. Sandeman, Sons and Company, the port and sherry firm, as part of a 437,500 deal involving long-term trading agreements with the company. They are Ind Coope Tetley Ansell, which has 9,400 licensed outlets including grants of St James's and the Victoria Wine Company shops, and Watney Mann with 6,440 outlets. Each brewery group Is taking 62,500 Sandeman shares at 70s, 6s below the current market price and Watney Mann is also being given first refusal of any shares which Sandeman's chairman, Mr T.

W. Sandeman, and his brother, Mr David Sandeman, who is deputy chairman, may wish to dispose of in future, subject to "certain arrangements for the protection of the company and shareholders." Sandemans recently took a one-third interest in J. R. Phillips and Company, the Bristol wine merchants, with Ind Coope's Grants of St James's subsidiary and House of Seagram, the British subsidiary of the Distillers Corporation Seagrams, of Canada. APPOINTMENTS AND BOARD CHANGES W.

E. Sykes announces that Mr E. W. Hunisettc will join the board on November 1 as managing director. For the last 10 years he has been managing director of the Churchill Machine Tool Company.

Mr W. R. Hood has resigned his directorship of John Lewis and Company. The Scottish Life Assurance Company announces the retirement of Mr J. Leslie Anderson on the grounds of ill health.

STOCK EXCHANGE PRICE INDICES Th lollowlna prices ro compiled by Reutra Irxrni London Stock ExchanRe Th basli frr fnl-lEMl Is par and lint lor otlr the price p.nd Spt. 17 Sept. 14 Sept. 10 indWtrfbi wj Kfliri 72.3 2.9 g.J projucrn 683.... Ml RECENT ISSUES Tumio Paid And.

pn up clo5 on div 110i Ji. nH Tllf.t. 5'1', 51) rt.Td? MucC oncrelt ..210 50 9 XX- 0 pc 1071 '-r'3 Pirdlo 8V 20 IOn'i 11(4111 "0 M'O c. Ilmzll S3 TOC "0 5'0 5''5 Nm Zealand 6 107VO CIO ld 0. HILLS Interim dividends ABRAHAMS PUBLICITY HOLDINGS, 6 p.c.

(same). ISROM1LOW EDWARDS, 0 p.c. (same). CANADIAN CITY 5: TOWN PROPERTIES, 5 p.c. (same).

CANADIAN IMPERIAL HANK OF COMMERCE, 45c. (Can.) per share. EVER-REST SHOES, no int. (5 p.c). INVESTMENT TRUST OF GUERNSEY, 2 p.c.

Bids and deals R. H. 0. Hills The leading department store group to which R. H.

O. Hills has sold Mouitons, its llford store, was disclosed yesterday to he Lewis's Investment Trust, the Liverpool-based company which owns Selfridges and a chain of stores in the provinces. The two groups said yesterday that they had exchanged contracts at a purchase price of 730,000 for goodwill and fixed assets. In addition, Lewis's has agreed to acquire stocks and certain fixtures and fittings at an agreed price. Lewis's board, of which Mr R.

A. L. Cohen Is chairman, announced yesterday that it was its intention to continue the Moulton's business as a department store. A spokesman for the company was unable to say, however, whether the name Moulton's would be retained or whether the store would be renamed Lewis's to fit in with the name of most of the group's stores. In addition to Selfridges, in London, the group owns stores under the Lewis's name in Liverpool, Manchester, Birmingham.

Glasgow, Leeds, Leicester, Hanlcy, and Bristol. Triplex Foundries The Triplex Foundries group announce that a provisional agreement has been reached for the purchase for cash of the capital of E. D. Hinchliffe and Sons of West Bromwich. The new subsidiary produces aluminium window frames, rotary ventilators, and specialised requirements for the building industry.

Mr It. II. HinchlifTe and Mr G. Brown will be appointed directors. Northern Dairies Northern Dairies have sold their 26 per cent interest in Mr Whippy (Holdings) to Forte's Holdings.

This is being done In view of the latter's Impending public issue. Northern Dairies will thus become shareholders in Forte's and will still operate between 80-100 retail Whippy vehicles and be suppliers of Ice-cream mix on a long-term basis for the North to Mr Whippy. Details of this transaction will bo seen In the Forte's prospectus. No profits from Mr Whippy have at any time been brounht into the Norlhrrn Dairies' accounts. The group's trading figures for the year ending September 3U will be available before Christmas and the directors have every reason to believe they will prove satisfactory.

The chairman's statement will contain full details of the relationship with Mr Whippy and Forte's Holdings. Silver bright, gold dull i i i i i 1962 ago. If an annual outflow of this order can be maintained it will form a very large part of the funds made available for economic development, mainly by the more advanced nations. Electric power was the largest single purpose of last year's bank lending at almost $500 millions. It included three of the largest loans yet made by the bank $95 millions for power in Buenos Aires, $100 millions for the Snowy Mountains project in Australia, and $130 millions for additional power in Mexico.

Nearly half the amount committed in loans last year went to Latin America $412 millions. Loans in Asia and the Middle East amounted to $253 millions, in Africa $85 millions, in Australia and Europe $132 millions. The Bank report notes that the sources from which the funds are drawn for these lending operations arc increasingly widespread. In earlier post-war years they came almost wholly from the United States. By 1962 the capital contributions of members other than the US had risen to over $1,000 millions.

Other countries had also opened their capital markets to World Bank issues of bonds and notes. About 50 per cent of the bank's funded debt of $2,521 millions Is held by investors outside the United States. In the past year the seventeenth bond issue was made in the US market, the first bond issue in Italy, the eleventh in Switzerland, and the fourth in the Netherlands. world finance commitments (net of cancellations) reached $82.5 millions (plus the $2.9 millions underwriting commitment) while uncommitted funds available for operational activities at June 30 declined to $55.3 millions. Net income for the year was $2.6 millions.

Disbursements were $11.9 millions, bringing the cumulative total of funds disbursed at June 30 to approximately $45 millions. New members Five countries joined IFC during the year, including the Dominican Republic which rejoined. The others were Cyprus, Liberia, New Zealand, and Syria. One country, Indonesia, withdrew The net effect of the changes in membership was a reduction of $107,000 in subscribed capital. At the close of the year 63 countries were members of IFC and their paid-in subscriptions totalled $96,469,000.

since the vcar end. During the last three months sales, other than In refrigeration, have been reasonably satisfactory, economies have been effected and the company is now said to be operating on a more profitable basis. Acrow Record profits and a scrip issue are reported by Acrow (Engineers), the group whose scaffolding equipment car, be seen on building sites up and down the country. A nnai oiviacna oi zo v. makes 48 p.c.

against 47i p.c. for 1960-1 when shareholders also received a 2 p.c. anniversary bonus, but this time the board announce a one-for-tcn scrip Issue. Trading profit has Increased by nearly 18 p.c. to 910,626 but a good deal of this improvement has been siphoned off by tax.

which takes 69.000 more at 390,107. As a result the net profit Li little more than 30,000 up at 327.924. This Is equal to earnings of nearly 69 p.c. for the equity and the dividend has the modest cover of 1.4 times. Sime Darby Sinie Darby Holdings Is paying final dividend of 12J p.c., making 20 p.c, against the equivalent of 16 p.c.

allowing for a one-for-flvc scrip Issue, In addition the board announces a further scrip Issue this time in the ratio of one-for-four. Group profit for the year to June 30 has increased from 900.928 to 980,196 before tax Of 448.062 Carpet Manufacturing: Although net profits of the Carpet Manufacturing Company are little changed, the dividend is being raised, a final of 10 p.c. making 14 pjc. on the capital Increased by a one-for-four scrip Issue against the equivalent of 12 per cent. Profit before tax has Increased from 517,928 io 570,453, but afler charging 314,777 (264,398) for tax the net profit works out at 255,676 against 233,530.

Loyds Retailers Ioyds Retailers, the radio, television and furniture dealers, report a slight fall profits, but the final dividend Is to be the 5 per cent forecast last February, making 7 per cent, against 10 per cent. Group trading profit has declined from 500,031 to 496.829 after all charges Including 1123,266 (129,648) for tax, the net profit works out at 113,898, against 124,483. AVENUE CLOSE. 5J p.c. (5p.c).

Profit 11.731 (9,474) after tax of 14,989 FIN'NEYS SEEDS. p.c, making 10 p.c. (same). Net profit 22.033 (21.252) after tax of 30,571 (25,463) and minority Interests 4,211 (same). GRAFTON INDUSTRIAL SECURITIES 10 p.c, making 131 p.c.

(equiv. of 12 p.c). Net profit after tax 68,155 UNITED TLV AREAS OF NIGERIA, 10 Pjc (S p.c). Profit 9.117, (9.412). CITY CENTRE: FA1REY: R.

H. A model of the Manchester University Mark II radio telescope which is to be built at Jodrell Bank. A contract worth 74,320 has been awarded to Sir William Arrol and Company by the Minister of Public Works and Building, for building and installing machinery moving? LEAVE I I IT TO I CHANCE leave it to There was a two-way look about the London bullion market yesterday, silver prices continuing their recent advance, while gold slipped back. At the official fixing both spot and forward silver gained a further Id. to 98Jd and 99d per ounce.

The gold price was marked down ld to 250s 10d per ounce. Interest in silver was stimulated by more optimistic forecasts that the metal would reach the lOOd mark before the end of the year and might eventually rise to the US mint parity of S1.29 (about llld) per ounce. At this price American silver coins would be worth more for the metal content than their face value. This, together with the sharp improvement in New York over the weekend, kept sellers away. Although little business was done PERFORMANCE SAFETY RELIABILITY E.C.M, Litis are Installed in the country's best known buildings because they are sound in design, fitted with the latest safety features and are thoroughly tested before thev leave our workshops.

PASSENGER, GOODS AND SERVICE LIFTS ETCHELLS. CONCDON MUIR LTD. 25 MILL ANCOATS, MANCHESTIR London. 31 High Street Mertonv W.19 Alio at tdinburzn Liverpool end Shtfeld EdfcJ 75 SP5R QUALITY gives that extra margin of performance, safety, economy and long life. FOR LOADS of 3 TONS UPWARDS FREE FROM WORRY SPiCFY SEDDQN USD fOR DETAILS HAIfi UUDOS DttSll DlSTKIHUlOKi PORT STREET MANCHESTER I CEN 1341 after the "fixing," spot and forward silver put on another jd to 99d and 99jd by the end of the afternoon.

The drop in the sterling price of gold matched a fall of 2J cents in the dollar price to 33.13. The closing dollar price was 35.13. Last Friday, when the market experienced its biggest demand for some time, the price reached S35.15J, the highest since last February and slightly higher than the price ruling immediately before President Kennedy made his gold price denial via Telstar on July 23. The rise In the market last week followed the normal pattern of speculative anticipation of statements at the annual meeting of the International Monetary Fund. Yestcr-day-- fall in the price seemed to anticipate a bucket of cold water when the meeting began later in the day.

fn his opening remarks the managing director of the fund, Mr Per Jacohsson, said that he believed it would be possible to secure a stable international exchange rate structure without any alteration In the present price of sold. As monetary confidence increased and I have every reason to expect that It will," there should be less eagerness on the part of private individuals to hoard gold. The rise in the price last week and the fall yesterday are the outward signs of the skilful game the Bank nf England, as manager of the bullion market, plays with speculators in gold. Whenever it can it makes them pay dearly for their flight of fancy. TIIE MONEY MARKET Steady demand throughout Money was In demand throughout the day in Lombard Street with the General rate for fresh overnight loans i per cent up to the last few minutes when a few small balances were taken at 3 per cent.

The shortage was not great with turnover moderate. The authorities gave a small amount of help, mainly indirect, with made money passed out at 31 per cent. Full privilege facilities were taken. Bill business was small with Decembers and "hots" sold at 3 41-64 per cent FOREIGN EXCHANGES Sterling unchanged Sterling finished unchanged aeainst the United States dollar at 2.801. Saturdiy'i Clom iKAtr 2 M'H-lVl'ia 3 01 10 10 WJ, 1M 35'j-lJf J7'i III 11.24-1130', SO 13-MB 1.7-l.Ti 30 01', -20 01'! U73V13 72i 14 7210.72 29 id M.n'.rril....

Ilruawlh CYpr-lllIJttl, lMtxa Out Ptrlk Vhnr.i zuntfi s.so'i.-a iuVJ oj'i, UlUd't-lOOS1! 130 3L.I39.40 18 J9'. 18.3V", 80 15-SO Xm'i-X 03 U.TJ"i-13TJ'4 T2X-U10 13 Bok of officii limiti of UrUed SUt doi.w 2 73-2 M. rORWAltU It ATI. N-w York Otic to 0 12c prcmhirn Montreal wc to tllMin.n. Artttcnlam 1tjC Io lsc pn-iriin.

iiruli is to lie premium tVp-nimtcn to i ore dlv-Mjnt Xnr.kfurt 1 to plrmugs premium MilMi l' io lir premium. io ort premium. Parts to 'ic premium, Ktoefcholm or premium li par Vienna par to 3 ro fcii fVscuuiit Zurich 3c IS- for Expert Advice and Estimates without obligation As generally forecast. City Centre is paying a final dividend of 12 p.c., making a total of IKj p.c. for the nine monlhs to March 25.

or the equivalent of SOp.c. a year. '1 his qompares uith the 31J p.c. paid for the previous 10 months, equal to 231 c. a Comparison of the profits is complicated by the change in the accounting period and the fact that the figures for the previous 15 months Include the profits of City and Central Investments for 12 months and those of the Manchester Royal Exchange for six months.

Taking the figures as they arc a total Income for the current nine months period of 8.016,404 compares with for 15 months or roughly 3,135,000 on an annual bals. After total outgoings of 3.453,023 (3,7.19.157) and tax nf 252,777 (352.577), allowing for development expenditure of 484.053 (C33.7D5) carried forward, and deducting minority interests of G8.640 (95.457) there Is a net surplus of 728.022. This ii fully distributed in the dividend which absorbs 729,074. At 01s Od the shares yield 2.2 per cent. Fairey As expected a recovery in profits is reported by the Fairey Company which fought off a takeover bid early this year but the 15 p.c.

dividend Is as forecast. Profit before tax but after depreciation of 416,380 (319,247) has Increased sharply from 165.664 to 869,559. After tax of 413,189 (204,051) there Is a net surplus of 454,370 against a deficit last time of 38,387. The pre-tax figure of 869,559 needs to be slightly adjusted for strict comparison purposes. After deductlnt; pre-acqulsltlon profits of 31,242 the true flguro Is 838,317 but this a considerable Improvement over the estimate of 700,000 put out by the hoard last February.

This estimate Included profits of Fairey Engineering of 250,000 flrisrfriK out of the settlement certain contracts. The directors of Fairey also disclose that the latest group pre-tax profit includes 128.000 from Slebe Gorman. Kenwood Manufacturing The news from the Kenwood Manufacturing Company is bad. The ordinary dividend Is being passed, against 12 per cent last time and the half-yearly payment on the preference, due on September 30. Is being deferred again.

The board stated yesterday that although the accounts will be available In approximately ten weeks. It 1. nlrenrtv clear that the croup has sustained substantial trading losses and heavy non-recurring losses, me greaier part ot the trading loss was due to low prices and disappointing sales of refrigerators. A cut-back or the commitments In this field was not reflected in lie results until near the end of the financial year. It Is also disclosed that the transfer of production and administration from Woking to Havant proved more costlv and lengthy than anticipated.

The position seems to have Improved PfA 234C letter to DO YOU EXPORT YOUR GOODS? WE WILL Get you business Ship your product Handle all documents Pay your account PROVIDED You co-operate and Can meet fair competition A K. H. WILLIMAN CO. LTD. BLACKFORD HOUSE, SUTTON, SURREY will start the ball rolling.

But please, only serious enquiries.