C. SERVICES INVEST.

Press, Volume CIII, Issue 30477, 26 June 1964, Page 14

C. SERVICES INVEST.

Outstandings Of £428,466

Outstandings of £428,466 at April 1 are shown in the first consolidated accounts of Credit Services Investments, Ltd., Christchurch hire-pur-chase and finance group. Formerly Finance and Indemnity, Ltd., the company earlier this year took over Credit and Finance, Ltd., and some subsidiary companies. Consolidated net profit, as announced earlier, was £19,502, reached after £15,504 debenture interest, £10,187 tax and £l3B for minority profits. A final dividend of 7 per cent hits been recommended on consolidated paid-up capital Of £116,538; which will take £Bl5O. Dividends have been received since balance date and carry-forward will be £3669 after paying the final proposed dividend. Dividends of £18,191 have been paid. This includes 3 per cent (£600) interim dividend paid on the £20,000 paid-up capital of the parent company and dividends already paid in the subsidiary companies. Earning Rate

Shareholders’ funds are £127.977, taking in £6OO general reserve and minority interests in subsidiaries of £773. Earning rate of these funds is 15.4 per cent. In his report, the chairman (Sir Robert Macalister) says group profit was reached after increasing unearned interest reserve by £12,551. This reserve stands in the consolidated accounts . at £34 779. Besides the group net profit of £19,502 the company’s share ifi non-subsidiary companies’ profits was £3424. Further consolidation is intended and the economy of trading through subsidiaries is being considered, according to the chairman. He makes no further mention of discussions likely to affect the value of the company’s shares. Making the announcement earlier this month, the chairman said he was not in a position to disclose details.