D.F.H. RESTRICTED BY CONTROLS

Press, Volume CVI, Issue 31335, 4 April 1967, Page 21

D.F.H. RESTRICTED BY CONTROLS

The effect of the reintroduction of capital issues control is that Dominion Finance Holdings, Ltd., will be faced with a shortage of funds rather than a shortage of business, says the chairman (Mr T. W. Perry) in the report to the annual accounts.

While the demand from both the business world and the public generally is increasing, the new regulations restricts the funds all financial institutions may invest to those received on or before February 10. Leasing activities increased considerably in the year to January 31 with the amount Of equipment on lease rising from £97,350 to £256,451. At the same time, the amount owing on hire-pur-chase, loan and factoring agreements edged down from £1,387,698 to £1,366,367. As already reported in a preliminary statement consolidated net profit increased from £34,130 to £38,797, reached after providing £9208 more for tax at £28,182. Depredation Lift Transfer for income yet to mature was reduced from £32,404 to £l4lO but depreciation on lease equipment increased from £20,936 to £42,619. In addition depreciation on fixed assets was up from £lB3l to £4227.

Interest paid on deposits was £22,600 (£22,386) and interest on debenture stock

£46,656 (£33,709). The profit represents 12.90 per cent on average capital £17,775 higher at £300,701, against 19.4 per cent last year. The dividend rate has been reduced from 12} per cent to 9 per cent, but the actual payout after the two-for-five bonus goes up from £21,959 to £27,063.