Document 3Jqb68Kem2pwv4j1ZjNrb9jYy

FILE NAME: ICI (ICI) DATE: 1963 DOC#: ICI039 DOCUMENT DESCRIPTION: Excerpt-Moody's Industrial Manual /e-/ MOODY'S INDUSTRIAL MANUAL AMERICAN and FOREIGN FRANK J. ST. CLAIR, Editor-in-Chief Editorial Board Lloyd C. Sweet George H. P arsons Arthur W. Herrmann David M. Ellinwood David M. Day Albert C. Esokait Richard Olney 1963 R obert H. Messner, Publisher MOODY'S INVESTORS SERVICE, INC. 99 CHURCH STREET, NEW YORK 7, N. Y. PHILADELPHIA Suburban Station Bldg. BOSTON CHICACO LOS ANCELES WASHINGTON SAN FRANCISCO 75 F ederal St. 135 So. La Salle St. 606 So. Hill St. Woodward Bldg. JRuai Bldg. LONDON: MOODY'S INVESTORS SERVICE, LTD. A rth u r S treet, L ondon E.C. 4 Copyright, 1963 by M oody's I n vestors S ervice, I n c ., N ew Y ork-- All rights reserved 1848 MOODY'S INDUSTRIAL MANUAL LIABILITIES A ccounts p a y a b le ___________________ Accrued p a y ro ll_____________ ___ M iscellaneous accrued lia b ilitie s----OlProv. for estim ated in com e ta x e s 1962 916,425 480,222 721,726 1,535.840 1961 $783.420 449,329 745.705 1,440,629 1960 $886,885 461,950 822.640 1,897,871 1959 $923,353 488,370 715,685 2,316,827 1958 $857,217 496,472 741,690 1,735,055 1957 $934,099 483,470 759,868 1,013.868 1956 $953.752 506.178 800,109 3.639.095 T otal c u r r e n t lia b ili tie s ________ _ Deferred incom e t a x ----------------- ------3]Capital s t o c k ------------------------ ------- Surplus . . . ---------------------------------- $3,654,213 2,350,000 30.9S4.205 43,602,121 $3,419,083 2,369.000 30,984,205 40,573,735 $4,069,346 2,468,000 30,984,205 37,875,713 $4,444.235 2,177,000 30.981,205 35,798,049 $2,830.434 1,508.000 30.984,205 34.167,355 $3.191,305 1.108,000 30,984.205 35,048,386 5.899435 1.035,000 30.98L205 40.109.455 T o t a l ___________________________ N et c u r r e n t a s s e t s ________________ -- PROPERTY ACCOUNT-ANALYSIS Additions at cost________________Retirements or sales DEPREC. RESERVE--ANALYSIS A dditions charged to Incom e_____ Retire, renewals charged to reserve Other ____________________________ $80,590,539 $47,467,707 $814,315 144,141 $1,9SS,361 214,776 $77,340,023 43,046.979 $826,001 35,496 $271,054 19,629 247,571 $75,397,264 $38,635,347 $1,753,303 113,481- $1,968,977 98,525 236,126 $73,403,489 35,954,199 $1.573,660 149,151 $2.184,170 3,467 2,752 $70,489,994 $34,856.479 $2,783.093 None $1,942,305 None $70,331,897 $37,102,266 $2639,140 8,826 $1,785,943 7,126 $78,027,795 $43,815,080 $3,427,935 3,014 $1^72,443 1,661 EJAt cost. M arket value: 1962, $28,798,569. 01962: M etals (at low er of cost or market-- finished and in process), $1,158,159; m aterials and supplies (at average cost), $3,997,368; total, $5,155,527. 01962: Book values were: M ining claims and lands, $11,821,429 m in e and m etallurgical plants and equipm ent, $47,346,715; power plant, transm ission lin e and equipm ent, $13,557,646; total, $72,725,790. R ep resen ted b y 2,757,973 n o par shares. Income and other taxes. @1960-59: M etals sold u n d er contract. Depreciation Policy: Annual provision for depreciation is based on quantity of ore ex tracted, In amount to equal book value of de preciable assets w ithin estim ated productive life. Depletion Policy: P olicy is to provide a reserve equal to book value of m ine at time that ore estim ated to be recoverable from mine shall have been exhausted. Method of applying this policy is to charge against operation a depletion provision per ton of ore mined, calculated on basis of book value of m ining claims and land and estim ated ton nage of ore recoverable therefrom. G eneral N ote: Above accounts consolidate Churchill R iver P ow er Co., Ltd. in all years other subsidiaries are considered insignificant. Company's equity in n et assets of Churchill River Pow er Co., w holly-ow ned subsidiary, as shown by books of that company at Dec. 31. 1962 am ounted to $3,718,599, w hich is S3.218.099 in excess o f com p any's in vestm en t in such subsidiary; excess is included in consoli dated earned surplus. FINANCIAL A OPERATING DATA Statistical Record Earned per share-----------------------------Cash flow p er share--c o m m o n -------- tDividends per share_________________ P rice range--N . Y. 6 . E ---------------------Canada--------------- N et tangible assets per s h a r e ----------Num ber of s h a r e s ______________ --- Financial & O perating Ratios Current assets -j* current lia b ilities-- % cash and securities to curr. assets % in ven tory to current a s s e t s _____ net current assets to net w orth-- property d e p r e c ia te d ----------------- - ann. depr., depL & amt. to gr. prop. Capitalization: % Common stock and surplus-------DOSales 4- in ven tory-----------------------E% sales to n et property------------ -- ffl% sales to total assets-------------------% n et incom e to total assets_________ % not incom e to n et worth---------- ----- A nalysis of O perations Sales o f m etals & mine, oth er Inc..-- Freight, refining exp en ses, etc.__ ___ Cost and e x p e n s e s _______ _-- --------Operating p r o f i t ______ ____ _____ --. Income from Investm ents___________ Total i n c o m e ___ _______ ___________ Provisions for income taxes, etc. -- N et in c o m e ___________________ ____ 1962 $4.10 $4.82 $3.00 56^8- 431/4, 59%-46% $27.04 2,757,973 13.99 60.73 10.08 63.64 74.27 3.03 100.00 9.58 263.98 61.29 14.02 15.15 % 100.00 14.00 60.67 25.33 2.11 27.44 4.56 22.88 1961 S2.98 $4.73 5f%-4L 57*4-45 $25.9a 2,757,973 13.59 63.44 11.36 60.16 72.03 2.87 100.00 9.08 237.81 61.96 14.18 15.33 cV*c 100.00 13.76 60.75 25.49 1.89 27.38 4.49 22.89 1960 $3.75 $4.46 $3.00 Mtt-43% 52-43 $24.97 2,757,973 10.48 55.88 12.24 56.11 69.60 3.10 100.00 9.01 217.33 62.44 13.73 15.03 % 100.00 13.73 58.73 27.54 2.01 29.55 7.57 21.98 1959 S3.59 $4.27 $3.00 66- 501/4 64-47 y2 S24.21 2,757,973 9.09 55.73 11.89 55.73 68.22 2.71 100.00 9.63 209.07 63.03 13.49 14.83 % 100.00 13.63 57.49 28.88 1.71 30.59 9.18 21.41 195S S2.G8 $3.28 $3.00 63-40ft 62-39% S23.62 2.757.973 13.67 58.90 14.35 53.50 66.45 2.S5 100.00 7.41 179.85 54.83 10.49 11.35 % 100.00 14.52 61.68 23.80 1.3G 25.1G 7.20 17.96 1957 $2.91 S3.45 $4.75 90-43 86%-42% $23.94 2,757,973 12.62 59.67 14.99 56.19 66.30 2.73 100.00 6.93 189.85 59.51 11.43 12.17 % 100.00 13.95 6227 23.78 1.21 25.99 5.78 19.21 1956 $7.62 SS.25 $ 6.00 99-64 97}fe-64 $25.78 2,757,973 8.43 62.92 11.10 61.63 6625 3J4 100.00 11.14 290.04 78.77 26.92 29-55 % 100.00 9.05 45.89 45.06 0.93 45.99 11.81 34.18 CAPQIT]SAalLes SreTpOrCesKented b y sales of m etals, reve1n95u5e__from5.0tr0eatm19e3n6t__o f cu6.s0t0om 1o9r5e 7a- nd m4.7is5celLlaInSTeoEuDs--oNtheewr iYnocorkm,e.M on treal and Toronto 1958-62 3.00 [11963__ 0.75 Stock Exchanges. L Hudson Bay M ining & Sm elting Co9 Ltd. capital stock; no par: E T o Mar. 15. Dividends payable in Canadian funds. TRANSFER AGENTS -- Morgan Guaranty AUTHORIZED--3,000,000 shares; issu ed and PREEMPTIVE RIGHTS--G overning instru Trust Co., N ew York, and R oyal W innipeg, Toronto and Montreal. Trust Co., outstanding, 2,757,973 shares; n o par. ments contain no preem ptive rights. express provisions as to REGISTRARS--Chase M anhattan Bank. New 1928-34 N il 1938__ 1.50 1935-36 1.00 1939__ 1.75 1937__ 1940-45 1.75 2.00 OFFERED-- (75,000 shares) Apr. 1, 1959, at $60 p er share b y W hite, W eld & Co., N ew York, Montreal Trust Co., M ontreal, and Crown Trust Co., W innipeg and Toronto. 1946__ 2.25 1947__ 3.00 1948__ 5.00 York and associates. O ffering did n o t repre DIVIDEND D ISBU RSIN G AGENT -- Royal 1049__ 4.00 1950-52 5.00 1953-54 4.00 sen t com pany financing. Trust Co., Toronto. IMPERIAL CHEMICAL INDUSTRIES LTD. History: Registered under law s o f Great Britain. Dec. 7.1926. Business: Principally engaged in the produc tion of acids, alkalies, drugs, dyestuffs, ex plosives, fertilizers, synthetic fibres, leathercloth, non-ferrous metals, paints, pesticides, petroleum chemicals and plastics. Property: Company operates over 100 fa c tories in the United Kingdom, including W ilton development in North Yorkshire, covering 2,000 acres, and on w h ich 23 plants w ere in operation in 1960. C ap ital E x p e n d itu re d uring 1961 am ounted to 73 million, compared w ith 40 m illion in 1960. A m ong th e larger projects sanctioned w ere extensions of manufacturing capacity for dyestuffs, para-xylene, `T erylen e' filament yarn, polypropylene (including film), poly vinyl chloride, m ethyl m ethacrylate, dendritic salt and leathercloth; th e construction of a crude oil distillation plant on Tees-side which w ill supply petroleum feedstock and fuel oil to the neighbouring works of the company; th e developm ent of M etals D ivisio n 's strip null at Birmingham; and th e construction of n ew research laboratories. The plant for the m anufacture of 'Terylene1 ffi.racJLl,, y? rn '\b lc h w as sanctioned during g f f ii y k? nt K ilroot m N orthern Ireland, ilZ i lT t E 2 d.'Lcilon the end of 1962. A new ro rn p lp t* f e r tiliz e r s , b u ilt n eoa rcoBnecelfnatsrtatebdy l 3 ,3 *liS nilu * - TM flsTed'S Subsidiaries and A ffiliates: Company has a controlling interest in the follow ing com panies: Principal U. K. Subsidiaries: Alm in Ltd. British Visqueen, Ltd. Cooke's E xp losives Ltd. I.C.I. (H yde) Ltd. Im perial A lum inium Co. Ltd. (51%) Imperial Chemical Industries (Export) Ltd. Imperial Metal Industries (Kynoch) Ltd. Imperial Metal Industries Ltd. Irvine Harbour Co. Lightning Fasteners Ltd. Marston Excelsior Ltd. Plant Protection. Ltd. R ichardson's F ertilizers L td. Scottish Agricultural Industries Ltd. Settle Limes Ltd. Steatite & Porcelain Products Ltd. Ulster Fertilizers Ltd. W eardale Lead Co. Ltd. W ithin's P aper S tain in g Co. Ltd. The follow ing subsidiary com panies (inter alia) operate outside the U nited Kingdom: S. A. Azam on, Madrid; "D up erial" Argen tina; "Duperial" Uruguay; "Imperial Chem ical Industries" com panies in Australia and N ew Zealand, Belgium , Brazil, Chile, France, Holland, Hong Kong, India, Israel, Japan, Malaya, N ew York, Pakistan. Peru, So. Africa. S u d a n , Turkey, Magadi Soda Co. Ltd.; com pany ow ns 93% in terest in A rnold Hoffman & Jointly w ith D e B eers Industrial Corp. Ltd., owns controlling interest in African Explo sives and Chemical Industries Ltd.; together w ith Courtaulds Ltd. all capital of British N ylon Spinners Ltd.; together w ith York shire Copper Works (Holding) Ltd. all stock of Yorkshire Im perial M etals, Ltd.; together w ith Celanese Corp. of Am erica (see general index) all the stock of Fiber Industries Inc. (form ed in 1958 to m ak e p oly ester fiber in U. S. A.); jointly w ith A tul Products Ltd., entire stock of Atic Industries Ltd. (India); jointly w ith A lum inum Co. of Am erica (see gen eral in dex) 50% in A lm in Ltd., an English holding company for International Alloys Ltd., a secondary alum inum sm elter and several fabricating concerns. A lso ow ns over 38% o f v o tin g stock of Courtaulds Ltd. (see general index). In Oct., 1962 jo in tly w ith Em pressa N acional Calvo Sotelo, and Sociedad A noning Cros of Barcelona, Spain form ed Aloudia Empressa Para La Industria Quimica, S.A., for m anufac ture and sale of petro-chem icals and plastics in Spain. Officers: P. S. Chambers, Chmn.; R. Holroyd, E. A. Bingen, L. H. W illiam s. Dep. Chmn.; A. G. Woods, Sec.; A. E. Frost, Treas. Directors: S. P. Cham bers, V iscount Slim , P. C. A llen, R. A. Banks, A. Caress. M. J S. Clapham, E. A. B in gen . S. F. Burm an. Vis count Chandos, Lord Glenconner. R Holroyd, P. T. M enzies, C. P aine, H. Sm ith D. J. Robarts, W. D. Scott, J. S. G ourlay Jam es Taylor. R. C. Todhunter, L. H. W illiams, C. M. Wright, G. K. H am pshire. Auditors: P rice W aterhouse & Co., and Thomson McLintock & Co. MOODY'S INDUSTRIAL MANUAL 1849 A nnual M eeting: In May. No. o f stock holders: D ec. 31, 1961: P re ferred, 63,655; com m on, 391,530. No. of Em ployees: (U. K .): D ec. 31,1961, 114,229. T ran sfer Offices: D ean Bradley House, Horseferry, London. S. W. 1, England. Head Office: Im perial Chemical House, M illbank, London, S . W. 1, England. Consolidated S ales, y e a r s ended Dec. 31 ( ): 1955 411,000,000 1959____ 508,508,900 1956 _ 435,300,000 1960____ 558,428.000 1957 462,887,826 1961____ 550,402,000 1958 462,677,074 1962____ 579,000,000 Distribution of ( 1.000,000): U. K ____________ A broad ________ T otal __________ _ - - INCOME ACCOUNTS CONSOLIDATED INCOME ACCOUNT, YEARS ENDED DEC. 31 1961 1960 1959 1958 M anufacturing Sc trad ing profit____ -- 114,809.000 139.490.000 120,566.632 88,539,237 93,328,642 Auditors* and other fe e s -------------------- 151.000 140,000 125.779 116,883 111.194 Employees* pension fund, etc------ ----- 8,287,000 8,463,000 7,548,088 7,342,262 7,217,698 O bsolescence & d e p r e c ia tio n _______ 40,505,000 37,258,000 33,137,611 29,579,894 24,484,572 Sales, years ended 1961 298.1 252.3 550.4 D ec. 31 1960 303.1 255.3 558.4 1956 84,119,202 108,847 7,106,298 23,459,049 1955 83.463.797 101,961 6,629,400 20,379,824 N et trading profit R evenue from associated cos. e tc ---Revenue from secu ritiiess ----- -----------] R evenue from propertieess ___ -- ------- [ Miscellaneous incom e Total in c o m e _______________ _-- P rovision for taxes, e t c . -----------D ebenture & loan in te re st -------Em ployees profit s h a r in g ----------- 65,866,000 6.152.000 2.236.000 74.254.000 27.739.000 3.668.000 8.734.000 93,629,000 5.565.000 1.841.000 101,035,000 40,472,000 4.427.000 8.564.000 79,755,154 4,638,471 j 251,443 t 296,363 84,941,431 31,530,860 4,725,314 7,100,157 51,500,198 3,161,791 366,501 565,290 55,593,780 20,658,83T 5,673,809 5,406,177 61,515.178 3,000,594 376,455 607,686 65,499,913 26,328.078 5,406,323 4,958,294 53,445,009 2,621,523 304,630 378,551 56,749,712 23,764,834 3,481,630 3,146,643 56,352,612 2,395,479 449,073 133,259 491,829 59,822,252 23,990,433 3,409,700 2,833.467 Consolidated n et i n c o m e ________ M inority dividends, e t c . ____________ Undistrib. subsid. prof, appllc. to I.C.L 34.113.000 1.738.000 3.574.000 47,572,000 2.378.000 5.494.000 41,585,100 2,270,121 5,459,249 23,854.957 2,150,160 4,070,356 28,807,218 1,972.870 4,692.552 26,356,605 2,184,868 4,878,598 29,678,652 1,828,591 3,872,898 Net income (com pany only)-- -- R evenue r e s e r v e ------------------------------ G eneral r e s e r v e -- ----- . -------------------- Capital reserve _____________ Revenue reserve--Stock replace. -- - P reference d iv id e n d s _____________ -- Ordinary dividends -- ----------------- -- 28,801,000 784,000 4,500,000 01,064,000 022,453,000 39.700.000 13.447.000 4,000,000 01,064,000 021,189,000 33,855,730 12,352,642 3,000,000 01,163,814 . 017,339,274 17,634,441 2,751,090 3,000,000 0983,502 010,899,849 22,141,794 5,220,584 8,500,000 cr 2,500,000 0969,128 09,952,082 19,293,139 5,665,035 9,500,000 cr 750,000 0969,128 08,225,113 23,977,163 2,000.000 10,000,000 3,000,000 0969,128 08,167,631 B alance for y e a r ________________ N il N il N il N il N il d 4,316,137 d 159,596 [3N et after d ed u ctin g in com e tax. BALANCE SHEET8 ASSETS Land, buildings, e t c . ______ O bsolescence & d e p r e c ia tio n -------- -- N et p r o p e r ty ______________ - ---- ----E T ools, equipm ent, e t c . ------------ -----P atents, e t c . ____________ - ______ ____ X Invest, in assoc, c o m p a n ie s ______ Inv. in subs, not con solid ated ----------Tax reserve certificates ------- ---- -- Cash _______________________________ Short-term d e p o s it s __ _____ -- ----- Governm ent s e c u r it ie s ______ _____-- ^ M arketable in v e s tm e n ts _______ iIn v e n to r ie s------------------ ----------------Sundry d e b t o r s _____ __ ____________ CONSOLIDATED BALANCE SHEET, AS OF DEC. 31 1961 1960 1959 1958 701,283,000 641,483,000 598,286,572 562,808,005 159.770.000 124,026,000 101,197,589 70,428,086 541.513.000 517,457,000 497,088,983 492,379,919 2.573.000 56,748,000 1.204.000 350,000 7,808.000 17,038,000 2,418,000 49,988.000 829,000 3.350.000 9.078.0001 5,649,000f 915,598 40,320,371 3,416,989 3,115,350 15,365,235 561,450 34,543.141 278,250 5,602,473 7.960.000 137.510.000 108.413.000 6,153.000 137.243.000 93.397.000 5,903,394 115,821,947 86,771,585 4,949,130 113,713,149 72,042,380 1957 527,807,200 129,547,972 398,259,228 16,878,537 19,080,327 4,400,000 12,310,911 7,671,024 122,469.810 74,535,310 1956 467.419,761 108,633,988 358,785,773 16,585,954 16,768,366 3,100,000 7,072,526 4,799,398 115,230,073 68,744,239 1955 409,645,631 88,527,012 321,118,619 3,877,464 16,645,736 13,885,536 4,100,000 17,661,359 1,127,395 5,542,170 105.264.714 63,090,592 T o t a l ___________________________ LIABILITIES P referen ce s t o c k _______ _______ ___ _ Ordinary s t o c k _______ - ___________ M inority in t e r e s t ___________________ D ebentures Sc secu red lo a n s ____ ___ F uture U. K. in com e t a x ____________ _ [^Provision for final dividends (net)-- B ank o v e r d r a fts__________ _________ _ Sundry creditors, etc. _____________C ontingency provision, taxes, e t c . __ Capital a c c o u n t ____________________ R even u e account _______________ -- 881,117,000 34,737,000 266,608,000 39.744.000 58.751.000 31.583.000 10,281.000 62.332.000 70.006.000 203.797.000 103.278.000 825,562,000 34,737,000 251,589,000 36.478.000 60.110.000 41,947,000 9,328,000 53.676.000 67.579.000 169.583.000 100.535.000 768,719,455 34,736,773 246,209,422 25,841,929 86,108,267 37,063,028 7,081,615 49,032,471 52,384,517 146,592,438 83,668.995 724,069,892 34,708,773 236,953,260 25,043,085 93,416,382 26,318,746 8,982,855 47,926,420 48.691,283 134,854,731 67,174,357 655,605,147 33,708,773 144,233,090 23,196,189 117,361,613 26,970,002 10,058,523 50,752,899 49,575,072 128,314,665 71,434,321 591,086,329 33,708,773 143,045,436 21,199.962 70,544,672 24,432,682 14,850,135 46,716,241 50,123,67a 121,847,080 64,617,670 552,313,585 33,708,773 142,045,750 19,514,369 68,376,026 27,534,713 5,385,143 4,928,775 44,179,060 39,378,253 106,573,225 60,689.498 Total ________ ___________________ 881,117,000 825,535,000 768,719,455 724,069,892 655,605,147 591,086,329 552,313.585 0 These investm ents have been taken at or under cost or as revalu ed in 1928, less amounts w ritten off. 2]Market value: 1961, 8,243,000; I960, 6,~ 620,00; 1959, 6,639,747; 1958, 5,340,493; 1957, 7.857,472; 1956, 5,690,306; 1955, 7,450,997. 0 At or under cost. 01956 to 1961. N ot reported separately and included under "Land, building, etc." 01956-61: Not reported separately and in cluded under "Contingency provision, taxes, etc ** LONG-TERM DEBT 1- 4i/2% Unsecured Loan Stock, d ue 1972-74: A uthorized and outstanding, Dec. 31, 1961, 30,000,000; due Mar. 31, 1974. Offered to stock holders Mar. 10, 1954. C allable as a w hole or In any part at par on or at any tim e after Mar. 31, 1974. On liq u idation of com pany en titled to 101. Listed on London Stock Ex change. P rice Range: 1962, 88%-77; 1961, 83-75. 2. 51/ 2% Unsecured Loan Stock, 1977-79: A uthorized, 40,000,000; outstanding, D ec. 31, 1961, 254,750; redeem ab le at par Jan. 1, 1979; registered and tran sferab le in am ounts and m u ltip les o f 50. In terest J&J 1. Callable as a whole or in part on 3 months' notice at an y tim e on or after Jan . 1, 1977 a t par. Offered at 96% in D ec., 1956, to preference and ordinary stock holders of record Nov. 23, 1956. R ights expired Ju n e 2, 1957. Listed on London Stock Exchange. P rice Range: 1961, 93%-84; 1961, 93-84%. 3. 4>4% Sw iss Franc Bonds, due 1977: D ated June. 1962; outstanding, Dec. 31, 1962. Sw Fes 60,000,000; due Ju n e 30, 1977 at par. N on-callab le during first 4 years. Interest June 30. L isted In Zurich Bourse. P rice Range: 1962, 104%-103%. 4. 61/ 2% con vertible unsecured loan stock d u e 1972-77: D ated Feb., 1962; outstanding, D ec. 31, 1962. 75.951,805. C onvertible into 32 ordinary shares p er 100 loan stock in D ec., 1963, in to 31 ord. shares in D ec., 1964, and in to 30 ord. shares in Dec., 1965. If on or b efore F eb, 28, 1966 n ot m ore than 20% of original issu e is outstanding, com p any w ill have right on 60 days' notice during Jan. or Feb. in 1964 to 1966, to convert loan stock into ord. shares, w ith holders having right to repaym ent at par. Callable at par, b egin ning June 30, 1972 on 3 months' notice. Interest J&D. Issued in Feb.-M ar., 1962 as an alternative offer for ord. shares of Courtaulds Ltd., on basis of 25 of loan stock for each 10 of Courtauld's ord. stock. Listed on London Stock Exchange. P rice Range: 1962, 110%-99. CAPITAL 1. Im p eria l C h em ical In d u strie s, L td . 5% cum ulative preference; par 1: Authorized, 34,736,773; issued and paid up, 34,736,773; par 1 . Has preference as to assets and dividends. D ividend ra te changed from 7% to 5% June 17, 1954. Issued in exchange for shares of acquired companies. The shares w ere converted Into stock in 1935. R egular d ivid en ds paid F&A 1. P n c e Range: 1962 1961 1960 1959 1958 H igh--------- 16/10 16/1 18/0 19/1% 17/3 L o w --------- 13/ 6 13/7% 15/4% 15/6 J5/1 2. Im perial C hem ical In d u stries L td. o rd i nary; par 1: Authorized, 375,000,000; issued Mar. 16, 1962, 266,607,900 ordinary stock in u n its of 1. Is entitled to surplus assets repaym ent of all capital. Is entitled to profits distrib utable by w ay of dividend, after payment of 5% plus arrears ( if an y) on th e preference stock Has one vote per 1 of stock. Is sued in ex ch a n g e for shares of acquired com panies. The shares w ere converted into stock in 1935. D iv id e n d s paid: 1927 to 1929. 8%: 1930. 6%: 1931, 4%%: 1932. 6%; 1933, 7%%; 1934. 1935 and 1936, 0%,' 1337, B%%: 1338 lu 1345, iiici., a%' 1946 to 1949, 10%; 1950, 12%; 1951 and 1952, 13%; 1953. 15%; 01954 to 1956, 10%; 1957, 12%; 01958, 8%; 1959, 11Va%\ I960 to 1962, 13%%. Li!Also paid 100% in sto ck in June, 1954; cash in clu d es 9% prior to stock dividend. 0 A ls o 50% stock paid before cash div. P rice Range: 1962 1961 1960 1959 1958 H igh______ 62/0 82/9 76/ 6 62/7% 38/ 3 L o w --------- 47/0 54/4% 5 3 /U 33/1% 23/11 Registrar: W. N. Lacon. Listed: All classes listed on London Stock Exchange and quoted in Birmingham, Bristol, Dublin, Edinburgh, Glasgow, Liverpool, Man chester, Cardiff, Oldham, N ew castle and S hef field. Ordinary also quoted in Belfast, N ew port, Paris and Amsterdam. A m erican Depositary Receipts: There are outstanding American depositary receipts for ordinary registered shares issued by Morgan Guaranty Trust Co,, N ew York, on a share for share basis. Outstanding, Jan. 17. 1963, 1,233,791 shares. D ividends (paym ents sin ce 1929 follow ): 1930-- 50.25 1931.. $.0,128 1932-- $0,124 1933__ 0.179 1934__ 0.279 1935__ 0.292 1936-- 0.29 1937__ 0.302 1938-- 0.287 1939-- 0.234 1940__ 0.18 1941-- 0.149 1942-- 0.152 1943-44 0.154 1945__ 0.153 1946-- 0.161 1947-48 0.205 1949__ 0.186 1950-- 0.139 1951__ 0.161 1952__ 0.209 1953-- 0.197 01954_ 0.180 1955__ 0.140 1956-- 0.1411 1957__ 0.14 01958__ 0.158 1959-- 0.136 1960.. 0. .216 (01961-62 9.216 @1963, 0.119 fflAlso 100% in stock; cash in clu d es $0*129 prior to stock dividend. AIso 50% in stock; $0.12 paid prior to stock div. 1 9 ^ InClUdeS ^ ' 95 P r o c e s s sa le of rig h ts In @To June 10. unlisted Trading on American Stock Ex change. OPrice Range: 1962 1961 1960 195901958 H igh______ 8ft 11% 10% 8%5% L o w --------- 6% m 7ft 4% 3% SAm erican depositary receipts. 0 A fter stk. div.; before, 6%-5. Subscription Rights: Ordinary stockholders o f record Jan. 20, 1961, had right to subscribe to a m axim um o f 12,910,000 shares o f 1 ea ch at 55s. per share, on basis o f one n ew share fo r each 20 shares held.