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In the same time period the total funds employed by the group grew from [,446 million to [,749 million (68 per cent increase). But in total earnings grew only by IO per cent in the five-year period. 9 pence, only a I per cent growth during aperiod of reasonable prosperity for most industries. Two of the most discontented stockholders were Denis Blake and William Dawkins. Mr Blake had the most important shareholding in Standard Tyre Company. This firm was taken over by Quinton Hazell in 1972, very shortly before Hazell was in turn taken over by Burmah Oil Company.
The American government became suspisious of the relationship which would exist in the American domestic market between Conoco and Sohio because of the former's proposed tie-up with Burmah's stock-holding in BP and BP's financial relationships with Sohio. The relationships may have been tenuous but in any event the merger didn't happen. STOCKHOLDERS' CONCERN ABOUT PROBLEM AREAS As already indicated, Lobitos had been engaged in refining South American oil for many years. These refining activities took place in two small refineries in Manchester and at Ellesmere Port.
The company aims at a 48-hour turnround from the receipt of an order to its despatch. Since 1946 the company has grown rapidly and now employs about 350 people at two factories in London, one in Newcastle and another in Sheffield; the last two factories being recent acquisitions of family businesses, which although technically sound, have not been satisfactory in the financial sense. At Cresta both barrel plating and vat plating a;e used. Most of the vats are handoperated in order to achieve a flexibility necessary to cope with the different mixes of products.
Accounting Principles 1 by Speedy Publishing