15 APRIL 1938, Page 32

GOOD PREFERENCE YIELDS While I do not blame the cautious

investors who have decided to await the unfolding of the Budget on April 26th before purchasing in the fixed-interest group, I am doubtful whether there will be much to be gained by delay. Here is a group of preferences which would-be investors might (Continued on page §sto) keep before them :

No. of Times Current


Covered. Price.

per cent.

s. d.

Alpha Cement 54 p.c. Cum. Pref.

51 24s. 3d. 4 Jo 3 British Aluminium 6 p.c. Cum.

Pref. .. • • • 5t 29s. 3d.

4 2 C

Debenhams 61 p.c. Cum. Pref. - • 41 25s. 3d.

5 2

Elephant Trading 54 p.c. Cum.

Pref. .. 6/

zis. od.

5 4 ''

Imperial Chemical 7 p.c. Cum.

Pref. .. • •

44 • . 32s. od. 4 7 Lancashire Steel 5 p.c. Cum. Pref. 61 ..

20S. 6d. 4 17

Pease & Partners 5 p.c. Cum. Pref. 3 .. 19s. 9d. 5


(Continued from page 688) The dividend cover on all these shares is ample and, in my view, not likely to be seriously endangered except in the unlikely event of a violent slump in general trade. The yields are a rough indication of relative merits, among which must be reckoned the factor of marketability. There is obviously a better market in the technical sense in the preferences of a big company like Imperial Chemical Indus- tries than in those of much smaller concerns. * * * *