CUSTOS REPLIES TO ENQUIRIES

D. Y. R. (Invemess-shire).—Would retain your part interest in the Nanking Railway bonds and also the holding in Hongkong and Shanghai Banking Corporation. Further fluctuations are inevitable but there should be an ultimate recovery.

H. E. D. (Swansea).—Should prefer a good industrial preference share yielding, say, 5 per cent. to the property trust you mentidn.

B. C. (London).—An investment spread. over L.M.S. First Preference, L.M.S. 1923 Preference, and L.N.E.R. First Preference should prove suitable for your purpose. The income yield would be generous and the security quite strong.

MAGISTER (Suffolk).—I regard the oil investment you mention as very speculative and advise reinvesting.

C. E. M. (Ickenham).—Smart Bros. ordinary should be worth holding for a recovery from today's price.

A. F. S. (Chirk).—Metal Industries " B " should be well worth holding for recovery in view of the improving value of the company's large holding of British Oxygen.

WitiGurort (Torquay).—The fall in Rolls Royce is an ad- justment to the new basis of yields arida correction of an inflated price based on optimistic forecasts of aero-engine profits. I do not attach much importance to fears of American competition.

ENQUIRER (Bournemouth).—In view of Canada's poor wheat crop, recovery in the fortunes of the Canadian Pacific Railway is likely to be slow. Suggest you switch from C.P.R. preference into L.M.S. 1923 preference, which is offering a good yield and good prospects.

ENQUIRER (Jersey).—Advise a purchase of Richard Thomas preference and Imperial Tobacco ordinary shares for your purpose. Both are promising industrial investments and the dividends are paid free of tax.

W. M. N. (Dorchester).—Suggest a purchase of A. W. Consolidated Trust debentures, now quoted at £65. This trust should be liqUidited within next two years, and the debentures repaid. at just under £75. You could pur- chase £zoo nominal for roughly £130.

H. H.—The Canadian Eagle and Whitehall Electrie Investinents Preferences are bOth reason- able purchases for your purpose. As a third I prefer Richard Thomas preference.

TRUSTING (Goole). — The debentures of William Griffiths look under-valued around 8o and are probably difficult to buy at that price. The company's trading is satis- factory and there should be some improvement in the value of the los. ordinaries.

J. F. (Belfast).—For moderate capital appreciation I suggest A. W. Consolidated Trust debentures at 65. See reply to W. M. N. above.

LINICS (Golders Green).—Advise holding Scammell Lorries and Joshua Hoyle new ordinaries. Both companies are doing better. Lambert Brothers are also worth holding in present conditions.

A. A. B. (Sussex).—Your plan to switch into Conversion 3 per cents. is a sound one from your point of view, although it will involve a reduction in current income.

J. W. M. (Chichester).—Your holding in A. W. Consoli- dated Income debenture stock is worth about £126 today. As the liquidating value should be nearly £75 per kroo you should ultimately realise about £145. You should continue to hold.

P. W. G. F.—The investment you mention is speculative, and I do not regard it as suitable for your purpose.

DYFIUG (Cardiff).-00 A transfer into a stock with a definite redemption date would be advisable, but would involve some slight decline in income. (2) I think you should continue to hold E.D. Realisation shares for the present as the ultimate liquidation price should be substantially higher. You should receive an allotment of Union Castle ordinary shares within the next few weeks. (3) You might do well to exchange out of Randfontein into Apex (Trinidad) Oil, now standing around 34s. The dividend yield is well over 6 per cent., and there should be chances of capital appreciation.

W. W. (Bournemouth).—The investment is very speculative and I do not recommend it for your purpose.

WESTDENE (Kalimpong).—The position of Indian Iron is discussed in Venturers' Corner.

U. M. S. (London).—I see no reason to disturb either the Morley or the Ferranti preferences.