INVESTMENT NOTES
EXCLUDING the climate out-of-doors, a holiday --,, tItY favourite EAGLE STAR outstanding-and :.°1ntlY with this company and the NATIONAL COM- i° the Stock Exchange, especially where it shone Over those financial shares lately recommended in tnis column. Insurance shares have been strong certain Lestors should be safe in this market. LLOYDS "di ,ve a 25 per cent. interest in BOWMAKER and, uok shares buoyant. With the joint stock banks have a substantial interest (374 per cent.), they brave linked up with a Swiss finance house to ERCIAL BANK OF SCOTLAND, in which they is pleasant enough contemplating the sunshine to increase their dividends this year, in- By CUSTOS a Eurocredit which will conduct a hire-pur- tlase finance business in the European Common Market. Lloyds, jointly with scorns"' FINANCE, alp own OLDS DISCOUNT. At 68s. Lloyds Preld 3+ per cent, on the current dividend. ;;Pe,rtY shares have also been recovering. 1 Yield-7.4 favour CENTRAL AND DISTRICT at 39s. 6d. to 3.4 on the 134 per sent. dividend. CAPITAL ra) counrnEs results for the twelve months end- ZApril 30 were better than expected. Profits rise L'ore tax were 65 per cent. higher and after tax "ed. Itosout doubled. On the 16 per cent. dividend the lield on the fully paid allotment letters at 26s. 6d.
off would be about 3 per cent. (.4Itital Goods uitY 1 .
ntal en view of the continued rise in investment v' pel e^Penditures in the private sector of the oef°°°°1Y, it must still be right to buy shares ool tO suppliers of capital goods. The steel in- 9,ittstry is still booming-its output in July was ties' :1°Iout 22 per cent, above that of last year-and hart ah the mills have full order books for months resb • The setback in the consumer durable 00 will fall on steel imports, not the home join oProducers. The building boom is increasing the Niemand for constructional steel and I like DOR- 14ro!rs.ONG at 4t7s. to yield 4.2 per cent. and STEEL a c ----• 83s. to yield 3.6 per cent. The iirelsiEll chairman at the general meeting still cuated at an increase in the dividend for the sigb correot year. The last payment was 84 per cent., rke° re vered three times, and if 10 per cent. is a inisb ePonable guess for next time, the yield at the year suorrent price .of 33s. would be over 6 per cent. de tar Consett has been able to offset falling rise ;,. ?land from shipbuilding by orders from other • of 'Zustries. Other heavy capital goods shares arts Ich, I can recommend are DAVY-ASHMORE and na,LLMAN SMITH OWEN. Davy-Ashmore is the quitl wit91? of the merger between DAVY-UNILEP, thali aildien makes rolling mills, forging presses,"ac., bevil gas, PCIWER-GAS, which constructs blast furnaces, „ of in_ Producing plant, etc. The directors have '..ccast a dividend of 25 per cent., to be covered !Ase4 t",t_ee times, and at the present price of 140s. 6d. ceto (7. Potential yield is 34 per cent. Wellman Smith grO° de!ett manufactures steel works plant and has bej01 ttieveloped the Ajax system of oxygen enrich- ; dis' shant of open hearth furnaces. At 152s. 6d. the cast' di ..res yield 3.3 per cent. on the 25 per cent. vIdend, covered nearly two and a half times. ,rofiti
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