THERE must be many holders of CANADIAN PACIFIC who will
be disturbed by the latest report. The rise in the railroad's operating expenses in 1953 more than offset the increase in the gross receipts, so that the net income was slightly down at $28.8 millions. Moreover, 'other income' (in- cluding that from Consolidated Mining & Smelting) fell from $22.6 millions to $16.8 millions—shipping actually made a loss— while fixed charges were up and the final net income was nearly 20 per cent. down at $31.4 millions. The trouble is the unhelpful statutory control of railway rates. The company has been refused the rate increases it demanded and is denied the freedom to charge for any 'act of transport' the com- petitive rate which might secure the job. The only reassuring feature of the accounts was the increase in the net receipts on land surplus account. It is difficult to recommend a sale of a stock which yields 6 per cent. on existing dividends (without allowing for Dominion income tax relief) and no doubt it will improve when American railroads recover. What are alternative stocks? HUDSON BAY have as much land with oil possibilities as Canadian Pacific but the yield is low (2.85 per cent.). I 'suggest 'mixing' with Canadian banks, such as ROYAL BANK OF CANADA and BANK OP MONTREAL.
IN my note on tea shares last week I had no space to give two examples of equities which will do better than any tea preference share. BARGANG and ATTAREE KHAT, both Assam companies, earned 261 per cent and 10/ per 'cent. in 1952 and paid 71 per cent. and 5 per cent. respectively. On the percentage of the 1953 crop sold so far (both under 50 per cent.), Bargang has realised 11d. more per lb. and Attaree Khat Is. Id. more per lb., which, on the whole crop, will bring their 1953 earnings ,to over 120 per cent. and 110 per cent. respectively. This is much more than they earned in 1950 when each paid a dividend of 25 per cent. In other words, 1953 dividends should better those of 1950. I consider, therefore, these two tea equities cheap at around 27s. But I must repeat my warning that tea shares are a narrow market. Classified advertisements must be velvid. 3s. per line. Line averages ?2 letters. .A1inimum 2 lines. Box Vunthers Is. extra. Classified ddvertisement Dept., Spectator, ?_9 Gower Street, London, W.C.1. ''elephone EUSton 3221 (5 lines).
PERSONAL
"Ic'en„r1P.AurIna. Country Home-Convales- g '0 or Rest. Good nuising with avail- ble ggehgceatments, massage, electro-theraPY- -' ity. Building or slimming diets. ?.(very
comfort. Radio, television, etc.-
2 Gough, Clieswood Orange. LaPi
VITALITY CONSULTANTS. Your fatigue and "worry controlled. By appointment please.-Charles and Mary Cordell, Confi- dential Psychologists, 03 Queen's Gate, S.W.7.
CONTACT LENSES.-Wear these wonder lenses while you pay for them. Choose your own practitioner. Details from- The Contact Lenses Finance Co.. Ltd., 4 (tS) Reece Mews. South Kensington, S.W.7.
HANDBAG REPAIRS, alterations, re- linings, frames. etc. Post or call for estimate.-Remake Handbag Co., Dept. "B," I83a Brompton Rd. (corner Beauchamp Pl.) three turnings from Harrods.
HIGHEST PRICES PAID for coins and Medals, especially collections and gold. Cat. of English Coins, 7s. 6d. Bulletin, 6d.-B. A. Seaby, Ltd„ 65 Great Portland Street, London, W.I. (Tel. LAN. 3677.)
INSECTS, GERMS AND MAN-commentary on a losing battle and a ray of hope for the enlightened-in an article of the above title in the Winter number of The Farmer. Also Hen Batteries-who is to blame 7; The Warning of the Seaweed Fly; Ulcers or Energy ?, and many more Intriguing articles. Edited by Newman Turner, price 2s. Bd. a quarter, or 10s. a year post free. from Ferns Farm (S), Shaftesbury, Dorset. JIGSAW PUZZLES. The Sphinx Puzzle Club provides 2 Wooden jigsaw's a month--2 guineas per annum. Write secretary, " Sphinx." Little Easton, Dunmow, Essex.
Previous page
