OVER 41 PER CENT.

In present conditions I can see nothing which seems at all likely to dist.irb the market in fixed interest securities. Money

is obviously going to remain cheap, except in the unlikely event of a major European conflict, and the ,competition of equities for the investor's funds does not seem likely to be very keen for some time to come. We may iherefore carry on with our survey of good preference shares with'ionneiskiance. Here

is an interesting list :=-. - ' _ No. of Times Dividend Covered.

Anglo-Iranian 9 p.c. Second LI

Cumulative Pref. .. .. 5 Red & White United Transport

54 p.c. Li Cum. Pref. .. al Thos. Bolton & Sons 5 p.c.

Cum. Li Pref. . .. 8 8 4 Cunt. Pref. .. .. .. 6 -

The cover in all these cases is strong, and the businesses are of a type whose earnings should be. well maintained on any reasonable assumption about general trade actiVity. An invest- ment fund spread evenly over this group of 'half prefer- ences would give an income return of roughly 4i per cent. Peter Brotherhood 54 p.c. Cum. kr Pref. .. .. .. Venesta 7_ p.c. Cum. Li Pref. Worthington-Simpson 6 p.c. LI

Current Price.' Yield 0:,

£ s. d.

39/9

4 to 6 2316

..

4 13 6

21144

4 13 o

24'6

to 0 26 6 , 5 5 8 24 3 4 19 0