22 APRIL 1966, Page 22

Investment Notes

By CUSTOS

Tum not-so-good trade returns had little effect upon security prices because they had been generally anticipated. Brokers are mostly hold- ing their investment fire until they see the budget. There has, however, been some recovery in the gilt-edged market. The long 'tap' in Funding 6 per cent 1993 has been raised to 89 IE. but the stock can be bought under that price to yield nearly 6.3 per cent. The short-bond market has also improved. There was a rush into Exchequer 5 per cent 1967 when they went ex dividend at the end of last week and the price moved up to 97i. It is now 97,96 and as it will be paid off free of capital gains tax at 100 in November

1967, it is an outstanding stock for those who prefer liquidity to equities.