Investment Notes
SOME DEBENTURE ISSUES. THERE is little doubt that but for the Prior Charge stocks of some of the English Railways being' no longer eligible as trustee investments they would be at higher prices than those at -which, for the most part, they now stand. For those having a preference for irredeemable securities the 4 per cent. debenture stock of the London Midland and Scottish Railway is not without its attractions', the yield - • • • at the current price being al per cent. The company has (Continued onpage 524.) Investment .-Ncktes . (Continuefl from page523.) ne-Pniies td redeem the itoek, andiwhilethe amount 'required Atz Merest joi the debenture stoeks is a little over _£4,000,000, tikamdUnt'avaihible at the era 'of 1935 was or £13,000,000. • A stock giving a fiat yield of £4 .58.-6d.,,but only £3 13s. per cent, allowing for redemption is the 44 per cent. debenture stock of the P. and 0. Steam Navigation Co., priced at 105, but Withl--P4wer It0'...tchq- Pothi)anY tQ lisdew. in 1943, and in this case the mArigiq of security is an exceptionally good one, the balance-9MM' iliciwirig Welt Wehg.41k."- ' „_---.,...---...„___Lit,,,,..,-, I, ...1E'_* '..leA . ceLt e, ,.R... •E IVAILWAY 1J.EBE ES.
. Ifekred-a -fortnight agnAof:a tendenet•-to -select some of
the Argentine railway debentures, and it has been pointed out that I -might 'perhaps - have mentioned in addition the 4 per cent, debenture stock of the Buenos Aires Great Southern Railway, which at the present price gives a yield of just over £5 6s. per cent. The railway is the principal one in Argentina, and while the interest on the 4 and 54 per cent. debenture stocks requires about £966,000, the amount available for the year ended June last was £1,496,000. It will be noted, ho ver, at there is no Trust Deed and- fl special security
wb
!fog stock. dloIders are not entitled to 'demand 454yment -14`l Oriricipab-liticif the-'-'6Overninent7purchases the line or any portion, the company can redeem all or any part of the stock at par.
• i 7,_ !_:-: '. ..:1-Apr.,1inusrat4 -pa.EFpataich.... -1... :. --For those who are disposed to participate in industrial
issues, it may be noted that the cumulative preferred ordinary stock of Lever Bros., which at the present price gives a yield of 5 peicent,is well litt tired res regards the margin of earnings; the dividend- requirea..about..1757,000, whereas the amount available for the last financial yFar was about £3,500,000. The 51 per cent. curnidictiveVieferenoe stock of Cable and
Wireless (1-101dings).- Co. can be obtained at k price giving a yield of £5 '-'8i. 5d. on the fixed rate of interest. It should be noted, however, that_forithe.31 to 1933 inclusive only 21 per cent.i'llik, -tiaig:# ',Eioof 0-34 the dividend was 44 percent., while for 1935 a fiuff-54 per cent. was paid. This, however, still leaves arrciteeMridiiri . f 154 per cent, as at June last. It Ye seep ,.-thtile$5ic t the shares have
. ,.,, .., , • . some speculative a
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