Finnva • i Note , r ",„ emmt i ONCE again the disturbing influence
upon markets which might have been created by the European political outlook has been' offset by Such 'factors as- cheap money and the continuance of actiye,trade.: The former :influence has had a powerful effect upon British Government and kindred securities; which have risen in - striking fashion during the week ; anJotItst?nAing feature has been the sharp rise in Consols. At. the moment of writing, however, a alight reaction has taken place as a result of the announcement of an L.C.C. Loan for £10,000,000 in 3 per cents. at 99. Other depart- ments of the House have also been active and firm in tone, the chief feature in the English railway market has been the substantial rise in Great Western Ordinary.
* * * *
...‘ • A, NEw Usrrr TRUST.
A feature of the latest Unit Trust is that it has been formed to provide a Unit t With recommendations con- tained in the recent Goyernnieht Committee's -Report so far as such recommendations can be adopted pending actual legislation; • The Trust' is entitled British Empire First Unit Trust,. and the Managers are Unit-Trust, Ltd., of 116 Old Broad Street, while Lloyds Bank, Ltd., are the trustees for the certificate hOiciers. Among the various recom- mendations of the Government Committee which the Trust has adopted is that relating to full accounts of the Manage- ment Company being made available :to ,tertificate holders. Such holders are also to be entitled to convene meetings to consider the affairs of the Trust and they will have the power to appoint auditors. At these meetings, moreover, certificate holders will have the right to give directions to the Managers as to voting rights on underlying securities. The brochure, which can be obtained _..froin-the TriotePi it.) 'ell; as from the office"Iit. ghows 'Mt- the' matial r portfolio consists of some fifty stocks and shares to be divided into 2ik060'. 'sub-Unitc! These, securities pig chieffY'i concerned with -English industrial shares of the Equity class, and at the starting price. of 21s. per sub-uknitfttlee gros,s. yield ,on the initial portfolio will Ieapproximately 4 per cent. The
c,
Trust, howeve".is of' the " Flexible " character and the brochure gives a long list of other securities which may be held. ' Another feature of the brochure is that it sets out very-fay and- clearly the precise duties. of the Trustees. The life of the Trust is fifteen years, at the end of which the Trust property is to be realised by the Tru,stens anddistributed
Proportionately among the ,certificate .
• * * HARRISONS AND CROSF1ELD.
The latest report of Harrison and Crosfield, Ltd., the Eastern estates managers and 'investment company,
satisfactory one. Better conditions in the rubber and te47 planting industries are indicated and the profits for the year, after providingfor depreciation and tax, amounted to £271;642, as against £268;283 for the previous year The filial dividend on the Deferred stock making 20 per cent for the year is the same as last time, but the carry. forward at, £145,015 shows an increase of about £4,000. The balance,sheet, is a very liquid one, showing that -the company has increased its cash
holding to over £400,000,, , , .
CITY AND INTERNATIONAL TRUST:' •
I am glad to see that the -latest report of city -and Titter- national Trust, Ltd., shows that the improvement noticeable in the position a year ago has been fully 'maintained. The profit for the year -is higher at 245,938 and the -dividend is increased from 2}fper cent. to-a-per-cent,Whule'there is.an increase also in the cam forward::: Xhereluis Peen;a--futther r'ecoveryi during the year in khe;pliee inVestmenti, and Whereas a year ago valuation- of the '-*hole' of securities showed a depreciation of 29.19 per cent- on 'the book value, that depreciation has now been reduced to 18:37'per cent. - * * * -* '
DRAPERY PROFITS. -
A substantial ,increase in, the profits of D,ebehhaniS, Ltd., noticeable a *year ago, has been fully maintained; the latest report of the Company shows 'that the balanCeat credit of profit and loss for the year ending J,uly .31st was £706,446, as against, £654;928., After paying the dividends on the Preference shares and ,placing a further,suzn of 150,0007-to the Reserve, the dividend has been raised on the Ordinary shares from 121 per cent. to 161 per cent. Moreover, after paying this increased dividend the carry fonvaiii 'is £182,171, as compared with £130;241 a 'year' ago.' 'The" directors report favourably on -the-general condition eit tfie"---•eciinpany with an increase. in theVolulne of Sales' alid the balance sheet
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