26 FEBRUARY 1954, Page 29

THE other case is GEORGE BRETTLE which is presenting its

ordinary shareholders with one new share for every two. This Derbyshire company manufactures hosiery and under- wear and, thanks to its sound policy of ploughing back enough profits to keep its factory equipped with up-to-date machinery, it has .a fine record of profitability. In the year to January, 1953, the slump in the textile export trade halved its trading profits —its export sales were down by 58 per cent. and its home sales by only 16 per cent.—but in the current year the recovery, I under- stand, has been complete. The accounts will be issued at the end of March and 1 would not be surprised if' the chairman at the general meeting anounces that the same rate of dividend, namely 15 per cent. (which was maintained in the bad year) will be paid on the increased cepital (£302,250). The 5s. shares at 13s. 9d. cum bonus, equivalent to 9s. 3d. cx bonus, would return a yield of 8 per cent. assuming that my t.irmise is correct.