29 APRIL 1938, Page 47

HIGH PREFERENCE YIELDS

Admittedly, the lower prices now prevailing for these com- modities will be reflected in next year's profits, but, even so, the companies should be able to earn their preference dividend requirements with something to spare. Meanwhile, the high yields obtainable in the market make these preferences look attractive as semi-speculative holdings for income purposes. Here are the details : Goode, Durrant & Murray 7 p.c. cumula- tive LI Preference .. ..

..

D. & W. Murray 5 p.c. Cum. fos. Pref. Paterson, Laing & Bruce 6 p.c. Cum. £i Pref. .... .. .. .. Paterson, Laing & Bruce 6 p.c. Non- cumulative Participating Second Li Preference .. .. .. .. Current Yield.

Price. Per cent.

£ s. d.

215. 6d. 6 to o 6s. 6d. 7 14 0 I3S. 9 5 o 9S. 13 7 o The Goode, Durrant and Murray preference, as already stated, carries 2} years' arrears, equivalent to nearly 3s. net per share, which should be paid off gradually in reasonably favourable conditions. The D. and W. Murray 5 per cent. dividend should be covered roughly three times by current profits, and the 6 per cent. payments, and possibly an extra per cent. on the participating second preference, should be forthcoming on the Paterson, Laing and Bruce issues. * * * *