• A " SHELL " Boxus.
Reference was made in this column last week to the excellent report published by the Shell Transport and Trading Company. The good impression produced by it has now, of course, been strengthened by the statement which Viscount Bearsted was able to make at the annual meeting. With each Report and subsequent meeting, the point perhaps which is most vividly stamped on the imagination of the investor is the enormous reserve resources of this great company, thus imparting a stability to the shares, bringing them into the investment class. That really, in itself, is a great accom- plishment and something which could never have been anticipated when the oil industry was in its infancy. On the present occasion, however, this favourable impression was heightened by the fact that the chairman of the Shell Company was able to announce that next January-there will be a fresh issue of shares, at par, to the Ordinary share- holders, in the proportion of one new share for each five old shares.
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