INVESTMENT IN INDUSTRIALS.
Sales of gilt-edged stocks have been effected partly in a search for higher yields than those recently obtainable ou first-class investments. Many private holders of British Government securities have been seeking a better return on their capital in other sections of the Stock Exchange, and have been, turning to the better class industrial ordinary and preference shares. The movement has received some encouragement from the excellence of the financial results shown in recently issued reports of leading industrial under- takings, which have provided considerable justification for the pronounced rise in industrials over the past year or so. This advance, although substantial, has left industrials of the best class showing returns sufficiently above gilt-edged yields to attract investment by those willing to face the possibility of fluctuating income and capital value which is inherent in industrial investment. Meanwhile, speculation in industrial securities is less active than it was a few weeks ago, and a notable feature of other sections of the Stock Exchange is the comparative quietude of the more speculative markets.
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