B.A.T. NEW CAPITAL.
To understand the glamour which for some time past has surrounded the market for Industrial shares, it is only neces- sary to recall the extraordinary developments which have taken place in a few big concerns like British American and Imperial Tobacco, Courtaulds and some others, these develop- ments being in the shape not only of very large dividends but of share bonuses, so that in many cases small fortunes have been made out of capital appreciation. Only during the last week speculative interest in British American Tobacco shares has been fanned once again by the circular from the company calling a meeting to effect certain changes in the Articles of Association. In some quarters this has been interpreted as indicating a fresh share capital bonus. Of that, however, there is no kind of confirmation at present, but at all events the company is contemplating the creation of new Second Preference Shares to the extent of about £12,000,000, of which apparently an early issue is to be made of about £6,000,000. The form that the issue will take has not yet been made known, however, and speculation as to the method to be pursued has also quickened interest in the shares.
A. W. K.
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