A GOOD INDUSTRIAL RESULT.
In view of the present improved industrial conditions, it is not surprising, perhaps, though it is satisfactory, to note that Pinehin, Johnson and Co., the paint and varnish manu- facturers, have just declared an interim dividend of 74 per vent. (actual) less tax, as compared with an interim dividend of 6 per cent. a year ago, which dividend, it may be noted, 'vas followed later by a final dividend of 9 per cent., restoring (Continued on page 308.)
Financial Notes
(Continued from page 307.) the distribution for the full year to 15 per cent., being the same as for 1932, which was then paid in two equal instal- ments. Inasmuch, however, as the usual policy of the Company has been to pay a smaller interim dividend than the final, it looks as though there might be an increase in the total divi- dend this year, especially as the present announcement is accompanied by the statement that the sales for the six months to June 30th last show a substantial increase. As a consequence of the improved dividend, the Ordinary 10s. shares now stand at 42s. so that on the basis of a 15 per cent. dividend the yield is actually under 3t per cent. Evidently, however, the market is anticipating an increased distribution at the end of the year and the tendency to discount ahead the possibility of such increased distri- butions is in itself an indication of the difficulty which exists nowadays in obtaining an adequate income even from invest- intents in Ordinary shares of Industrial companies.
A. W. K.
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