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Lancashire textile manufacturers have had a worrying time this -year. A sharp rise in raw material prices, followed by an equally sudden fall, never helps, and consumers have doubtless been holding back their orders in recent months. But even allowing for these fluctuations the voltune of trade this year has been substantially higher than last and, still more significant, the margin of profit has been larger. Adversity has brought the Lancashire textile manufacturers closer together than for many years, and the industry is now better organised to benefit from any improvement that may come along than at any time since 1918. As a speculation for recovery A. and S. Henry kr ordinaries do tot look dear around 12s. 6d., if one assumes only modest improvement.
The yield on last year's 4 per cent. dividend is over 6 per cent., which provides a satisfactory jumping-off ground. Considerable reorganisation work has been going on, and with its branches in Manchester, Liverpool, Bradford, India and Argentina, the company is well placed to participate in a recovery in international trade. With over k500,000 in cash and gilt-edged stocks, A. and S. Henry has a strong liquid position as a buttress against depression. If the 4 per cent. rate is merely maintained for 1937, the shares pay handsomely [Readers' enquiries, or requests for advice regarding particular shares, will be answered periodically as space permits. Correspon- dents who- do not desire their _flames to appear should append initials or a pseudonym to their questions?,