Company Notes
By CUSTOS
THE sensation of the week in the stock markets was TOOTALS. About a fortnight • ago the shafts were 85s. but there must have been some leakage of the good news, for last week the shares reached 95s. and on Monday, before the announcement of the three-for-one scrip issue, they were up to 105s. The statement by the directors that they would pay 10 per cent. on the increased capital caused a jump to 120s. 6d. As the current accounting year of the Company ends on June 30th, the directdrs must be pretty confident of the trade in shirts, ties, handkerchiefs and hosiery which they manu- facture -so efficiently. Having discounted this wonderful bonus the market turned to another conservative company with large reserves—J. AND P. COATS which rose sharply to 56s. This Company's year ends in December, so that it should have enjoyed the full recovery of last year, but all that the chairman could 'say in June last was that the directors hoped that trading results would " permit the avoidance " of any cut in the ordinary dividend. For 1952 the Company earned 31 per cent. and paid 121 per cent. The shares at the present price only yield £4 8s. per cent., but bonus possibilities have existed for a long time. The issued ordinary capital is £141 millions.' Against this it has a capital reserve of £61 millions. The revenue reserves and carry fofward amounted to £302 millions.
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