IMPERIAL CHEMICAL INDUSTRIES.
Not a few industrial concerns with outstanding Debentures- carrying high rates of interest are now taking the opportunity wherever afforded of repaying them and substituting new securities carrying lower rates of interest. In the case, however, of Imperial Chemical Industries, the liquid resources of the Company are so great that the Directors are able to announce the repayment of a number of the Debentures of Subsidiary Companies without replacing them by new securities. Something like a total of 13,646,000 is affected, the- whole amount being paid out- of the Company's liquid resources, and it is announced that since November last other Debentures of Subsidiaries have been redeemed at a cost of 1579,000. As a consequence of this announcement Imperial Chemical Shares have risen, as the Parent Company will presumably effect a considerable saving by the redemp- tions. Imperial Chemical Ordinary Shares of 11- each now stand at about 35s. 9d., giving a yield to the investor, on the basis of the last year's dividend, of about 41 per cent.
A. W. K.
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