B. A. T. CAPITAL.
Judging from all the circumstances, it looks as though the new issue of 6 per cent. Second Preference shares of the British American Tobacco Company will have a good reception when the issue is made. At the recent meeting, held to pass the necessary resolutions, the Chairman announded that the issue would be a public one at par, but that existing Preference and Ordinary shareholders would have priority in the matter of allotment. Inasmuch as the 5 per cent. Preference shares of the company stand at par, it would seem reasonable to suppose that the new 6 per cent. issue should command a moderate premium, for although they rank after the First Preference, they will rank before more than £23,000,000 of Ordinary capital on which very high dividends have been
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