Venturers' Corner It is good to see James Pascall, the
wholesale and export manufacturing confectioners and chocolate makers, consolidat- ing their recovery. Now that the balance-sheet position has been cleaned up, available earnings can be transferred to shareholders, and the latest profit, for the year ended December 24th, 1937, of £35,141, against £28,297, has enabled the preferred ordinary dividend to be raised from 5 to 51 per cent., and a sum of £5,000 to be allocated to general reserve. The balance-sheet shows that secured bank loan has been reduced by £19,000 to £30,000 and that the holding of cash has increased by roughly L5,00o to £12,075, despite an expansion in the trading assets. The confectionery trade is notoriously competitive, but the company has so strengthened its position that it should now be able to maintain its earning power. At us. the 18s. 5 per cent. non-cumulative partici- pating preference shares yield 9 per cent. on the current 51 per cent. rate. I regard them as an attractive high-yielding speculation. CusTos.
(Financial Notes on page 450.)
Previous page
