WHITE STAR EARNINGS.
Although so far no comprehensive statement has been issued by the Royal Mail group of companies which would enable investors to obtain an idea of the security behind each of the many Preference and Debenture issues of the company and its associated concerns, the directors of the White Star
Company, one of its most recent acquisitions, have stated that • the gross earnings for the first half of the current year are not
less than those for the corresponding period of 1928. This ' statement does not go very far, it is true, but it has given some encouragement to the holders of the White Star 6f per cent. Cumulative Preference Shares, which after having been quoted during this year at 22s. 6d. had fallen recently to about I3s. 6d., and the shares recovered after- the statement to 15s. 3d. The Preference Shares are guaranteed by the Royal Mail Company, but the accounts of the White Star Company for 1928 indicated that the White Star earnings alone provided a fair security for the Preference Shares, the company being able to pay a 6 per cent. dividend on its paid-up ordinary_ capital of £1,000,000, which is held by the
Royal Mail Company. • * * * *
Previous page
