UNITED MOLASSES.
The Nevi York Stock Exchange is not the only market where there is a disposition to discount future possibilities of indus- trial enterprises. At their present price and based on the dividend announced_ recently-the -yield- on United Molasses shares is under 3 per cent. ! This means that the shares are at a price which certainly discounts much in the way of future prosperity. None the less the annual report is a good one showing profits of £540,000 as compared with £386,000 for the previous year. During the year, however, the share capital has been much increased and the dividend distributed is on much the same basis as a year ago.- The actual cash dividend is 19 per cent. for the year against 17 per cent for the previous year ; but in addition there was then a 2 per cent. share bonus. It is proposed to create a further 3,000,000 shares of which '-2,000,000 are to be ordinary and 1,000,000 to be 6 per cent. cumulative preference, to be issued on such terms and at such times as the directors may determine. No doubt one- reason for the present high-price of the shares is that by next year it is considered the company should be reaping the full benefit from the many new fields which it will then be operating as a consequence of last year's developments.
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