INVESTMENT TRUST PREFERENCES I like the look of most of

the reports recently issued by the investment trusts. For the past three years the trusts have seen the capital values of their portfolios improving, but now they are reaping the benefit of increased income as well. The tendency towards higher income should, of course, continue, so that the cover behind investment trust prior charges should improve. Here is a group offering reasonably generous yields : No. cf Times Dividend Current Anglo-Scottish Investment 5 p.c. Covered. Price. (./ 0

£ s. d.

Cum. £100 Pref. .. ..

I 1

104 4 16 o

British Assets Trust 4f p.c. Cum.

£too Pref... - - 3 to6

4 5 0

Compass Investment Trust 5f p.c.

Cum. £m° Pref. .. xi

107

5 2 9

London Scottish Investment 5 p.c.

Cum. Doo Preferred ..

2

103

4 17 0

Scottish Investment 5 p.c. Cum.

Doo Preferred .. ..

2/ ISO

4 II o * * * *

Yield Third Guardian 5 p.c. Cum. £100 Pref. .. .. 2/, 104 4 16 0 None of these preferences is recommended as a gilt-edged investment, but all seem to me to be very reasonably valued in relation to the security offered and the indication of stronger cover during the next few years. An investment spread evenly over these half-dozen stocks would give a return of just under 41 per cent.