GOOD PREFERENCE YIELDS While I do not blame the cautious

investors who have decided to await the unfolding of the Budget on April 26th before purchasing in the fixed-interest group, I am doubtful whether there will be much to be gained by delay. Here is a group of preferences which would-be investors might (Continued on page §sto) keep before them :

No. of Times Current

Yield

Covered. Price.

per cent.

s. d.

Alpha Cement 54 p.c. Cum. Pref.

51 24s. 3d. 4 Jo 3 British Aluminium 6 p.c. Cum.

Pref. .. • • • 5t 29s. 3d.

4 2 C

Debenhams 61 p.c. Cum. Pref. - • 41 25s. 3d.

5 2

Elephant Trading 54 p.c. Cum.

Pref. .. 6/

zis. od.

5 4 ''

Imperial Chemical 7 p.c. Cum.

Pref. .. • •

44 • . 32s. od. 4 7 Lancashire Steel 5 p.c. Cum. Pref. 61 ..

20S. 6d. 4 17

Pease & Partners 5 p.c. Cum. Pref. 3 .. 19s. 9d. 5

FINANCE AND INVESTMENT

(Continued from page 688) The dividend cover on all these shares is ample and, in my view, not likely to be seriously endangered except in the unlikely event of a violent slump in general trade. The yields are a rough indication of relative merits, among which must be reckoned the factor of marketability. There is obviously a better market in the technical sense in the preferences of a big company like Imperial Chemical Indus- tries than in those of much smaller concerns. * * * *