LONDON TRANSPORT SURPRISE.
Holders of the" C "stock of the London Passenger Transport Board had a pleasant surprise at the close of last week, when the Board declared a final dividend of 21 per cent, on this part of The capital. The total distribution for the year to June 3oth last is thus brought up to 41 per cent., compared with 4 per cent. for 1935-36. The Board's gross receipts for the year increased by £255,/oo; before inclusion of the result of the pooling of suburban receipts under the arrangement with the railway companies. It was assumed in the Stock Exchange that any increase in total income would have been swallowed up in additional expenditure, especially in view of the bus strike earlier in the current year. Relief that the dividend had actually been raised was reflected in a rapid recovery in the price of the stock to 84, compared with 75i just before the announcement. But the market is still wondering whether the larger return to stockholders may not have been the result of a smaller provision for renewals, which received £2,300,000 from the profits of the previous year. A. H. D.
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