COLUMBIA GRAMOPHONE.
Unquestionably much of the stimulus to speculative activity in the industrial section is to be traced to the few instances where, in addition to large dividend distributions, shareholders have received enormous capital bonuses, such. for example, as that which was recently distributed by Courtaulds, and such as that announced during the past week by the Columbia Graphophone Company. The boom in the Gramophone group generally, and Columbia Graphophone shares in particular, has undoubtedly seemed wild at times, and, indeed, not- only in the- Gramophone Group, but in some other directions, the tendency to discount wonderful things in the future is, of course, in sonic respects to be deprecated. Nevertheless, the fact has to be admitted that in many of these cases, inclUding Columbia Graphophone shares themselves, speculators who have held on to their shares during the last year or two, have reaped a very big reward. It requires, of course, a good deal to justify a share of only 10s. denomination standing at over £16, and showing, moreover, a rise of over £9 since the beginning of the year. The profits, however, during the period of fifteen months covered by the latest accounts amounted to no less than £491,000, as compared with £180,000 for the previoUs twelve months. Not only, therefore, hive the Directors now announced a final dividend, making 60 per cent. for the period, but in addition, it is pro- posed to capitalize part of the Reserve Account, and to dis- tribute a borins of 100 per cent. in 'shares, by giving one share for each Ordinary share held on September 6th.
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