17 JUNE 1966, Page 24

SET Sufferers

It seems unfair that ENGLISH CHINA CLAY, which exports about 60 per cent of its output, should get no refund of its Selective Employment Tax, but later on the Treasury must reconsider such anomalies. The tax would probably take 61 per cent of this company's profits, and as the dividend yield is low (3.3 per cent) and the cover not too great (1.8), the shares will prob- ably slip back until the uncertainty is cleared up.