Venturers' Corner It is good to see a little stirring
of interest at last in the coal-share market where, as I have been arguing in recent weeks, quotations are unduly depressed. Pease and Partners Jos. ordinaries, I see, are up from los. 9d. to 12S., but they still look a good speculative purchase. For the year ended March 31st this company, which has a well-balanced coal and iron business, paid a dividend of 121 per cent. out of earnings of 29 per cent. Even at the present price, there- fore, the yield is over to per cent. on dividend and nearly 25 per cent. on earnings, which is surely good enough on a share with distinctly promising prospects. Profits are obviously dependent in the main on the level of activity in the heavy industries, and if one thing seems certain, it is that the heavy industries are going to be very busy for a long time ahead. I also like the look of Old Silkstone first and second pre- ferences in the light of the latest earnings figures. As I predicted, these fell a little short of those of the preceding year when coke prices were abnormally high, but the com- pany has more than fulfilled my estimates in paying the same rate of dividends. Thus, the first preferences get their cumulative 6 per cent., the second preferences get their 5 per cent., plus an extra 4 per cent. by virtue of their par- ticipating rights, and the 5s. ordinaries again receive 4 per cent. At Its. the Ll first preference yield about 1 per cent., while the second preferences, at Ios., offer the spec- tacular return of i8 per cent. This year's earnings prospects are good and, in my view, good enough to justify a specu- lative purchase, both for yield and capital appreciation.
CUSTOS.
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