CI ItlIENT YIELDS.

Stability of dividends has always been 'an important part of banking policy. For that reason payments have been on a conservative basis and normally unaffected by minor fluctuations in profits. That the interim dividends have been maintained In the present uncertain circum- stances is an indication that bank directors foresee the payment of similar distributions at the end of the year. Indeed, in the absence of any further international up- heaval it may be reasonably assumed that there will ho no further reductions. The yields shown on the following selected shares are based on that assumption.

Estimated Amount div. for

AP

paid-up 1922 Price yield ield £ % £ 0,

1 14 31 4 & 1 131 2j 4* 21 16 81 4* 21 16 10 4 1 16 4 4 31 /6 121 4* 4 16 131 44 5 16 191 4* 1 18 4 41- Current quotations are materially higher than those ruling at any time during the past twelve months and the yields obtainable are rather substantially lower, a fact due to the changed basis of investment yields consequent upon the Government's conversion operation.

A selection of provincial banking shares is given in the following table.

Esti-

Capital mated paid-up Reserve div. for Price Approx. £000's £000's 1932 £ yield

District " A " (£5, fl . °A % paid) .. .. 2,212 2,000 164 3 pr 'A

Martins (£20, Of Pd.)) 14 64 5 ji-

martins 4E1 fully pd..) j 4,160 2,900 {. 14 31- 4* National (£5, E1 pd.) 1,500 1,015 12 2* 5*

Royal of Scotland

(Stock, no liability) 3,780 3,781 17 390 41

Barclays " B " (11) .. Lloyds " A " (£5) .. filidland (£12) Midland (£24) Midland (£1).. National Prov'l (£25) National Prov'l (£20) National Prov'l (£5) . . Westminster (£4) ..

i0

Some of the provincial institutions, especially those whose operations are confined to the industrial areas, have suffered from the depression to a larger extent than the London banks, and consequently the yields obtainable are somewhat higher in most instances.