Investment and Financial Notes
NEW CAPITAL ISSUES.
THE activity of markets has been fully reflected in the continued demand for new capital issues. The Bristol Cor- poration Loan for £3,000,000 in 3 per Cents. at 991 was largely oversubscribed, but nevertheless the new stock was subse- quently quoted at a small discount, thus indicating that the success of these new Corporation issues is helped very greatly by applications on the part of mere premium-hunters. Several industrial flotations have met with a good response during the week, the largest capital issue being that connected with the issuing firm—now a public company—of Philip Hill and Partners, Ltd. The offer to the public this week consisted of 1,250,000 5 per Cent. Cumulative Preference shares of £1 each at the price of 21s. per share, and the same number of Ordinary shares of 5s. each at 15s. per share. Notwithstanding the large amount of the capital offered and the premium charged, the subscription lists were closed within a few moments of the opening.
RUBBER AND TEA.
At the recent Annual Meeting of Harrisons and Crosfield, the Chairman, Mr. Eric Miller, made some interesting and useful comments on the tea and rubber industries. With regard to the former, he referred to the rise in the tea duty in the last Budget as an outstanding feature of the year and as an event calculated, if not to check consumption in the country, at all events to militate against its increase. With regard to the rubber-plantation industry, Mr. Miller expressed the view that the recent improvement in the price of rubber was a natural one following the considerable decline in the stocks in warehouses, while consumption had been greatly stimulated by the great growth in the world output of automobiles. At the end of last year, said Mr. Miller, 26,000,000 automobiles were registered in the United States and 11,000,000 in other countries.
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THE PROSPEROUS MOTOR INDUSTRY.
With few exceptions, the motor industry continues to give evidence of great prosperity, and during the past week the Standard Motor Company announced a dividend of no less than 25 per cent., compared with 10 per cent. and 10 per cent, bonus in the previous year. Moreover, it must be noted that the higher dividend is paid on a larger capital than that ranking for dividend in the previous year. There was a rise in the net profit of nearly 1100,000, and the directors are able to place 290,000 to the General Reserve, against £50,000 a year ago, while £60,000 is reserved for taxation and a further sum of £20,000 is transferred to the Employees' Special Fund.
A REMARKABLE RECOVEItY.
During the past year or two the accounts of Roneo, Ltd., have shown a tendency to improve, and the latest report shows that the recovery is a substantial one, the trading profits for the year of 163,000 comparing with about 234,500 for the previous year' while the net profit was 259,683, against £27,754. The debit balance of £36,061 brought in is extinguished and two years'. arrears of 6 per cent. Preference dividend to June 30th 1934, are to be paid, leaving 215,355
to be carried forward. A. W. K.
(Continuid on page 725)
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