English China Clay I regret giving the wrong impression of
ENGLISH CHINA CLAY last week. The company will, after all, get a 100 per cent refund of the Selec- tive Employment Tax. The reassuring interim statement reveals that the boom demand for china clay goes on (exports taking 75 per cent of sales) and is making up for lost ground in the building and quarrying departments. Total sales are 11 per cent higher and pre-tax profits are 14 per cent higher. If the second half of the year lives up to the first, earnings should be around 33 per cent to cover the 17 per cent divi- dend nearly twice. The dividend yield of 3.2 per cent suggests that the shares at 26s. 3d. are fairly discounting the good prospects.