CABLES AND WIRELESS PROSPECTS Having outlined the merits of Cables
and-Wireless ordinary stock when it stood just over 8o some months ago, hope holders will draw comfort from the steady imprOvement recorded month by month in- the combine's iraffic index. For the first eight months of 1937 the average level: of gross receipts has risen by t t per cent. compared with the corre sponding period of 1936, not a bad achievement in face of the obvious handicaps on international trade. -
The encouraging fact is that international trade has actually: risen in volume, i.e., physical _quantity as well as in value, despite the grit in the wheels and the jolts:and stoppages inflicted by wars and rumours of wars. For the first quarter of 1937, world trade, measured by tons of steel, bushels of wheat, &c., was 12 per cent. above the corresponding quarter of last year ; the second quarter' showed the surprisingly large increase of 17 per cent. Here is evidence enough of the effects of the rise in commodity prices on the purchasing' power of the primary producing countries and, alas I- of -the world-wide demand for materials for rearmament purposes. I still feel, however, that peaceful expansion of international trade will follow if and when rearmament slackens. At £75. Cables and Wireless ordinary stock, with its prospec 'Ives dividend of 4 per cent., should be better to buy than to sell.
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