25 FEBRUARY 1966, Page 22

Investment Notes

By CUSTOS

THE rise in equity shares has been halted as I write and the trend is downward. I have lately been stressing the fact that the rise has been due in part to unwilling sellers-because of the capital gains tax-and in part to over- anxious buying from the unit trusts and invest- ment trusts which have been gathering in fresh money from the public. The latest example was TRIPLEVEST, whose offer of fl8 million of In- come and Capital shares attracted no less than f65 million in subscriptions. Dealings began on Tuesday-the 10s. Incomes shares at 10s. 3d. and the £1 Capital shares at 20s. 9d. Fortunately for the managers, they can begin to invest their money as prices fall.