ORDINARY SHARE YIELDS

If inflation is in the air, however skilfully it may be con- trolled, is it not right to buy ordinary shares ? From a broad academic standpoint, yes, but there are necessary qualifica- tions. The main stimulus is to be given to one branch of industry, the section dealing with rearmament, and even there profits and dividends will doubtless be clipped by taxation. result of the priority a possible check to over- The following table of with these qualifications Current Price.

Yield %

£ s. d.

£2

6 5 0 L5

4

58 9

145. 6d.

so

6 9 2s. 3d. 6 13 3 9s. 9d. 5 2 6 2s. 6d. 6 o o 6s. 3d. 16 o o 5s. 6d. 7 5 6

I have selected this list as reasonably .representative of what can now be obtained in the ordinary share market 'and as including something to suit everybody's taste. The yields, calculated on the latest rates of dividend, are undoubtedly attractive, and it is safe to assume that, if the world situation does improve, shares such as these will see better prices. Meantime, I commend the list for examination, with a remin- der that this is no time for short-term speculation or for mov- ing out of a reasonably liquid position. Buyers should be prepared to regard any ordinary share purchases as long-term holdings. Other industries may suffer as a given to rearmament work and from sea trade imposed by the war risk. ordinary shares should be examined in mind :

Tunnel Cement (Los.) Gallaher £x ord.

Grassmoor Colliery (los.) Maypole Deferred (2s.) Pease and Partners (2s.) D. and W. Murray (5s.) .. Richard Thomas Ordinary (6s. 8d.) .. Union Steel of S. Africa (5s.)..