INVESTMENT NOTES
By CUSTOS
THE sharp drop in the Daily Mail poll for the Tories, the Jasper affair and the Wall Street decline all helped to bring the boom in Throe, 2 morton Street to a halt. A revival in the Tory poll 1 may bring some recovery, but the prospect is for V.
response to good company news can be lively 1.11e NAVY is again the subject of take-over talk, which seems reasonable enough, while ass is shortly 'vem, dull markets until the election. However, the is,.itt, enough-witness the jump in TOWN INVESTMENTS on the scrip bonus-and the 'talk of take-overs and mergers will still bring in buyers. ARMY AND cent. dividend was short-earned and the decline view of the Labour promise to abolish the enter discounting a more prosperous future. The 10 per NS in profits from cinema,exhibition has not yet been exception .might be made for cinema shares ii ent tainments tax. RANK ORGANISATION 5s. shares a will fall heavily if Labour is returned, but all effect a merger with another brewery. Both these shares-at 32s. 6d. and 59s. 6d. respectively-are .,}1e, worth acquiring on a dull day. Labour 'Win' Shares expected to hive off some of its properties and cen
I Is. to yield only 4.4 per cent. seem already to be
It is generally 'expected that all equity shares 4eipitsektn
yield 7.9 per cent. Under their new rearrangement
411. Xeronic printers, etc.)-and Lord Rank has just non-cinema interests exceed those from the v . cinema. RANK-0 shares are highly geared, but look dear compared with their subsidiary cAtimotvr. BRITISH 5s. .A' shares (limited votes) at 7s. 9d. to phone records (not yet profitable) and manufac n,- said that 'it will not be too long before profits from Rank-0 and G-B share their empire in the ratio of steadily developed-dance halls and studios, film printing laboratories, television (371- per cent. in turing (Bush Radio, Rank Precision Industries • arrested. But the outside interests are being ,114 Southern), piped radio and television, gramo, '1,4 htnnhin rk (Su; s 564- per cent. and 43+ per cent. But some investors ti, tle, may prefer ASSOCIATED BRITISH PICTURE to either. 11111, These 5s. shares have fallen in company with the t, , television share market to 42s. to yield 7 per cent. a on the 60 per cent, dividend which was last
covered no fewer than 2.6 times. Associated
British Pictures have not got the Rank manufac- turing interests but television is for them much more important and they do not make losses on film productions and distribution. The chairman stated that 56 per cent, of the total gross profits was now derived from the fully owned television subsidiary.
Non-political Shares The recovery in output and exports of commer- cial motor vehicles is something which cannot be affected by the election results. The exports of heavy vehicles weighing over three tons have recently been running at a level 25 per cent, above that of a year ago. This was said to be the case for LEYLANDS, whose diesel engine units are in heavy demand. The home trade has also been helped by the removal of the. 30 per cent, duty on commercial vehicles in Mr. Amory's last Budget. At 59s. 6d. to yield 4+ per cent, on the 123 per cent. dividend last covered 2.8 time S) Leyland Motors seem to be a very reasonable investment with the prospect of a higher dividend for the year ending this month.
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