Although the shares of Pinchin, Johnson and Co., the paint
and enamel manufacturers, fell a little on the announcement of the dividend at the rate of 71 per cent., the distribution, which is an interim one, is quite excellent, indicating that profits are well maintained. For the previous year there was a final dividend of 10 per cent., making a total distribution of 171 per cent., against only 15 per cent, for the previous two years. It should be noted, however; that early in the present year the capital was increased by an issue of 75,000 Ordinary 10s. shares and 300,000 4 per cent. Second Preference shares. Moreover, in their interim statement the directors say that sales for the first half of the current year have shown a satisfactory increase. The Ordinary 10s. shares are now quoted in the market at about 40s. Od., which on the basis of last year's dividend of 171 per cent. for the entire year, gives
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