PREFERENCE SHARE YIELDS

What I have just said applies primarily, of course, to those who are contemplating purchases of ordinary shares where prices are liable to fluctuate considerably. I see no reason to advise intending buyers of fixed-interest securities, who are concerned with income as much as reasonable stability of capital, to hold back. The steady demand for good preference shares offering between 41 and 5 per cent. is one of the most cheering features of the markets. Here is a selection of such shares, all of which are at present available in moderate quantities.

No. of Times Dividend Covered.

Bradbury Greatorex 5 p.c. Cumula- Current Price. Yield.

tive " A " LI Preference

9 22 3 £4 10 0 Houndsditch Warehouse 5 p.c.

Redeemable Cumulative Li

Preference . . 5

.199

5 I o Paterson Engineering 51 p.c. Cumu-

lative LI Preference ..

32'- 5 0 0

Colvilles p.c. Cumulative £

Preference 31

24.3

4 io 9 Pease & Partners 5 p.c. Cumulative

LI Preference ..

3l

19'9 5 I 3

The cover behind the dividend is in each case ample and, in view of the prospects of increasing earnings, should be strength- ened during the current year. The average yield on an invest- ment spread evenly over these five preferences would be £4 16s. per cent.