FINANCE AND INVESTMENT
By CUSTOS
RAIL, stockholders have good cause for satisfaction with this year's interim dividends. Fortified by the knowledge that a fixed net revenue is assured under the war-time agreement with the Govern- ment, the railway directorates have adopted the commonsense policy of levelling up the interim and final payments. In doing so they have made it clear that the larger interims are not to be regarded as indicating higher total distributions for the year. Except for mine adjustments, increases over the 1941 rates are out of the questio under arrangements which give the railways and the London Trans- port Boatel a fixed rental to be apportioned on an agreed basis. War damage, if it became really severe, might even call for such sub- stantial provision as to compel the companies to reduce dividends, but that contingency is not, at the moment, rate& very high. Although most of the border-line preferences and the dividend- paying ordinary stocks have gained ground in the market in recent weeks, they still offer yields ranging between 6 and io per cent.
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