IS TEE FALL LN THE SHAP.ES OVERDONE?
Moreover, the directors state that as regards the current year, sales in Great Britain since June 30th last by the sa- sicliary companies are in excess of those during the corres- ponding period of the previous year, though in the case of most foreign countries there are few signs as yet of a return to normal trading. It has to be remembered, of course, that the (Continued on page 648.)
Financial Notes
(Continued from page 646.) volume of business transacted by this huge company does not depend merely upon conditions at home but upon the state of affairs in many parts of the world ; and assuming that the undertaking is well managed—and the reputation of the articles turned out is of course most excellent—the market is inclined to regard the shares as being 'under- rather than over- valued; for the Ordinary, which at one time last year touched 37s., now stand at about us. 3d., and the Preference shares, which only this year were over 20s., have now fallen to Lis. And as regards the Preference shares, it must be remembered that the interest is cumulative. They are described as " Re- deemable " Preference shares, but redemption is at the company's option on any interest date on or before January 1st, 1950, at 22s. 6d. per share.
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