6 MAY 1938, Page 61

PHILIP HILL AND PARTNERS Philip Hill and Partners, the issuing

house, disclosed in their accounts that the market values of the investments of the company and its subsidiaries on March 31st showed a surplus of over £200,000 above the balance-sheet figure. Since the end of March security prices have revived, so that Mr. Philip Hill was able to announce on Wednesday's meeting that the surplus has now increased to over £37o,000. In future he proposes to close the company's accounts on June 3oth instead of March 31st, and in order that share- holders' income should not be disturbed by the change, he contemplates distributing two interim dividends in the coming 15-month period, one on October 1st, and one on April 1st, 1938.