7 JULY 1939, Page 40


The liquidator's report on the A.W. Second Stock Trust is the final chapter in the history of the two A.W. Trusts. The Second Stock Trust is being closed with a distribution of £5 Is. per £too stock. Holders have already received a payment of £182 per £100, which was made at the same time as the A.W. Consolidated Stock Trust Debenture stock was liquidated with a final payment of £74 17s. 6d. The two re- payments made last summer resulted from the repayment of the preference shares of the Armstrong-Whitworth Securities Company's preference capital. The Second Stock Trust had also a few other assets to dispose of, mainly preference shares in the Partington Steel and Iron Company, and these have now been sold for £I0,000. Thus Mr. Clifford Johnston's forecast last September, that there might be a further distribu- tion of about £5 per cent., has been proved remarkably near