THE new American stockpiling programme and the significant rises in
the sterling prices of metals since the beginning of the year, to which my colleague drew attention two weeks ago, should improve the prospects of AMALGAMATED METAL CORPORATION. This holding company, owning British Metal and Henry Gardner, is the largest metal and produce broker in the City. From a market point of view it is not a popular favourite because it pays only one dividend a year— in June for the year ending December—and its shares are, therefore, inactive for most of the twelve months. Its agency commissions rise, of cciurse, with the rise in metal prices and in 1951 it had a bumper year as a result of the Korean boom in commodities. DM.' ings then amounted to 42 per cent., but 10 1952 they dropped to 12.4 per cent. and, 115 metal prices fell again on the average 1,0 1953, they are not expected to show macs recovery last year. However, it is thought that the dividend of 8 per cent., which has been paid for the past two years, will bo maintained, especially as 1954 prospects .are so much brighter. At 21s. the shares yield £7 7s. 6d. per cent. and with a break' up value of over 25s, they seem to ine„55. reasonably priced investment: If trw investor would like to couple a rnel speculation with this investment I Wow suggest SAN FRANCISCO 'MINES OF MEXICO arti 23s. 6d. The annual dividend is due 80 may be better than is expected.
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