ENGLISH ELECTRIC YIELDS
Having consistently emphasised the merits of English Electric preferences and ordinaries, I feel that I must take off my hat to the annual report of this company. Net profit, at £436,185, against £235,305, has nearly doubled; and after putting L2oo,000 to general reserve, the board has resumed (Continued on Pew 294.)
FINANCE AND INVESTMENT
(Continued from page 292.) ordinary dividends, with a payment of to per cent. In these days it is too much to expect that the ordinary £r shares will rise even on the strength of such spectacular earnings, but they are surely undervalued to yield nearly 7 per cent. at 30s. 6d., which still includes the to per cent. dividend, equivalent to is. 6d. net. So, too, are the 61 per cent. Cumulative Preference shares, with their dividend covered six times, at 25s. gd., offering a return of 5 per cent. The company embarks on the current year with excel-. len. prospects, the work-in-progress figure being £44o,000 up at the new record total of £1,957,320.
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