The New Account
The new Stock Exchange account will see the end of 'tax loss' selling for the financial year, but perhaps the beginning of new selective liquidation of company equities whose profit-margins are running off. There are even some solid investment trusts whose shares have recovered to a selling Point, that is. where the discount on net asset values has fallen to between 5 per cent and 7 per cent. At the -same time there will be a search for buying opportunities among the 'down and out.' 'the Geddes report on the shipbuilding industry recommends mergers. and talks have already been proceeding between IIARLAND AND WOLFF and CAMMELL LAIRD. Shareholders in VICKERS. JOHN BROWN and CAMMELL LAIRD will be praying that their shipbuilding subsidiaries can be hived off, but after the recent rise I do not advise specula- tion on this doubtful prospect. if speculation is desired, look at the possible takeover prices of the steel shares I gave last week.
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