S TMENT lainless steel
Phew Wilde
scit` till
If Id
,4 I related the sad tale of Aunt kil . h eueParture to happier pastures and r munificence she bequeathed me relevant latest. 'clevant, in the context of ,. is il, Investment I have made (and for hrians who might wish to learn she° Closest relatives), to say erstwWhas sUfficiently endowed to leave 'He nephew such a princely . After , ad Aunt Maude knew only kga:Y weakness for such pursuits sio-Zlnloo, horses and roulette. llirti.Y„ goes back to the dark days of Cs When Aunt Maude's husband gad . lust been ordained into the n ,,`,1;e soon forsook his calling; reVh a sense of inadequacy as he (3, the miserable families of the Shop th Sheffield. So to the chagrin tlle;.;op (particularly as the popular the le headlines of the event) and kuaeking of a wealthy university e i':, bought a steel mill — for a ',later turned out. e:fl he strove in his industrial purh-.,"tries likening himself to Moses h's People out of captivity. The :I Pli, a ring of truth as Uncle 01,i8 children, as he called his to-lets, from the unemployment IQ their rightful inheritance of n rig work in his steel mills.
dedeconornic conditions changed he
• Of , h,is interests and was, in the his ,-. 'ecade, able to view with pride, Tate in the Sherwood Forest, the thirills that he had brought about. I ecl that he would have been at least had time to make ,ilot' kr°r almost penal death duties, 'N ii,„ren for the nationalisation of 4141is 'us,(1, eathbed, the day after the niustry in 1967. '1 li-,11(1,4 Act was given Royal rti41; last words, bellowed to his • Spei6 Wife were, " Rape, rape, the II pa4liSts have stolen my mill." ii rn rting lament echoed in my ars -tp,Y , bright young stockbroker, nd b 44;51, telephoned me on Friday afAiri e obviously has no manners, in0 ',I)CliZe in the middle of my siesta). hiNt You 1,000 Firth Brown," he t ,,:: hear from me later." Alas, I te'd"'ll a second family fortune be !f lthNirs steel? 0 P Pool's research department has %net 65th I, • ,k ce otherwise. Institutional tio 41(i'vel 'lad a perennial fear that Thos to "Brown was far too close 15 4iti,l'it, 1.'0 the jagged line that divides Steel Corporation and the ,11 ,t4iii:jesveloisveincgtort.ileNsowwopitpinsegemofs vtahraiotuas 1 C ih*"h deal has been reached with %14,111d this changed the whole pier s:Istl:njvsd:arhioilti"lapaieibCyrilaeaytii los,ltnote;p;aichairman, hlh aprationalisingi ramttaenr patterns ss ayosf,
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Firth Brown now ceases to have a stake in stainless steel flat products but it expands in stainless steel bars, billets and castings. There are other beneficial moves but one important fact is that Firth Brown gets a balancing cash payment of £2.5 million for stock and work in progress. It also has acquired the goodwill of the bulk of the BSC business in alloy steel forgings. Once again I am rather pleased with my chance meeting with Wotherspool and when he said he had heard from a reliable source that Jessel Securities (Mr Oliver Jessel is on the board of Brown Bayley Steels), had built up an 8i per cent stake in Firth Brown I asked him to buy me another 1,000 shares. At least I get a yield of 2.6 per cent on my investment.
At this stage I am not going to do any permutations and list my purchase. But so far I have laid out about £500 in Booker McConnell and £1,950 in Firth Brown.
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