• Patons and Baldwins
Latest results of Patons and Baldwins, the woollen spinners, bring a reminder that wel- come as the recent break in wool prices is to the trade, it also involves some adjust- ments of stock values. From profits for the year to April 28th, Patons and Baldwins have set aside £417,114 for the fall in stock values between April 28th—the balancing date— and June 11th. From the preliminary figures it is evident that trading results were substan- tially better, but after allowing for a sharply- increased taxation charge, the stock provision and interest on the £3,000,000 of debenture stock issued in 1950, the net figure was prac- tically unchanged at £1,278,000. Even this net result would have enabled the board to recommend a higher dividend if they had been so minded, but doubtless with one eye on the stock position they have followed the cautious course of maintaining the dis- tribution at 20 per, cent., which again in- cludes 5 per cent. of bonus. Some slight disappointment' in the market has been reflected in a rather lower level for the ordinary units at 76s. The yield of 51 per cent, seems to me to leave the stock reason- ably valued.
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