The City

PROFIT-TAKING CHECKS INDUSTRIALS
SHIPPING SHARES IMPROVE By Our City Editor.
The recent steady accession of strength in the home stock markets, which has been surprising in view of the adverse holiday in.fluences, met with a slight check during the past week in the form of scattered profit-taking, and in consequence a somewhat irregular tendency developed.
While there is no question that industrial share prices have been very progressive lately, it would be dangerous for readers to assume that the volume of business has been in proportion with the show of activity. As I have said before, there is a general short supply of shares, and in consequence it only requires very moderate demand to cause appreciable price movements. This fact gives a rather erroneous impression of conditions, and I think readers would be well advised to secure reasonable outstanding profits, since an eventual shake-out can be the only healthy sequel.
Features Industrials have been less inclined to dominate interest during the past week. Although the good trade returns helped to maintain a cheerful tone on Monday, a good deal of profit-taking became evident as the week advanced, partly, no doubt, in preparation for the conclusion of the account on Friday. On the brighter side, several good new features developed, notably P. and 0. Deferred and Furness Withy in the Shipping section, which was generally inclined to improve. Iron and Steel shares experienced a number of minor declines, the chief exception being Bengals at 9s. 3d. Among Motors, Leylands lost ground from the recent record high price of 110s. Elsewhere, O.K. Bazaars and Associated
Electrics eased on profit-taking. There has been further inquiry for Breweries, and several issues hardened. A feature of the Brewery section on Tuesday was the opening of dealings in the Preference and Ordinary shares of John Groves, which were initially quoted at 9d. and 2s. premium respectively, but have since advanced further on good demand. Both were issued at par.
In other markets, Gilt-edged stocks showed improvement; Home Rails sagged on profit-taking coupled with absence of demand; Oils were dull on scattered selling: while Rubbers continued neglected, making no response to the further decline in the U.K. stocks of the commodity.
West Wits. Again
Among gold shares, Kaffirs were distinguished by renewed activity in West Wits. on the latest development news.
(Continued from preceding column) as they did entrants, in practically all the track events, should have put up a better performance.
America, as was anticipated, returned some excellent times, creating many new world records. We wonder how long it is possible for human endurance and speed to continue to knock fractions of seconds off the existing records by these feats of athletic prowess.
Germany has done exceedingly well; of course the advantage of " home" ground must be taken into consideration, but, even so, she must now be considered one of the leading nations in athletics.
The Games did not prove to be quite the " news value expected by Germany, and although enthusiasm has been intense at times, meetings which last for such long periods cannot keep spectators "keyed up" indefinitely. However, no seats have been available throughout, thus showing just how popular these gigantic sports meetings
can be.
The shares rose to a new high record, demand was mainly forthcoming from t Cape. New Central Wits. advanced sympathy, while Venterspost was anott non-producer to show to advantage.
Rhodesian copper issues were in ke demand at the beginning of the week, t eased later in sympathy with the decli in the price of the metal. -Westralian gc
shares were idle. West Africans wt quiet with the exception of the Is.phai of Appollonia Goldfields, whish wc ac‘ie bp to around 2s. The 'ha recently come up from around Is. 3 and it is understood that they have be heavily bought by the Anglo-Americ Corporation of South Africa. It is inu esting to note that several Kaffir how have been taking an increasing interest West African mining lately.
Spencer, Moulton
There has been such an intensive sear during the past year for what are kno% as " recovery " shares, that few rea cheap ones remain to be discovered. view of this fact, the 5s. shares of Geor Spencer, Moulton appear very reasonab. priced around 3s. 44d. They have cently begun to receive attention, a have so far come up from about 2s. 6d.
This company manufactures ind. rubber goods, including tennis balls a various sports accessories, also rubt springing used in the construction of ra way rolling stock. It is expected to ber fit from the pending increased constrt tion of rolling stock. Issued capital £258,005, wholly represented by 5s. shar Earnings amounted to 5 per cent. last yei although nothing was paid. An early newal of dividends with a small rate is n unlikely.
Small Engineering Shares
The recent fashion for small engine( ing issues as a channel for both inve ment and speculation is now findi expression through the Ordinary 5s. she, of Thomas Blackburn and Sons, iro founders and structural and gene] engineers, of Preston. They are a cot paratively recent issue, being origina offered to the public at 6s. 6d., but in t early stages of dealing the price dipp as low as 5s. 7-1d. They are now ve active in the region of 6s. 9d., after 7s. 74 This business is very old-establishe and is numbered among Admiralty a) War Office contractors. Issued capital £190,000, £60,000 being in 10s. Preferen shares, and the remainder in Ordinal The net profit of £20,136 for 1935 show 124 per cent. available for the Ordina shares. Earnings should show a conside able improvement this year, largely owi to the added output of a new rolling mi which was put into operation last Apt Among other active engineering shan S. E. Opperman 2s. shares have expe enced lively dealings lately up to arow 4s. 44d. I mentioned these three wee ago at 3s. 9d., and now consider the fully-valued for the moment.
Consolidated Signals
The £1 Ordinary shares of Consolidat Signals have met with very good demai recently up to around 117s. in anticipath of a substantial increase in the pendii dividend on account of 1935. The 19
rate was 10 per cent. These shares a very " highly-geared " as regards di, dends, since the capital represented very small-£150,548 out of a total imp capital of £364,743. The company's sc asset is a holding of 391,112 Westinghou Brake Ordinary £1 shares. The " Brake company is doing very well now, and said to have contracts for a considerat period ahead. " Signal " shares a expected to go considerably higher on I1 dividend announcement.