preceding five years. Here is the result of the test:—
| Company | Bought in Dec. 1910 at | Value June 30, 1925. | Increase or Decrease in Value. | Average Income per cent. 14 years. |
|---|---|---|---|---|
| Eastern Telegraph (£100) | 135 | 175½ | +30% | 6.349 (tax free from 1919) |
| Howard & Bullough (£1) | 2⅛ | 1¾[1] | +9.8% | 8.091 |
| Babcock & Wilcox (£1) | 5 | 2½[2] | +108% | 6.786 (all tax free) |
| Bradford Dyers | 1 | 2 | +100% | 15.821 |
| Fine Cot'n Spinners (£1) | 1¾ | 3[3] | +120.6% | 7.620 |
| Pease & Partners | 12 (£10) | 11/16 (£1)[4] | -31.25% | 10.340 (tax free from 1919) |
| Total | +54.86% | 9.168 |
The year by year performance of the companies was as follows:—
The Eastern Telegraph Company paid a dividend of 7 per cent. for the first four years, 8 per cent. for the next four, and 10 per cent., free of income tax, for the remaining six years.
Howard & Bullough paid 15 per cent. for the first two years, and with the second dividend distributed a bonus of 33⅓ per cent. In the following year the rate was 15⅚ per cent., but for the next four years it dropped to 10 per
