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By Michael Greener

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Sample text

It is, however, dangerous to be too dogmatic. Many of their houses are in valuable town sites; but on the other hand many are in country districts where either the value of the land or the pub itself may not have risen as much as might be expected. There are many imponderables. The figures in Table Cl as has already been emphasised are of little value for absolute comparisons between the companies themselves. 's 12-3% as both are not arrived at on the same basis. It is possible, of course, to set one company against another in studying the movements of the ratios in each company.

The man on the Clapham omnibus reading his paper, whether he be a shareholder, an employee or a financially disinterested party, would on seeing the dividends quoted imagine that the members of the company were being rewarded handsomely for the money they had invested. Had he the information shown in the table just compiled he would be perhaps pleasantly surprised. True, the investor when he purchases shares in the market is interested solely in the return he will make on the money he pays for these shares.

Imperial Tobacco Courtaulds ♦Lancashire Cotton Corpn. George Wimpey Harland & Woolf Newton Chambers William Hancock ratios are unusually high. There is no apparent reason for running a present liquid ratio of 4-6. Of course there might be some reason connected with the type of business; but unless this is known it can only be imagined that the company is not using its available assets to the best advantage. * George Wimpey & Co. are, of course, constructional engineers. The reason for their low liquid ratio (which is quite steady) lies in the enormous figure for stocks and work in progress, much of which is in ♦See Appendix B, note 1.

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