Evidence from other places like California shows the hospitality trade growing after a ban because those who were previously put off by the smoke venture out ­ but the stock market rather fears that chilly Scotland might prove more similar to Ireland's experience. The ringtone-turned-pop song is the logical next step in the convergence of the entertainment and the telecoms industries, and the gradual morphing of your mobile into your MP3 player.Monstermob is benefiting already and stands to make even more money from this revolution.The company is in effect a retailer, selling its wares ­ ringtones, wallpapers, games and, increasingly, pop songs in full ­ over the phone network for downloading to your phone. Until we find out, Belhaven shares are just a hold.Ringtones may be maddening but Monstermob is still profitingThe Crazy Frog is number one in the pop charts for the second week The world has not gone mad, though. However, Belhaven's 270 pubs are mostly local boozers and across previous economic downturns, the pub trade has held up.The bigger test is the forthcoming smoking ban, due to start in Scotland in April 2006. Although roof gardens and canopies are being installed to accommodate outside smoking, many smokers will stay at home to drink. Pub trade fell by 15 per cent after Ireland introduced a ban. This enjoys benefits of scale in Scotland, selling the market-leading Tennents and Stella Artois brands.The first potential concern is the gathering downturn in consumer spending.

Here, Belhaven rents out its pubs to be run on an individual basis by each licensee, generating higher returns than its centrally managed estate.Belhaven can also cheaply supply its pubs through its drinks business. These showed a 23 per cent rise in annual profits to £17.4m, proof that growing its tenanted pubs division has paid off. Its long-standing management team has impressed the City and Bunzl shareholders have no reason to sell their new shares. With a dividend yield below 3 per cent, though, it is not tempting enough for the new investor.

Belhaven is just a hold until the air clears over the impact of smoking banYour friendly local landlord has had a lot weighing on his mind these past few years. The pubs game has been fiercely competitive, with supermarkets offering rock-bottom prices on booze, while the rising minimum wage and utility bills have burdened the business with extra costs.Belhaven, the Scottish pubs group, also owns a brewery and a drinks distribution business, which has helped offset the difficulties, but even it faces cloudy times ahead.Yesterday the company reported its ninth year of record results. Under Bunzl, Filtrona has even been able to maintain profit margins. This has been done by investing in manufacturing facilities in lower-cost countries including China and Mexico, and by focusing on new, higher-value products where possible.One mustn't get carried away by talk of these higher-value products.