"BLUE CIRCLE" CEMENT PROGRESS
It is good to see that fears that the big cement companies had suffered a setback last year are not borne out by the facts. Associated Portland Cement Manufacturers one of the twin giants of the " Blue Circle " group, of Which Sir Malcolm Stewart is chairman, shows a rise in its trading profits for 1938 from £1,054,591 to £1,070,381, while interests and dividends total £590,024, against £593.364. Pursuing its traditionally conservative policy the board has appropriated £400,000 for depreciation, as a year ago, :Ind the dividend, payable on a larger capital, is reduced from = - to 20 per cent. A sum of £60,000, against nil, goes general reserve, and the carry-forward is a little higher at £208,699. In the balance-sheet the deal with Alpha C,emL
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FINANCE AND INVESTMENT
(Continued from page 508) is reflected in an increase of £5043,000 to £4,000,000 in the issued Ordinary capital and a rise of roughly the samC amount in "Trade Investments."
The report states that the satisfactory demand for Portland cement continued during the year and that despite some fall- ing-off in the latter months, the aggregate deliveries of the "Blue Circle" group were fully maintained. It thus appears that the effects of the contraction in private building activity were more or less offset by a growth of demand in other directions one of which must have been Defence work. Associated Portland Cement £r ordinary units, at 50s., yield 8 per cent. on the 20 per cent. rate of dividend, and, in my view, should not be sold. The company has a substantial interest in Defence work and is strongly placed to face com- petition in the industry.
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