REVIVAL IN CEMENT TRADE.
The annual Report of the Associated Portland Cewent Manufacturers entirely justifies the increase recently an- nounced in the dividend. A year ago the Chairman made a very frank statement to the shareholders and declared the intention of the directors to adopt a financial policy enabling the over-capitalization of the works to disappear by modern- izing them out of revenue. Had there been no improvement, therefore, ire earnings, the Ordinary shareholders must necessarily have-sunk:red fbr a time,-but the increase in profit from 1661,000 to £899,000.1ustified the 6 per cent. distribution
recently announced. Moreover, the margin of security for the Debenture charges has now been greatly increased by the very large amount which has been applied to Sinking Funds and Depreciation. Given anything like favourable trade conditions, therefore, the outlook for the Ordinary shareholders seems to be a good one.
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