* * * STRONG BALANCE-SHEET.
The Balance-Sheet is also a very strong one, with a total of cash at £1,874,218 against £691,197 a year ago. It must be remembered that some two years ago the steel industries in this country were in a depressed condition, which had extended oyer. a number of years, and very wisely therefore the improved conditions are not allowed to cause those con- cerned in their control to adopt a policy of unduly high divi- dends. • The report of the United Steel Companies is certainly suggestive of still better things to come, and the statements at the Annual Meeting which takes place on October 2nd will be awaited with interest. The Ordinary £1 shares of the Com- pany now stand at about 82s. 8d., which means that on the basis of the present dividend the approximate yield to the investor is under 41 per cent. Shareholders, however, are evidently looking for higher dividends in the times to come.
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