28 MARCH 1931, Page 42

IMPERIAL CHEMICALS.

Just as the profit and dividend statement of Imperial Chemical Industries issued a fortnight ago was equal to market expectations, having regard to the world-wide trade depression during the past year, so the annual report pub- lished at the beginning of this week was regarded as satis- factory. The balance sheet comparison over the last three years shows some interesting changes, and while the holding of cash at the end of 1930 was £2,928,000, compared with £5,958,000 for the year previously, the holding at the end of 1928 was only 21,246,000. Marketable and other invest, ments are entered in the balance sheet at £9,364,000, arid a note affixed to the accounts states that there is a depreciation of £2,723,000. It is understood, however, that since the balance sheet was made up there has been a very substantial recovery, probably not far short of 21,000,000. Moreover, while in some directions, such as heavy chemicals, there was a great decline in business during the year, there was a considerable expansion in fertilisers, where the growth in exports more than offset a fall in home sales. Artificial leather products, it is stated, were almost equal to the record figures of 1929 and Overseas selling companies showed satis. factory results. On the whole, the report made a favourable impression on the market, and the annual meeting (which on this occasion will be held on the 31st inst.) is awaited with interest. On this occasion, of course, by reason of the recent death of Lord Melchett, the speech will be delivered by Sb Harry McGowan.

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