UNITED STEEL PROGRESS. • Interest in the annual report of
United Steel Companies is increased by the fact that, whereas a year ago the Ordinary share capital was held by the Steel Industries of Great Britain, something like 4,500,000 shares of 21 each were recently placed with the public by an important financial group. When the prospectus of these shares was issued an estimate was given that the profits for the current year would be at least £850,000, with a dividend of 5i per cent. This forecast of the dividend has now been fulfilled, but the report shows that profits actually exceeded expectations, the net figure being £947,680. This is a very excellent showing and the annual meeting on the fourth of this month is awaited with considerable interest as it is thought that the outlook is a favourable one, while some. reference is expected .at the meeting to a scheme for converting outstanding Debentures, thereby ensuring a reduction in fixed debt charges.