10 MARCH 1939, Page 38

LONDON BRICK OUTLOOK After a year of record production and

sales it was perhaps natural that Sir P. Malcolm Stewart, the chairman of the London Brick Company, should have warned stockholders not to pitch their hopes for 1939 too high. But the actual terms of his warning were more forceful than one had ex- pected: "You must not think that I fear we are in for a bad year, because this is not the case. However, I must tell you clearly that so far the trading conditions experienced in the current period are very different from those operating in the corresponding period of last year. We have made a poor start, but I am glad to inform you that trade has recently been steadily picking up." His view is that the improvement will continue and that the company will make "a fair show- ing" in 1939. He reported that they were making a determined effort to combat rising production costs by increased efficiency and had already carried out a certain degree of reorganisation

* *