THE ASBESTOS MERGER.
It was a thoroughly cheerful, and at the same time sound, statement that Mr. W. W. Shepherd, the. Chairman of Turner and Newall—the manufacturers of asbestos, magnesia and allied products—was able to make at the recent meeting of shareholders. So far as the past year was concerned, he was able to show that there had been increased profits, a higher dividend, and at the same time additions had been made to reserves. Particulars were also given to the shareholders of some recent acquisition of and control of allied businesses, and the main features of the merger with Bells' Asbestos were set out. Mr. Shepherd made some distinctly encouraging statements with regard to the asbestos industry, and while that, like all other industries, must vary in its fortunes, Turner and Newall seem likely to be safeguarded by the generally conservative financial policy of the Board. At an extraordinary general meeting following the ordinary meeting resolutions were passed increasing the capital of the company to £5,297,929.
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