The favourable impression Created hy the Annual Report and Balance
Sheet of Nobel Industries, to which „I made a reference in these columns a fortnight ago, was fully confirmed at the recent meeting when the shareholders paid the directork a tribute by accepting the Report without any questiod) though at the close of the meeting there was a full expression of satisfaction and of appreciation of the successful efforts 04 ii the Board. Nor was the satisfaction in any way damped b the cautious tone adopted by Sir Harry Mc4owan with rega . to the outlook, for caution and sobriety are what shareholde • have been accustomed to in the conduct of the affairs of thg company. Sir Harry made a reference to the present abnor- mal depression in industry resulting from the coal stoppagg and the general strike and warned shareholders that they could scarcely expect the results for the current year to be ad favourable as those for 1925. Thanks, however, to the extensive and judicious investments of the company, there seems a probability or .t4 income in those directions being increased, and to that extent there is a prospect of the company sharing in the prosperity of the United States.
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