CEMENT SHARE YIELDS
I see that Sir Malcolm Stewart took a cautiously hopeful view of the profit for cement companies at the annual meet- ing of British Portland Cement Manufacturers. One of the problems of the industry is the high cost of fuel ; another is the agreement of a new quota scheme. Negotiations on the quota are, I believe, proceeding satisfactorily, and there seems every likelihood that a new four-year agreement will shortly be reached on much the same lines as that which expired at the end of 1937. Here are the current prices and yields on representative cement ordinary shares:
Current Last Divi- Yield Price. dend Rate. %.
s. d. % £ s. d. 68 9 20 5 17 6 80 0 221 5 12 6 41 3 221 5 9 o 51 and 6 per cent., is, in my view, reasonable enough, in view of the satisfactory outlook for demand and the strong financial and technical position which all these companies
have built up. * * * *
Associated Portland Li Ord....
British Portland LI Ord.
Tunnel Portland los. "B" Ord
Last week, I fear, I did in quoting them at 5os., 7os. The average run of Associated Portland an injustice whereas the price was, of course, yields, ranging roughly between
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