5 APRIL 1930, Page 38

The observations made by Mr. P. Malcolm Stewart at the

recent _meeting of the Associated Portland Cement Manu- facturers with regard to industrial reconstruction and industrial problems were certainly justified by the record of the present Board. Rather less than five years ago the company was faced with the fact that the industry required modernisation, and since 1925 the company's works have been entirely rebuilt, and now have a capacity of 1,500,000 tons per annum. In the meantime, selling prices have declined, and it' is evident that but for the foresight of the directors in foreseeing and solving the problem of reducing costs by increased efficiency at the works, the position would not be as good as it is to-day.

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