CELANESE PROFITS.
The market had anticipated some reduction in the profits of the British Celanese Company and the recent statement of accounts fulfilled. expectations, the trading balance being £2,196,000 as compared with £2,306,000 for the previous year, and after charging expenses the earnings amounted to £870,837 as against £1,o5o,000. Owing to the fact that the depreciation allowance was raised and the Debenture service slightly higher, the net profit came down from £470,508 to £269,078. Production and sales expanded, but prices were lower and the Directors stated that the demand for celanese products was subject to abnormal fluctuations, due to changing political conditions, while the cost of labour and some raw materials rose. Some economies were achieved, but not sufficient to prevent the decline in net profits. The market had been well prepared for the less favourable report by the tatement issued early in October indicating that the profits might not justify a dividend on the 71 per cent. Second Preference shares. * * * *
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