PORTLAND CEMENT.
I referred last week to the very satisfactory report recoltic published by the Associated Portland Cement Manufacturer,. Ltd., and the good impression created by the figures of the. report is confirmed by the statements at the recent annual meeting. A very striking statement was made by the Chairman, Mr. P. Malcolm Stewart, showing the success'. manner in which the cement trade has faced the continued trade depression. Mr. Stewart stated that the tonnage of cement
(Continued on page 518.)
Financial Notes (Continued from page 516.) exported from the United Kingdom last year had fallen away by only 7.2 per cent., whereas the decrease for the whole world was 19.3 per cent.. The Belgian exports hid fallen by 311 per cent., Yugoslavia by 25} per cent., Germany by 46 per cent., France by 8.8 per cent. and America-by over 14 per cent: The Chairman pointed out that the trading results achieved by the company could not possibly have-been obtained NA for the reduction which had been effected in the -costs o production. This, in its turn, had been obtained through . heavy expenditure on factory reconstruction and mechaniza- tion.
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