BRITISH CEMENT COMPANIES

Press, Volume LXXXV, Issue 25933, 13 October 1949, Page 5

BRITISH CEMENT COMPANIES

transfer of foreign ASSETS PLANNED fears of socialist CONTROL ffisc. 9 p.m.) LONDON, October 12. The Earl of Selborne. chairman of Cement Makers’ Federation, said May that British cement companies fere forming new companies to take £er their foreign assets, because of te British Labour Government's natonalisation plans. Lord Selborne, r ho said he spoke for nine groups of ' - which comprised the Britcement industry, estimated that their overseas assets were less than a barter of the whole. They were in Mexico. America, Canada, ®dia. South America, and Austria. Lord Selborne said: “Some cemenl tompanies who have factories abroad to not intend to allow the Socialists to *ize them. The trade used to flourunder the Union Jack. Now the “'ings of the shareholders will be under a foreign flag.’* He added, however, that it was not |.food thing for British industry' that urect British influence should be diM'shed in any part of the world, Jnile it would be a prudent and wise r e J? on behalf of the shareholders of companies, he did not thinK 1 would be a good thing for the couu- ; hole. They would comoetf n foreign markets against the British The whole of Britain's cement exJ - would “vanish overnight tc delighted competitors” if the Lat.' 1 -' 7 .Government carried out its narpoa’isation plahs, said Lord Sei-