Nationalisation Would Kill Cement Trade

Chronicle (Levin), 13 October 1949, Page 3

Nationalisation Would Kill Cement Trade

WELLINGTON, Oct. 32. The Earl of Selborne, chairman of the Cement Makers' Federation, stated that British cement companies were forming new companies to take over their foreign assets because of the British Labour Government's nationalisation plans. The Earl of .Selborne, who said he spoke for nine groups of companies which comprised the British ce-' ment industry, estimated that overseas assets were less than a quarter of the whole. They were in Egypt, Alexico, America, Oanada, South Africa and Austria. He added: Some cement companies which have. factories abroad, do not intend to allow the Soeialists to seize them. The trade used to floprish under the Union Jack. Now the savings of sliareholders will be sal'er under a foreign flag. ' ' He added that it was not a good thing t'or British industry that direet British influence should be diminished in any part of the world. While it would be a prudent and wise step 011 behalf of sliareholders of individual companies, he did not think it would be a good thing for the country as a whole. The3? would competc in foreign markets against the British Government. The whole of Britain's cement export trade would "vanisli overnight to our.delighted competitors,,, if the Labour Government carried out, their planned nationalisation.