ASSOCIATED PORTLAND CEMENT MANUFAC TURERS, LTD. This company, formed in 1900, was one of the earliest of British industrial combinations. It amalgamated some 24 businesses, and the 32 works acquired, producing over tons of cement a year, were nearly all situated on the Thames and Medway, the cradle of the Portland cement industry.
While the company possessed brands of repute, it suffered at the outset from over-capitalization and lack of working capital; these disadvantages were intensified by depression in the building industry. Also at this juncture a revolution was taking place in the method of production. The rotary kiln, an English invention, had been made a practical success in the United States. This method of calcination not only improved the quality of the ce ment but saved much fuel and labour as compared with the system of hand-operated chamber-kilns. J. Bazley White and Brothers, one of the constituent firms, had already secured a licence to install rotary kilns under American patents, and the company paid a large sum in cancellation of royalties, but the patent rights purchased afforded no exclusive advantages, as the rotary kiln system came to be generally adopted by cement manufacturers.
No dividend was paid on the ordinary share capital down to 1912, which marked a turning-point in the firm's affairs. With the aid of additional finance furnished by a debenture issue, the British Portland Cement Manufacturers, Ltd., was formed. This company absorbed 32 firms and also controlled a number of sub sidiary companies. Much competitive tonnage was thus elimi nated ; the total tonnage controlled came to represent some 8o% of the productive capacity of Great Britain. By 1926 the British Portland Cement Manufacturers, Ltd., had absorbed the assets of its subsidiary companies.
In recent years considerable sums have been expended in modernizing the plants. The new Bevan works, with an output of 1 o,000 tons weekly and shipping facilities enabling vessels up to Io,000 tons to be loaded expeditiously at any state of the tide, is probably the largest and most efficient cement plant in Europe. With the completion of other re-construction work, the annual group productive capacity will be 3,000,00o tons of rotary kiln Portland cement excluding all shaft kiln plant. The products of both companies are sold by the Cement Market Company, Limited. Foreign works are successfully operated in Mexico, British Columbia, South Africa and India. It should be added that the company gives close attention to research and welfare work.
The Associated Portland Cement Manufacturers, Ltd., had an issued share capital, at Dec. 31, 1927, of £4,785,000, and out standing debentures of f 4,139,000. The company owns, amongst other important cement properties, about 75% of the ordinary shares of British Portland Cement Manufacturers, Ltd., and at Dec. 31, 1927, the latter company had an issued share capital of £3,080,00o and outstanding debentures of £1,698,000.