Tata steel works

THE Tata Iron and Steel Company, which was established in India 18 years ago, has passed through another unfavourable year, as its report for 1924-25 presented at the shareholders’ meeting last week showed. The report, one regrets to notice, is very short and does not give many facts which would interest not only the shareholders but also the public. A company of this importance, having a working capital of over Rs 20 crore, ought to give more than two brief pages of reading matter regarding its working and results for the year. Previous reports were certainly better in this respect, though even then it was a matter of general complaint that the directors withheld important information from the public. One of the prominent shareholders pointed out how this policy of the directors had the effect of refusing the cooperation of shareholders in the matter of subscribing additional capital. They did not even respond to the call made by the directors to effect a reorganisation of the capital of the company. Even now, one of the greatest difficulties of the company is lack of capital, and it is hoped that it will realise the supreme necessity as well as desirability of taking the Indian public into greater confidence in regard to its working. The report says that the year ending in March 1925 has been the worst since the war owing to the universal fall in prices, the rise in exchange and competition from continental firms. Fortunately, the company was granted protection, and it was this assistance from the State that enabled it to earn a profit of Rs 123 lakh as against Rs 77 lakh in the previous year.