COURTAULDS.
There are few chairmen of our industrial undertakings whose speeches at the annual meetings command greater respect and attention than those of Mr. Samuel Courtauld. For some years his addresses have been noteworthy for the wise lead they have given to shareholders with regard to the general outlook for the artificial silk industry, and for Courtaulds in particular. When things have been dull, Mr. Courtauld has always been able to point to the strong position of his own particular company and its ability to meet the strain of competition, and, equally, in hooming times he has been cautious in warning share- holders of the exceptional nature of the prosperity and of the likelihood of conditions' in the future being affected by excessive competition. A year ago, when dealing with the outlook, the chairman of Courtaulds naturally felt it necessary to wain the shareholders of the consequences of any removal or threatened removal of the Safeguarding Duties. At that time Mr. Courtauld was very careful in his reference to the matter, and disclaimed any intention of talking politics. Ile did not, for instance, discuss the question of whether safe- guarding or protective duties were good in themselves or not ; the point which he made—and it was a very fair one—was that the artificial silk industry had been very largely built up on the Safeguarding Duties and, therefore, any disturbance must naturally have a disastrous effect.
(Continued on page 458.)
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