(Continued from page 458.)
" 9AFE8UARDING."
So far as the past year is concerned, his predictions have been fulfilled very literally. Thanks to excellent organization and to the past conservative policy of Courtaulds, the com- pany, in spite of the set-back in prosperity, was able to pay a dividend of 10 per cent. and to carry a large amount forward, but the fact that the Chancellor of the Exchequer-elected to leave the industry in a state of complete uncertainty as to his intentions with regard to the Safeguarding Duties had literally a paralysing effect, though, with scrupulous fairness, Mr. Courtauld explained to the shareholders that there were other reasons besides those connected with the duties account- ing to some extent for the depression in the artificial silk industry. His criticism, however, not merely of the present Government, but of Governments in general, with regard to legislation affecting commercial interests, was so much to the point that I append an extract from his speech.
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