15 MARCH 1930, Page 48

With the secrets of the Budget undiSclosed, and with trade

depression pronounced in many • countries, it is not surprising that Mr. Courtauld adopted a cautious view with regard to the future, the more so as allowance has to be made for a possible set-back in American prosperity. All the same, Mr. Courtauld's speech closed on a fairly hopeful note when he emphasized the fact that his company has always made a special feature of perfecting its technical processes so that the undertaking is possessed of exceptional financial and com- petitive strength.