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AN ABLE SPEECH.
At the annual meeting a very able speech was delivered by the chairman, Sir Eric Geddes, in which some sound observations were made with regard to the damage which had been inflicted upon certain of the country's industries owing to the uncertainty of the Government's attitude towards the McKenna and Safeguarding Duties. This mingling of political policy with finance caused Sir Eric to take a very cautious view with regard to the outlook, and he contested the Chancellor' of the Exchequer's assertion that heavy income taxation does not withdraw funds from business and industry. In the case of his own company, for example, Sir Eric explained that during- the past five years, while shareholders have paid Income Tax personally on dividends, the Inland Revenue has or will have levied, in addition, Income Tax on the company's Profits to a total of approximately £3,700,000 over and above the dividends paid in respect of these years.
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