21 JANUARY 1938, Page 40


The student of finance will have noticed that leading industrialists have expressed a great diversity of opinions in the last few months upon the probability of trade depression in the near future. Sir Michael. Nairn, the chairman of Michael Nairn and Greenwich, the linoleum. combine,_ gave his shareholders at the meeting this week grounds for feeling that he, at any rate, was among the unqualified optimists. Not only did he say categorically " There does not seem to me to be any sound reason for believing that a slump is soon to appear on the industrial horizon in this country," but he also gave a long list of extensions which the group are making in their warehouse and office accommodation. Such con- fidence might seem surprising in view of the decline from £281,740 to £255,592 in net revenue which the 1937 accounts appeared to show. But Sir Michael explained that it was only an apparent decline. Michael Nairn and Greenwich is a holding company. Its accounts do not necessarily reflect the variations in the trading results of its operating sub-- sidiaries. This year's decline merely reflects an income tax adjustment in the previous year's figures. The 1936 profits (Continued on page 115.)

FINANCIAL NOTES (Continued from page 112.) were swollen by the settlement of a long-standing claim for Dominion income tax relief.