IMPERIAL 'CHEMICALS.
These are times when the fullest information concerning the progress and even the details of the accounts of our great combines have become a matter of paramount importance. For that reason, therefore, I am glad to comment favourably upon the very full statement which was made at the recent annual meeting of Imperial Chemical Industries last week by the Chairman, Sir Harry McGowan, a report of whose speech, I believe, appeared in last week's issue of the Spectator. Reference was made to the full audit of the accounts by well-known firms of chartered accountants, but Sir Starry was also at pains to explain in detail the salient points in the report and balance-sheet recently issued. As a consequence of the world depression there was naturally a considerable fall in the gross income for the year, but nevertheless the disposable amount of income was no less than £5,322,000. Before declaring any dividend on the ordinary shares, the directors appropriated a sum of £1,000,000 for Central Obsolescence and Depreciation Fund, after which a final dividend was declared on the ordinary shares at the rate of 3 per cent. Concerning the future outlook, Sir Harry McGowan was fairly optimistic, more especially as regards conditions in this country, concerning which he said : The outlook, in my view, is brighter than it has been for some time. We have regained our monetary freedom so that industry has its future much more in its oral hands. In addition, behind the security of a tariff Industries, which have not yet been able to reorganize them- selves upon modern lines, or to talk with their international competitors upon even terms, will be able to face the future with renewed confidence." Further, and towards the end of his speech, the Chairman of Imperial Chemical Industries expressed the opinion that in the absence of a collapse, not at present within common contemplation, the results of his company's trading for the current year should be at least as good as last year's, while he considered there was every hope that they will be better.
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