25 MARCH 1938, Page 68

ALFRED DUNIM1..

Alfred Dunhill, Ltd., the pipe manufacturers, remain sceptical as to the reality of trade recession. Mr. Dunhill stated at the meeting this week that except for the temporary dislocation of the _last few days they had experienced no recession. On the contrary, their retail trade—which one would expect to be affected first—reached a record level in December of last year. Turnover remains satisfactory. and

Mr. Dunhill has confidence in the future. J. D. M.