4 APRIL 1931, Page 36

Imentum, CITEMICALS.

I referred last week to the fact that, having regard to the general trade depression, the Annual Report of Imperial Chemical Industries was a satisfactory document. " At the annual meeting held last Tuesday the Chairman, Sir Harry McGowan, gave some interesting figures further demonstrating the gCneral character of the trade depression. He stated that compared with 1929 the volume of production in the United Kingdom fell 8 per cent., in Germany 16 per cent., in Canada 14 per cent., and in the United States 17 per cent. The value of exports from the United Kingdom fell by 22 per cent., from France by 15 per cent., from Germany by 11 per cent., Italy by 19 per cent., and from the United States the decline was no less than 25 per cent. These figures found their reflection in an increase in the volume of un- employment in nearly all countries and the falling off in the profits of Imperial Chemicals was really less than could have been anticipated, while in some directions there were cheerful developments, both the Australian and South African companies having actually earned larger profits than in the previous year.

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