recently delivered to .Courtaulds' shareholders by the Chair- man, Mr.
Samuel Courtauld. One of these was the quietly confident view of that great expert witbregard to the enduring character of the artificial silk industry—or, rather, as it is now styled, the " rayon " industry. Mr. Courtauld has a well- deserved reputation for conservative views with regard to the industry, for when things were booming and Courtaulds were paying huge bonuses Mr. Courtauld constantly reminded shareholders of the need for taking a cautious view with regard to the outlook, laying stress upon the number of new concerns entering the industry and the effect upon profitS of even a slight rag uction in prices. These cautions have been justified by the developments of the past year, some decline having taken place in consumption, in addition to which it would seem that some of the newer concerns have been offering stocks at unduly low prices. Nevertheless, the Chairman of Courtaulds, while taking a conservative view with regard to the-immediate outlook,-was fairly hopeful with regard to the ultimate future of the industry, emphasizing, as was perhaps natural, the strong position occupied by the large and old-established companies.
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