PLAIN SPEAKING.
Towards the end of his speech Sir Eric Geddes said :
" No business can succeed in the long run unless it has funds with which to keep its prOductive capacity up to date, and with which to develop itself td' Maximtuh capacity. If one examines the history of any of the old and successful burlittesses of to=day, it will be found that in the past the development of the concern has been largely (Continued on page 846.) r - -Financial Notes (Continued from page 845.) financed out of profits. There are many who say with truth that we have far too many out-of-date plants in this country. In n:7. opinion this is largely due to the fact that the State has taken from mduslry funds which would. otherwise have been available for the. replage- nient of plant and the general development of the business. In consequence of these heavy inroads in the available profits of industry, further capital has to be raised to finance development, obsolescence:, &c., and that further capital fang as an additional burden upon production. As taxation has risen this burden has become more and more serious, and if this continues the poor
goose that lays the golden egg will be killed." . •
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