in my opinion Sir Eric Geddes was thoroughly justified, when,
in the course of his address to shareholders at the recent meeting of the Dunlop.Rubber Company; he became critical of the present burden of taxation and its incidence on some of the industrial companies such as the Dunlop. The principles of sound finance often' require that losses sustained by subsidiaries shall be provided for in the accounts of the parent concern, and yet under the present system the parent company cannot set off such losses against its own profits for income-tax purposes. Ultimately, no doubt, when subsidiaries again earn profits and set their losses against them the position can be levelled up, but Sir Eric appeared to be even apprehensive lest when such times arrive a,provision now working to the, benefit of the authorities might, however inequitable, be reversed, In the course of his address Sir Erie Geddes showed the company to be in a strong position financially, but as regards future prosperity, much, of course, depends upon an improvement in world trade..
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