Financial Notes
" SEMIS. TRANSPORT.
AT the recent annual meeting of the Shell " Transport and Trading Company Viscount Bearsted gave an assurance to the shareholders—though we fancy that the assurance was unnecessary—that although it is physically impossible for a combined balance-sheet to be erected, any losses made by any of the companies in the Group are wholly provided for, while the depreciation of all assets is always provided for on a very conservative basis. Viscount Bearsted also drew atten- tion to the strong liquid cash position which shows that the " Shell " Company alone had at the end of the year in Cash and Securities, mainly gilt-edged, over £14,000,000—a com- forting thought at a time when there is world depression. Moreover, as regards the decrease shown for the first time in the Group's production, the Chairman explained that this was not due to any falling off in productive activity of the fields, but was brought about by a consistent policy of con- servation. Viscount Bearsted then dealt with some of the causes of the present depression resulting, among other things, in a falling off in oil consumption. Among the many causes enumerated, I am glad to note that he said : " I say unhesitatingly that the business depression has been largely brought about by almost universal Governmental interference with the law, the immutable law, of supply and demand."
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