VICKERS' POSITION.
The impression to be derived from the able speech of General Sir Herbert Lawrence, the Chairman of Vickers Limited, at the meeting last Monday regarding the situation of the company was one of satisfaction with the progress achieved in rationalization and with the financial strength of the undertaking but of recognition that these two factors require the aid of trade improvement to enable their worth to be realized. General Lawrence reminded his audience that the company's business is still mainly concerned with armaments' and shipbuilding. Vickers itself is now purely a Holding concern and in speaking of its operative activities he was referring to the subsidiaries. The armament business, of course, has suffered through reduction of warship con- struction all over the world, but he referred to the disadvantage that British builders suffered in competing for foreign orders because armament work is excluded from the British Export Credits Scheme. On the general subject of disabilities to British trade generally General Lawrence emphasized the considerable weight of taxation borne directly or indirectly by industry to provide for social services, and pointed out that it was hopeless for manufacturers to reduce operative costs if the non-controllable costs, such as taxation, rates and transport continued at exorbitant levels.
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