5 MARCH 1932, Page 46

SELFRIDGE.

Not the least interesting feature of Mr. II. Gordon Selfridge's address at the recent annual meeting of his company was his reference to the trade depression and the present imposition of Tariffs. Reading between the lines of his speech, I should be inclined to think that while Mr. Selfridge may not be enamoured of the idea of substitution of Tariffs for Free Trade in this country, he had become convinced that the absurdly high tariffs which every other country has adopted in recent years forced some measure of protection upon this country. Mean- while, however, Selfridges must be congratulated upon the character of their recent report, having regard to the conditions adversely affecting all businesses.