Mr. Winston Churchill gave a few gums f comfort in speaking ordinary shaves, now cut from 21, th 000,000 forthe coal subsidy, plementary estimates: of nominal value to 6/8, which rose! jin the afternoon to 7/6. which-had been-agreed to without In reaching their decision in condivision.
The Chancellor of the Exchequer nexion with the reconstruction of] Messrs, Vickers, Ld, the direerecalled that the Government decision to postpone the crisis in tors of the concern had the advice, Tuly was due to the possibility: of of Mr. Dudley Docker, director of the London Joint City and Midland! a trade revival, which was thought then to be visible. He declared that Bank, the Right Honourable while the coal output had steadily ginal McKenna, Chairman of the'
London Joint City and Midland!
Increased it was hopeless to expect Bank, and Sir William Plender, that the gap between export prices fand the cost of production would President of the Institute of disappear.
Chartered Accountants,. whose re-He emphasized that the mi commendations include, interest could not be allowed to reconstituted directorate, the estab-become indefinitely a pensioner upon lishment of three management! other industries and hoped that all boards, one of which would control parties in the industry would make the industrial section of the business an effort. to regain. its old inde-and its subsidiary undertakings; position. He "mentioned nother' board would control the armaments and shipbuilding side! thet, ast, wee output of 5,000,- '000 tons was the highest since Bias. while a third would be the france! Doard. These advisers consider that of the situation of general trade depression; depreciation of foreign exchanges; reduced earning capacity of the Company's works, which is to be attributed to a world redue-
Mr. Churchill anticipated that the total subvention for the nine months would be approximately 24,000,000. The subvention, he concluded, had not fed to any appreciable reopening. of pits Reuter. tion "of armament expenditure ard home production of armame foreign country building; foreign decline in ship competition world markets; ancial stringency' land the political unrest in Europe, which have restricted the giving of credit and retarded schemes development.
The advisers add that in efirrying out the sound policy after the of changing from swords to the management had, lacked the special experience required to direct large and varied industrial undertakings. The advieer at the request. of the Board, have agreed to act in " consultative capacity until the three management boards are working.
Text read from the printed page and cleaned; old type leaves the occasional error.