Turning to Japan, where ordin sommerc'al activities are more or Jess suspended, the El n admi.ted that the Company's trade in that country had inevitably suffered.
The diversion of Japanese factories to war purposes, however, ho said, caused Japanese competi throughout the world zo fall to neg gible proportions, and this had resulted in increased sales and better prices for the Company's products n many important mai Reviewing the year 1937, Lord Mc-Gowan said that the Company had an excellent year at home, with all plant running to capacity The British Government's defence programme, he asserted, had affected the demand for the Company's products mostly indirectly, but even at a higher level the supplies to service departments represented but a small fraction of the total business.
Despite a partial setback, overseas trode, the Chairman continued, had progressed in many directions, particularly in India. en if British industrial activity in 1938," Lord McGowan added..|"shows some decline, it does not follow that the Company will be aficcted in the same measure as ral business. Fortunately, we tend to move down more slowly in recession and to recover more quickly lon a move-up than industry—Reut la and New Zealand will also lay one wreath each on behalf of the Government and peopl of Australia, and the New Zeal 4 forces Other wreaths will be placed on be alf of the Royal Division "and —Wireless throu
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