During recent weeks there have! een Issued the annual reports of many of the important Industrial cor. parations and companies. While, of course, some have suffered recessions, in the main there ts a distinelly better tone, and in a good many instances Tosses have been turned. into. substantial profits. While much of this improvement Is dite to the greater activity in business, there is no doubt that some of it can be accounted for because of greater care in management, and more efficient methods.
One of the most hopeful features} of the recent improvements has been the broadening in the demand for empltal goods. In most cases this is not because of any attempt to increase Production, but because of a real effort to replace obsolete and worn-out machinery. One of the large newsprint manufacturers that has not been in the hands of the recelver—og so many have during the past few years—tore out practically its whole equipment for the manufacture fof chemical pulp in order to install machinery to treat the pulp by a newer and improved method. The general manager of the concern stated definitely that the production—of aper would not be increased, but that the quality of the sheet would be of a higher grade. A large textile company in Montreal converted one of lis entire plants, installing new machinery and crapping the old, in order to keep pace with the most modern developments. While in the automobile industry many changes} might be cited
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