Eroding Industry's Resources
Page 31
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THAT the steady erosion of the 1 resources of industry threatens the future of employment and the living standards of this country, was stated by the chairman of the Dunlop Rubber Co., Ltd., Sir Clive Bat/lieu, K.B.E., C.M.G., at its annual general meeting held last Monday. He added that the level of taxation was now such that the law of diminishing returns would start to operate and the revenues and solvency of the State be brought into jeopardy.
Sir Clive acknowledged the courage of the new Government in immediately facing financial problems and decisions of great complexity and importance but there was as yet no indication of any adequate taxation relief. In fact, with the withdrawal of initial allowances and the imposition of the excess profits levy, the immediate taxation burden on industry had been made heavier. This increased the grave danger that profits remaining after taxation would be inadequate to maintain productive capacity intact.
During the past year, many improvements had been made in manufacturing methods and factory conditions, whilst the new Gold Seal lyre, which embodied the latest developments in tyre construction, had been tested under severe conditions both at home and on the Continent.