IMPERIAL CHEMICALS.
It is impossible to read the speech of Sir Harry McGowan at the recent meeting of Imperial Chemical Industries—a summary of which appeared in our last issue—without being impressed by the importance of the undertaking and the ramifications of its operations. In The Spectator of April 13th, I dealt with the Annual Report, and at the annual meeting Sir Harry McGowan made an exhaustive statement concerning the nature of the Company's operations and the developments during the , past year. Sir Harry referred especially to the development of the hydrogenation process in connexion with the scheme for extracting petrol from coal. He explained •that the full development of this process had involved costly research extending over more than seven years and an expenditure of over £1,000,000. Numeroui obsticles had to be surmounted and continual (Continued on page 684.)
Financial Notes
(Continued from page 683.) disappointments had to be borne, " but," he added, " science, backed by patience and persistence, has now, we are con- vinced, overcome them all." The Company is to expend no less than £2,500,000 on the necessary plant designed to produce 100,000 tons per annum of petrol by the hydro:. genation of bituminous coal, but the sum is to be pro- vided out of liquid resources, a circumstance which in itself intimates the magnitude of the Company's reserves, and the conservative finance which has made it possible to provide such huge sums without further borrowing.
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