• • • • CALLENDEWS CABLE.
An exceptionally interesting address was delivered to share- holders of Callender's Cable and Construction Company by Sir Fortescue Flannery at this week's annual meeting. Like some other recent speakers, Sir Fortescue referred in no uncertain terms to the malign influences of onerous taxation, and in the course of his address lie made a practical suggestion to the Chancellor of the Exchequer with regard to encourage- (Continued op page vi.) Financial Notes (Continued from page 816.)
rnent which might . be given to new enterprises. Many enterprises, said Sir Fortescue, which would otherwise be fructifying, are destroyed after their birth by the consideration that if they succeed the Government takes a large share of the profits, but that if they fail the Government makes no Contribution to the loss of the money. If, said Sir Fortescue, " some machinery could be arranged, as I think it could, by which enterprises, approved and selected by a Committee of the Treasury, should be carried on, on the understanding that if they failed the loss of money would be credited in future payments of Income Tax—not restored to the enter- prising manufacturer, but credited in future years for Income Tax payments—then, I think, we should have practical relief from the handicap to which I have referred, and many enterprises of great pith and moment to the trade of the country, and to employment, would be encouraged and made possible, which are abandoned to-day."
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