Stemming the Losses

Abstract

Reith became chairman in November 1950, shortly before the end of CDC’s financial year. In his first report there was much effort to strip away illusions and to give a realistic account of the status of the corporation and of every undertaking. At the same time, account had to be taken of expectations of the government and of colonial governments and of morale within CDC itself. It came through in the lapidary concluding paragraphs: ‘There is both achievement and failure in this record; encouragement and disappointment. … There are many difficulties still to be met, risks to be run. The Corporation realises its responsibility and its opportunity; will do its best.’