Based on the continuity principle for incompressible fluids:
\[
A_1v_1 = A_2v_2,
\]
where \( A \) represents the cross-sectional area and \( v \) represents the fluid velocity.
For a truncated cone, the cross-sectional area is larger at the wider end (\( A_1 \)) than at the narrower end (\( A_2 \)). Consequently, the velocity at the wider end (\( v_1 \)) is lower, while the velocity at the narrower end (\( v_2 \)) is higher to maintain mass flow:
\[
v_1<v_2.
\]
Final Answer:
\[
\boxed{\text{The speed is low at the wider end and high at the narrow end.}}
\]