According to the principle of continuity for an incompressible fluid:
\[
A_1v_1 = A_2v_2,
\]
where \( A \) is the cross-sectional area and \( v \) is the velocity of the fluid.
In a truncated cone, the cross-sectional area at the wider end (\( A_1 \)) is greater than the area at the narrower end (\( A_2 \)). Hence, the velocity at the wider end (\( v_1 \)) is smaller, and the velocity at the narrower end (\( v_2 \)) is higher to conserve mass flow:
\[
v_1<v_2.
\]
Final Answer:
\[
\boxed{\text{The speed is low at the wider end and high at the narrow end.}}
\]