1916 1915 1914

British and African 94,388 64,464 41,357 Booth Line 328,127 225,267 154,828 China Mutual 591,005 286,725 381,729 Court 137,446 25,034 23,890 Cunard 1,579,170 1,286,948 1,187,831 Cairn 152,152 85,988 102,318 Elder, Dempster 349,444 326,122 307,605 Eagle Oil Transport 325,928 302,897 92,866 Elder 66,266 55,305 38,975 Field 71,393 11,881 -- France, Fenwick 179,100 64,900 76,800 Gulf 188,093 39,436 65,014 Houlder Bros 118,802 95,587 102,893 Indo-China 109,089 16,020 45,364 India Gen 65,738 41,974 118,379 King 102,319 17,426 90,392 Leyland (Fredk.) 1,441,690 620,839 589,810 Lamport & Holt 332,897 149,108 200,691 London & Northern 586,299 118,419 135,541 Mercantile 259,159 93,391 129,946 Moor 335,349 -- 254,000 Neptune 146,718 73,310 112,563 Nitrate Producers 381,599 134,826 125,990 Pool 601,338 118,000 -- Pyman 165,078 72,504 62,413 Royal Mail 808,731 98,232 436,470 Redcroft 117,953 13,125 21,396 Sutherland 295,220 74,841 41,779 White Star 1,968,285 887,548 1,121,268

COAL, IRON AND ENGINEERING

Albion Steam Coal 44,536 36,820 24,094 Arrol (Sir W.) & Co 119,060 49,756 51,096 Brown, Bayley"s Steel 32,017 1,578 29,758 Barrow Hemat.i.te 119,377 51,518 104,664 British Aluminium 180,057 156,066 154,488 Beyer, Peac.o.c.k 54,177 109,783 87,843 British Westinghouse 176,752 151,627 106,494 Brit.Ins. & Helsby 295,131 277,428 247,351 Bell Bros 145,360 45,969 128,736 Bessemer (Hy.) 55,348 35,826 23,308 Cammell, Laird 303,841 237,899 174,126 Cory (W.) and Son 453,136 215,328 313,906 Cargo Fleet 162,276 131,142 124,219 Callender"s Cable 113,266 98,692 91,861 Carlton M. Colliery 188,545 128,413 177,025 Clayton & Shuttleworth 72,787 44,643 53,496 Consolidated Cambrian 185,139 140,097 147,648 Crossley Bros 65,337 15,347 42,517 D. Davis 200,127 215,744 217,970 Dorman, Long 404,524 237,579 257,863 Edinburgh Collier"s 64,807 17,420 63,969 Fife Coal 224,058 89,866 -- Gt. West. Colliery 137,008 111,821 158,420 Hadfields 265,403 139,301 109,513 Henley"s Tel 153,224 112,898 106,380 Howard & Bullough 136,152 32,766 163,066 Jessop (W.) & Sons 103,726 60,354 87,343 Knowles (A.) & Sons 47,199 18,329 29,140 Leyland Motors 252,107 85,037 -- Lysaght (John) 414,764 313,707 330,576 Locket"s Merthyr Colleries 45,635 6,229 22,238 Met"n Carriage 372,140 321,091 365,739 Newton, Chambers 60,669 4,182 89,523 N. B. Locomotive 174,241 160,644 140,889 North"s Nav. Coal 130,071 65,578 100,144 Parkgate Iron 107,344 66,643 85,169 Projectile 194,136 30,739 18,880 Powell Duffryn 438,799 422,204 364,421 Pease & Partners 435,772 248,216 385,975 Rhymney Iron 127,733 52,488 131,901 S. Durham Steel 239,868 150,257 302,955 Shelton 109,554 63,465 81,185 Stewarts & Lloyds 256,308 233,420 246,065 Swan, Hunter, etc 305,083 217,498 264,124 United Collieries 216,065 57,600 100,503 Wigan Coal, etc 143,288 44,829 138,118

MISCELLANEOUS

Angus (Geo.) & Co 54,461 43,574 32,123 Burmah Oil 1,413,170 1,411,279 1,363,389 Bradford Dyers 568,623 387,923 430,081 Bleachers" a.s.sociation 416,394 197,835 423,416 Bryant and May 115,159 101,616 90,158 Broxburn Oil 46,729 22,252 57,046 British Cotton and Wool Dyers 93,524 42,297 9,290 Brunner, Mond 1,011,590 799,322 769,343 Bovril 168,796 137,584 119,813 b.u.t.tons 63,297 38,880 32,834 Borax Consolidated 205,825 195,449 235,285 Barlow & Jones 46,798 38,936 33,584 British Oil, etc., Mills 243,110 111,203 116,541 British and Argentine Meat 651,289 67,288 -- Curtis"s & Harvey 143,830 77,754 48,117 Courtaulds 741,668 520,349 474,154[89]

Calico Prin. (half yr.) 176,521 -- 55,495 E. Velvet, etc., Dyers 70,833 61,161 72,467 Fore St. Warehouse 48,957 28,597 -- Forestal Land 900,947 234,065 383,362 Fine Spinners 535,854 391,057 613,415 Gas Light & c.o.ke 604,314 449,510 522,710 Hollins (W.) & Co 105,639 65,786 65,986 Henry (A. and S.) 249,713 104,098 122,528 Imperial Tobacco 3,699,891 3,533,360 3,354,476 Lever Bros 1,265,933 1,152,107 988,238 Linen Thread 257,418 188,773 189,142 Lennards 41,300 34,457 30,377 Lister and Co 133,874 94,403 151,458 Lyons (J.) & Co 278,293 276,403 353,303 Maypole Dairy 528,274 488,026 489,643 Mandleberg (J.) 74,506 52,049 57,964 Pumpherston Oil 134,927 74,010 140,025 Rylands & Sons (half yr.) 120,032 55,179 -- Rotherham (Jer.) 104,925 74,638 59,692 Salt Union 140,524 89,443 82,791 Sears (J.) & Co 82,070 65,032 57,061 Stead & Simpson 59,898 32,762 30,357 Samnuggur Jute 299,829 44,307 86,574 Spillers & Bakers 217,416 367,866 89,351 United Alkali 341,986 217,081 193,604 Winterbottom Book Cloth 171,191 119,795 165,213 Webley & Scott 61,277 16,376 9,511 Whiteaway, Laidlaw 131,577 107,952 129,790 Watson (Joseph) 122,001 89,290 103,999 Young"s Paraffin 47,953 24,139 80,152

RUBBER, &c.

1916 1915 1914

Anglo-Malay 121,224 76,931 104,583 a.s.sam-Dooars 51,674 22,269 -- Amalgamated Tea 157,818 98,176 78,787 Batu Tiga 56,293 22,315 24,762 Bukit Sembaw.a.n.g 33,989 14,344 6,090 Consolidated Tea 479,815 289,262 247,633 Chersonese 59,602 35,019 29,081 Ceylon Tea 163,899 108,300 93,900 Damansara 48,680 30,580 29,081 Eastern Produce 126,406 71,724 69,004 Grand Central 248,201 132,019 87,554 Highlands & Lowlands 108,343 75,425 79,079 Jorehaut Tea, 64,508 43,204 34,088 Jhanzie Tea 35,881 17,286 15,113 Klanang 37,918 20,458 24,257 Kuala Selangor 47,748 42,013 32,798 Kanan Devan 208,612 120,119 106,909 Linggi 125,739 78,899 83,746 Lunuva 32,994 12,599 12,602 Malacca 252,006 144,224 131,156 Nuwara Eliya 49,915 21,921 -- Norda.n.a.l 39,658 36,686 49,344 Panawatte Tea 38,167 23,833 -- Rub. Est., Joh.o.r.e 42,703 22,541 10,931 Rani Travancore 63,791 35,349 32,259 Singlo Tea 68,857 36,166 31,449 Sungei Way 38,532 36,533 25,624 Straits 157,678 164,750 185,426 Sungei Kapar 59,966 39,426 42,364 Selangor 55,457 58,007 41,940 Seremban 43,410 24,198 22,471 Sunnygama 63,688 43,142 31,931

13. _The New Witness_, June 22, 1916:

The Tenth Ordinary General Meeting of the Forestal Land, Timber, and Railways Co. (Ltd.) was held on Friday last, at Winchester House, E.C., Baron Emile B. d"Erlanger (chairman of the company), presiding.

The chairman said that the share capital remained unaltered, and the debenture debt had only been decreased by the yearly amortisation. No less than 143,600 had been added to the depreciation account, making it 634,170. Credit balances had swollen by the sum of 175,589. The profit on the year was 900,947, as against 234,064 last year. On the credit side, properties stood at 4,405,917, and had increased by the new properties acquired. The live stock stood at 34,000 less than last year, due to a smaller stock of "Invernada" cattle. The stocks of extract and felled timber had risen by 115,000, princ.i.p.ally owing to a larger stock of felled timber. Debit balances had risen to 156,000. In the profit and loss account the trading profit was 1,281,299, as compared with 614,879 last year, and, after deducting London charges, debenture interest, depreciation, and legal reserve, there was left a profit of 900,947.

14. _The Westminster Gazette_, July 15, 1916:

The accounts of the W. and C. T. Jones Steamship Company, Limited, of Cardiff, for the year ended June 30, show that, with a fleet of thirteen steamers, 524,855 profit has been earned, representing 187 per cent on the capital of 280,000.

The previous year"s earnings were 87,105.

A dividend of 15 per cent, making, with 10 per cent interim dividend, 25 per cent for the year, free of income tax, is declared.

15. _The New Statesman_, July 1, 1916:

The prolonged debate in the House of Commons on the Excess Profits Tax ended on Monday in a vote which found Mr. McKenna"s critics in a small though substantial minority. The point actually at issue was not very simple, and in spite of repeated explanations several of the most persistent speakers never grasped it. The demand was that all "controlled establishments" should be exempt from the excess profits tax in consideration of the patriotic services they were rendering to their country and of the "bargain" alleged to have been concluded with the Ministry of Munitions whereby any profits they may make in excess of 20 per cent above their normal profits are in any event taken by the State.

This meant, of course, that a controlled firm which made a profit of 50,000 in 1914, and of 60,000 (due to war contracts) in 1916, would retain the whole of their excess profits without reduction. Mr. McKenna argued that such firms, having the advantages of practically compulsory labour and freedom from Trade Union restrictions, ought, at any rate, not to be let off more lightly than uncontrolled firms. It is amazing that such a proposition should have to be stated at all.

The point of view of the ordinary member of the public undoubtedly is that excess profits on the making of munitions simply ought not to exist. If engineering firms are permitted to maintain their old standard of profit and dividend (with fair arrangements, of course, for new capital and depreciation), they ought to be more than satisfied. Great heat was developed on the debate by the representatives of various capitalist interests, notably Sir Arthur Markham, Mr. J. M. Henderson, Sir Croydon Marks, and Sir Alfred Mond; and some of them were not even ashamed to hint that if their demands were not agreed to there might be a diminution of output. At a moment when tens of thousands of men are giving up their whole incomes as well as their savings, in order to fight for their country, it is impossible to imagine any spectacle more unedifying for the wage-earning cla.s.s than that of these malcontent capitalist legislators angrily fighting for their extra war-profits.

When one remembers that it was these same gentlemen who were so enthusiastic for compelling younger and poorer men to sacrifice everything they possess, it is hard to find words to say what ought to be said of them. We hope, at all events, that the names of those who voted against the Government on the division will not be allowed to be forgotten in the const.i.tuencies.

16. _Pall Mall Gazette_, January 31, 1916:

_From Our Own Correspondent._

PARIS, _Sat.u.r.day_.

The trouble that has been brewing for months past at the Central Markets has now come to a head. A well-known dealer was suspended by the Prefect of Police; the Home Office thought this insufficient and revoked his licence; and there is now talk of a prosecution.

The Central Markets are not a place which the habitual Parisian cares to venture into. Apart from its own peculiar and particularly pungent odours, the markets are peopled with a cla.s.s of stallkeeper who do not exactly keep their tongue in their pocket, as the French say. They have, in fact, a flow of language, and it requires a brave man to make a stand against it--and all the brave men are at the front just now.

But the Central Markets not only have a language of their own; they have ways and methods of dealing that require long years of acquaintance to fathom, so only experts venture to make head or tail of them.

All this means that between the Central Markets, at the depository, and most of all that Paris wants to eat, and the actual consumer as represented by the ordinary housewife starting out on her daily round of shopping, there move and live a host of intermediaries. Large as their number is, they cannot compare with the middlemen who squeeze in between the Central Markets and the actual grower, breeder, or producer.

With so many hands for produce to pa.s.s through, each one eager to grab all that it can for itself before it pa.s.ses the stuff along, it is small wonder that prices grow, not taking into account the burden of taxes and other charges the goods have to bear on their journey from the farm to the household.

ARMY OF INSPECTORS

The police have an army of inspectors for watching and superintending the work of the markets. The rules drawn up for their regulation would more than fill an old-fashioned three-volume novel, and each one provides for penalties severer and stricter than the other. Yet the profitable game of rigging the market and everything connected with it is in full swing, and no one is more fooled than the police, unless it be the public.

Since the war broke out, the State, the city, and the public alike, backed up by the small retail trader, have done their best to get even with the Central Markets. The more they try to put things right the worse they seem to get. Prices appear to ease for a brief s.p.a.ce, but they soon become inflated once more. Or, if they do not, the particular commodity concerned simply disappears in some mysterious fashion until the "powers that be" submit to the inevitable, and shut their eyes to scheming they are helpless to prevent.

AS MUCH FOOD AS USUAL

The worst of it is that statistics can always be produced to show that the rise in prices is purely and simply the outcome of a falling off in supplies. Arrivals of fruits, vegetables, and fish in the last quarter of the past year were exactly half the average supply of an ordinary year; eggs were two-thirds below the proper figures, meat some 4,000 tons short, b.u.t.ter six tons, cheeses only a ton.

Of course, the population of the city has diminished also to a certain extent, but not so much as might be expected considering that there is practically no single family that has not one or more members at the front.

They have been replaced by refugees, sick and wounded soldiers, huge war administrations of one kind and another. Paris consequently wants almost as much feeding as in ordinary times, not taking any account of the fact that portions of both the British and French Armies still buy provisions on the Paris markets.

Notwithstanding the legitimate reasons that can be put forward to explain the upward trend of prices, the authorities know well enough that all is not so innocent and above board as it appears. One or two more glaring instances than usual of manipulation have put them on the right track at last. Other steps may also be expected, for public opinion has got to the point that either the "inside ring" must be broken up or popular resentment will take a form that no Government can afford to overlook or affect to ignore.

17. _The Daily News_, August 16, 1915:

A YEAR OF ECONOMIC WAR

The _Vorwaerts_, without boasting, as Dr. Helfferich has been doing, of Germany"s financial invincibility, yet sees cause for satisfaction in the economic condition of the Empire after twelve months of war.

The upheaval of the first week of war was indeed serious, and the grim spectre of unemployment was in the air. But it was soon laid.

The best results were obtained in the sphere of unemployment. At the beginning of the war it was about 22-1/2 per cent, in October only 109 per cent, and in May it had further sunk to 29 per cent. The figures for June were 26 per cent as against 25 per cent in the previous June.... Similarly the daily output of coal of the Rhenish Westphalian Coal Syndicate, which in July, 1914, reached 327,974 tons, sank in August to 170,816 tons, in September rose again to 211,995, and in October to 223,760, the figures for that month being 60 per cent of those of the previous October.... In later months, in spite of the calling up of more and more workers, it has only been 25 to 27 per cent below the normal.

The writer tells the same story of the iron and textile industries, and traces the good results to the fact that the supplies of raw materials were far greater than had been thought. For instance, there were about 700,000 bales of cotton more than are needed in a normal year. Besides which the stores of conquered countries were at the disposal of the conquerors. The only trades which really suffered were those in luxuries.

The article concludes thus:

The German trade has survived the shocks of the first year of war better than the most convinced optimist could have hoped, and better than the organisation of other belligerents. All fears of immediate inevitable industrial collapse which haunted us at the beginning of the war have been dissipated. Instead of this we meet in all industrial circles with the consciousness [often much exaggerated] that "We can endure."