age of labour, which cannot but grow with every increase to the
numbers of men drafted from the ranks of productive industry into the
army or the munitions works. From all quarters comes the tale of orders,
both from home and from abroad, that cannot be accepted. In the case of
foreign orders that have to be refused, the labour shortage has what one
fears may be lasting consequences. For custom once diverted to America
or elsewhere is not easily regained.

2. _The Manchester Guardian_, March 3, 1916:

MORE GREAT PROFITS

HOLT LINE'S ENORMOUS SURPLUS

The China Mutual Steam Navigation Company (Holt Line) has had a greater
year than ever. It has been supposed that regular liners were getting
little benefit from the boom in freights, but a profit of L591,005, as
against about L294,000 in 1914 and L386,418 in 1913, can only be
explained by a very large participation in special war-time gains. The
dividend and bonus on the ordinary shares make 106 per cent for the
fourth year in succession, and a still larger sum is being kept in hand,
L200,000 being put to the reserve, as against L50,000 for 1914 and
L100,000 for each of two years before that, and the balance forward is
raised from L81,014 to L201,367. Most of the Company's capital, however,
only bears 6 per cent interest. The ordinary shares (which we believe
are held privately) only amount to a little over L83,000.

3. _Pall Mall Gazette_, September 24, 1915:

WAR PROFITS

The other taxes are accepted by the public and traders alike as
inevitable, but special interest is being taken in the excess war
profits tax. That Mr. McKenna is likely to find his estimate of
L30,000,000 largely exceeded is admitted. The _Daily Chronicle_
publishes a table in which the City Editor compares the last profits
announced by some of our greatest undertakings, covering a
considerable portion of the war period in most and some portion of it in
all cases, with the average of the previous three years. It will be seen
that in every instance the war has brought greatly increased prosperity.

Last Average
Profit. Previous Increase.
3 years.
L L L

ARMSTRONG WHITWORTH 802,000 624,000 178,000
(Engineering, Shipb., etc.)

WM. BEARDMORE 219,000 185,000