ars to
be the cheapest Government Loan. Brazilian securities are attracting
more attention, and Brazil Traction Common, which a year ago was below
50, now stands at 64. There has been a large business in Castner Kellner
on the working agreement between that chemical company and Brunner, Mond
& Co., the shares having jumped four or five shillings to their present
price of 69s. 6d. Precisely a year ago they were recommended in these
notes at 66s. 10-1/2d. Shipping shares have been exceptionally firm;
Court Lines have risen another few shillings to 34s., the large business
in them being probably due to the fact that they are one of the few
shipping shares which can be obtained. Rubber shares are equally firm.
Nobel's Explosive Company has just issued its report for last year,
showing a profit of L529,738 _after_ providing for excess profits duty.
The dividend is 15 per cent, free of income-tax, or 5 per cent more than
last year. This increase in the dividend came as a surprise to the
market, and the price of the shares (which are a favourite investment in
Glasgow) jumped from 31s. to 38s. 3d.

The profits of the Oceanic Steam Navigation Company (the White Star
Line) for last year have attracted a good deal of attention. They were
stated as being L1,968,285, as compared with L887,548 in 1914 and
L1,121,268 in 1913, which was the Company's record year; but the figure
given for 1915 does not indicate the full profit, for it is arrived at
"after providing for excess profits taxation and contingent
liabilities." Replying to a question asked in the House of Commons by
Mr. W. C. Anderson, Captain Pretyman stated that the Company informed
him that the profit mentioned was before deduction of debenture interest
and depreciation. Captain Pretyman added that the sum divided as
dividend was L487,500, the same amount as in the year 1913 before the
war. Where people are protesting against large war profits it may, at
first sight, appear an adequate answer to point out that a Company is
not paying out more in dividends than it did in the year preceding the
war. As a statement of fact it is perfectly correct, but it has no
bearing upon the amount of profit that has been made, as the following
calculation will show. We now know that the 1915 profit shown in the
accounts is _after_ allowing for excess profits taxation, deferred
repairs, contingent liabilities, debenture interest and depreciation.
Since 1913 the Company has increased its deb