enture issue, and last year
had to pay in debenture interest L109,536, as compared with L65,211 in
1914. How much has been placed on one side for depreciation before
showing the profits can only be known to very few people, but the amount
the Company must have put on one side for excess profits taxation must
be at least half a million, and possibly a great deal more. The actual
profits for last year were therefore probably in the neighbourhood of
three millions, if not more. As indicated above, out of the L1,968,285
shown as profit, only L487,500 is paid out in dividends, the remainder
going to various reserves. The dividend works out at 65 per cent, but
all goes to the International Mercantile Marine Company, the
much-talked-of American shipping trust associated with the name of the
late J. Pierpont Morgan, which holds all the Ordinary Shares. The trust
was in a bankrupt condition prior to the war, but the present state of
affairs is radically altering its position. It must be annoying to the
American holders that a large slice of the profits of an American-owned
concern has to go to the British Government in the shape of war
taxation.

9. _The New Statesman_, June 24, 1916:

Another firm which has apparently benefited by the war is Ruston,
Proctor & Co., the well-known Lincoln manufacturers of agricultural
implements. A final dividend of 5-1/2 per cent is declared, plus a bonus
of 2 per cent, making 10 per cent for the year, which still allows the
Company to place L45,000 to reserve and to carry over L16,300. This
dividend is 3 per cent more than was paid last year, and is the highest
in the twenty-six years' history of the Company. Shipping shares remain
firm, and it is almost impossible to purchase any of the best shares. As
an illustration of the profits that are being made, the Nitrate
Producers' Steamship Company's accounts for the year ended April 30th
last show a gross profit of L404,022, as compared with L151,905 and
L135,986 in 1914 and 1913 respectively. The dividend is 25 per cent,
free of income tax, L100,000 is placed to reserve, L200,000 to a special
fund for excess profits tax, income tax, etc., L30,000 is added to the
insurance fund, and the carry forward is increased by some L7000. The
Company owned a fleet of ten steamers, which has, however, been reduced
to five by the sinking of one last September by an enemy submarine and
by the sale of four vessels. A new vessel is under construction, and
sho