uld be ready for delivery in August. The capital of the Company
consists of L200,000 in Ordinary Shares and L200,000 in 5 per cent
Cumulative Preference Shares.

10. _The New Witness_, June 15, 1916:

WAR PROFITS AND THE GOVERNMENT

It is essential that a determined effort should be made to rouse the
nation to a sense of the gross and scandalous injustice of the huge
profits that are at present being "earned" by certain firms piling up
wealth which is really amazing to contemplate. This is not mere empty
rhetoric; the figures support the description up to the hilt. Let us
take the case of five well-known companies, all engaged in "war work,"
and see to what account they have turned our soldiers' sacrifices:--

FIRMS. PROFITS.

1913 1914 1915

L L L

Cammell, Laird 171,700 235,500 301,500

Curtis & Harvey 48,100 77,800 143,800

Projectile 14,000 40,400 192,700

Webley & Scott 9,500 16,400 61,300

Thornycroft 13,000 107,640 267,333
(6 mos.)

These figures can only be described as staggering--staggering, that is,
to anyone who cherishes a faint, lingering belief that "equality of
sacrifice" is to be a reality and not merely a bitter jest. Look for a
moment at the tale that these profits show! The Projectile Company has
multiplied its 1913 profit _thirteen times over_! Five or six years ago
its affairs were in so parlous a state that 19s. had to be written off
as lost from each 20s. share. Now, as Mr. Charles Duguid reminds us, "it
is paying a first dividend of 50 per cent and is returning to the
shareholders 3s. 6d. out of the 19s. they regarded as lost." The return
on the shares, according to the same financial authority, is 400 per
cent!!!

Look at the case of Thornycrofts. The profits for the first half of 1915
are twenty times as big as the profit for the whole of 1913--an
increase, as Mr. Duguid reminds us, _of 3800 per cent upon the year_, a
year that will spell blank financial ruin, impoverishment and
destitution to the families of thousands and tens of thousands of our
fighting men!

Thornycrofts are by no means peculiarly fortunate; Nobels, for instance,
have managed to earn quite a tidy little profit. Their net profit for
1915 comes out, we learn, at over half a