million sterling (L529,800),
exclusive of L213,900 brought forward out of the large profit of the
preceding year, and this makes the total amount available for
distribution as much as L743,700. Even after paying a dividend of 10 per
cent and a bonus of 5 per cent, making 15 per cent, all free of income
tax, the Company has still L424,700 unallocated. In its most prosperous
year, 1913-1914, the net profit of the Nobel Dynamite Trust did not
amount to more than L381,300. We have, we need hardly say, no feeling
against Nobels or Thornycrofts or the Projectile Company. We only want
fair play in this matter. If this aggregation of profits is not stopped
the wealth of England will be in the hands of men who will regard the
triumphant conclusion of the War as spelling ruin to themselves and who
will see in victory only the cessation of profits that in normal times
they have never dared to contemplate.

The remedy for this is simple. The Government have refused to the
workman the right to extort unearned increment out of the country in its
dire necessity. The workman may not strike or cease work or even change
employment without the permission of the State. Assuredly the State has
the right to exact that obedience from him. But it is essential that it
should, and at no distant date, lay its restraining hands also upon the
employers who are earning these huge dividends, otherwise we shall have
enacted in England the tragedy that we have seen in Ireland. We shall
have a Government without moral authority, a Government which will,
therefore, be perpetually embarrassed in the conduct of war.

11. _The New Witness_, June 15, 1916:

WILLIAM CORY & SON

This famous coal company has taken every advantage of the demand for
coal, and can show a record profit. After providing for excess profits,
the balance of profit is L453,136, or L237,808 more than last year. As I
have again and again pointed out, I do not think the Government should
allow such huge profits to be made in war time. The coal trade is in a
few hands, and firms like Corys may be said to control it. The directors
content themselves with raising the dividend 5 per cent to 15 per cent;
but they place L100,000 to reserves, making them L500,000; L30,000 goes
to staff pensions and L25,000 to a war fund for employees. The carry
forward is raised L30,740 to L88,969. The steamers, tugs and barges are
now to be formed as separate companies; and the French business is also
to b