e transferred to a subsidiary. The balance-sheet shows creditors up
L204,971, presumably to meet the excess profits liability. Debit
balances have increased L509,840, and now include Treasury bills. War
loans have been increased L280,652, and the total assets are up
L451,183, at L4,541,601, and have earned 10 per cent. When all creditors
have been paid the quick assets amount to L930,654, and amply protect
the debentures, L900,000 which are an admirable security. I do not
suppose the present Ministry will do anything to control the profits
made out of the War by those who run the coal trade; and, therefore, we
may expect that 1916-17 will be as good a year as that just ended. But I
am not in agreement with a policy of _laissez-faire_ in war time unless
the policy is carried out stringently.

HOLBROOKS

Apparently the sauce trade has not been seriously injured by the War,
for Holbrooks have increased their trading profit L4,694 to L35,170; but
income tax is higher, and L5,000 has been used as a special reserve for
investments, so the available profit is only L23,046, as against L25,055
in the previous year. The dividend remains at 20 per cent, but L3,072
more is carried forward than was brought in, and the Board say that the
unsettled state of the world justifies them in doing this. I suspect
that they are building up a reserve for the purpose of attacking the
Yankee trade which for so many years has been in the hands of Lea &
Perrins. The business is well managed by the two managing directors, who
have been in the firm since it was promoted. The alterations in the
balance-sheet are not of any moment. Quick assets total L151,557 when
liabilities have been met, and the assets have earned 7-1/2 per cent on
their book value--not a very splendid profit for a sauce.

JAMES HINKS & SON

This famous firm of lamp makers should benefit largely by the complete
absence of German competition all over the world, and the eleven months
show the satisfactory profit of L13,595. The dividend for the previous
thirteen months was only 6 per cent, but the report now issued declares
10 per cent and a bonus of 1s. 6d., or 17-1/2 per cent--a record
distribution. Also L2,250 is placed to reserve and the carry forward is
raised from L3,603 to L6,399. As long as the War lasts we may expect
this remarkable prosperity to continue. The reserves are now in excess
of the capital. The company has earned 7-1/2 per cent on the book value
of its as