ey represent. In the last two
months a great many of the companies have indicated that they were
setting some thousands of pounds aside for the tax.

Among the other concerns which have announced their appropriations to
meet the excess profits tax the most notable one that we recall is the
British Oil and Cake Mills Company, which expected to have to pay
L225,000. The Nitrate Producers' Steamship Company is putting L200,000
to a reserve for the excess profits duty and income tax. Most of the big
companies have provided for the tax before striking the profit balance,
and as this is strictly correct it would hardly be fair to say that they
have concealed part of their profits. The figures would have been more
striking, however, if the gross sums had been given. As we read the
White Star line's figures they indicate that the company has had to pay
much more than the British Oil and Cake Mills Company, but the Cunard
line has probably had to pay much less.

The amount payable in any given case is the excess over the pre-war
standard, which is fixed by taking the best two of the three immediately
preceding years. Speaking generally, the companies do not appear to have
hurried in their payment of the tax. For the year ended March last the
total yield was estimated at L6,000,000, but the actual sum received was
only L140,000, and the L6,000,000 has not been got yet, the yield from
April 1 to June 10 being only L3,556,000. A sharp increase is bound to
come, however, in the course of the financial year. The Chancellor of
the Exchequer expects to get L86,000,000 in excess profits tax and
munitions levies by the end of March next, and he cannot possibly have
made so enormous a mistake as the receipts to date would suggest if we
did not know that thousands of firms have still to pay very considerable
sums.

In the tables appended the years at the tops of columns are those in
which the profits mentioned were announced. A large proportion of the
results shown in the 1916 columns are for the year ended December last.
Some, however, are for years which have ended since then, while a few,
relating to companies which carry on business abroad, are for years
which began soon after the outbreak of the War:--

SHIPPING

1916 1915 1914

L L L

British and African 94,388 64,464 41,357
Booth Line 328,12