The China Mutual Steam Navigation Company (Holt Line) has had a greater year than ever. It has been supposed that regular liners were getting little benefit from the boom in freights, but a profit of £591,005, as against about £294,000 in 1914 and £386,418 in 1913, can only be explained by a very large participation in special war-time gains. The dividend and bonus on the ordinary shares make 106 per cent for the fourth year in succession, and a still larger sum is being kept in hand, £200,000 being put to the reserve, as against £50,000 for 1914 and £100,000 for each of two years before that, and the balance forward is raised from £81,014 to £201,367. Most of the Company's capital, however, only bears 6 per cent interest. The ordinary shares (which we believe are held privately) only amount to a little over £83,000.
3. Pall Mall Gazette, September 24, 1915:
WAR PROFITS
The other taxes are accepted by the public and traders alike as inevitable, but special interest is being taken in the excess war profits tax. That Mr. McKenna is likely to find his estimate of £30,000,000 largely exceeded is admitted. The Daily Chronicle publishes a table in which the City Editor compares the last profits announced by some of our greatest undertakings, covering a considerable portion of the war period in most and some portion of it in all cases, with the average of the previous three years. It will be seen that in every instance the war has brought greatly increased prosperity.
| Last Profit. | Average Previous 3 years. | Increase. | |
| £ | £ | £ | |
| Armstrong Whitworth | 802,000 | 624,000 | 178,000 |
| (Engineering, Shipb., etc.) | |||
| Wm. Beardmore | 219,000 | 185,000 | 34,000 |
| (Engineering, Shipb., etc.) | |||
| John Brown | 586,000 | 347,000 | 239,000 |
| (Engineers, Shipbuilders, etc.) | |||
| Beyer Peacock | 83,000 | 35,000 | 48,000 |
| (Locomotive Builders) | |||
| Brunner Mond | 824,000 | 770,000 | 54,000 |
| (Alkali Manufacturers) | |||
| Cammell, Laird | 238,000 | 147,000 | 91,000 |
| (Iron, Steel, and Shipb.) | |||
| Hawthorn Leslie | 202,000 | 102,000 | 100,000 |
| (Sh'b. & Marine Engin'ring) | |||
| Kynoch's | 153,000 | 114,000 | 39,000 |
| (Explosives) | |||
| Lambert Bros | 142,000 | 84,000 | 58,000 |
| (Coal Exporters, etc.) | |||
| Powell Duffryn | 422,000 | 279,000 | 143,000 |
| (Collieries) | |||
| Samuel Fox | 66,000 | 39,000 | 27,000 |
| (Engineers) | |||
| Spillers & Bakers | 367,000 | 140,000 | 227,000 |
| (Millers) | |||
| Vickers, Ltd. | 1,019,000 | 809,000 | 210,000 |
| (Eng. and Shipbuilding) |
This table indicates that the Chancellor may expect to receive far more than the sum he estimated from the war profits tax.
4. The Manchester Guardian, Feb. 28, 1916:
COAL PROFITS NEARLY DOUBLED
The tale of colliery war profits is continued by the report of North's Navigation Collieries (Glamorganshire). The output for 1915 was actually less by 87,810 tons (1,141,900 tons against 1,229,710), but the profit was nearly doubled—£130,071 against £65,578. With the £10,496 brought into the account the directors had their biggest total in recent years available for distribution. The ordinary shareholders get 10 per cent and a bonus of 2-1/2 per cent, which is the best payment since the 15 per cent paid for 1907. Advantage is taken of a prosperous year to place £35,000 to the reserve fund, which has been rather overlooked recently, only one allocation of £20,000 having been made in four years. It now stands at £155,000, against £650,000 of share capital. For depreciation, with regard to which item substantial provision is made each year, £15,000 is written off. This leaves £10,567 to be carried forward. The Company has the reputation of being well managed, and its coal properties are regarded as being very valuable. The recently opened St. John's pits are being developed satisfactorily, it appears, a further increase in output being shown.