For very large increases upon profits which were already good the most notable are the shipping companies. Our list is typical rather than exhaustive. Some of the small concerns, with only one ship, or up to half a dozen, have done better relatively than several of the big lines, as they were more at liberty to take advantage of the big freight-rates which were going. We have not set these out, however, because it does not appear to be necessary. The dividends in virtually all cases have been substantial, and in some cases very large indeed. It would be useless, however, to show these in tables, as some of the leading companies use reserves greatly exceeding their nominal capital, and quite a number have devoted a larger proportion of their profits to strengthening their position than to the payment of dividends. In the case of the Moor line we are unable to give the amount of the profit reported last year, as the balance-sheets are not issued publicly, although we have been favoured with them occasionally.
Coal, iron, engineering companies and shipbuilding companies are bracketed together because so many of them are concerned in at least two of those fields of industry. As our table shows, they have had a great revival, many having been used by the Government, while all have felt the effect of the great demand for munitions. The miscellaneous list offers an interesting field of study, and the rubber and tea companies' results are in some respects more striking still. We have only given a selection of these, but they suffice to show that rubber and tea have been very profitable since the War began. An appeal was made some time ago with a view to the "young" rubber companies being relieved of the excess profits tax, but our list shows how unnecessary it was to make any special concession to the industry they 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 £225,000. The Nitrate Producers' Steamship Company is putting £200,000 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 £6,000,000, but the actual sum received was only £140,000, and the £6,000,000 has not been got yet, the yield from April 1 to June 10 being only £3,556,000. A sharp increase is bound to come, however, in the course of the financial year. The Chancellor of the Exchequer expects to get £86,000,000 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 | |
| £ | £ | £ | |
| British and African | 94,388 | 64,464 | 41,357 |
| Booth Line | 328,127 | 225,267 | 154,828 |
| China Mutual | 591,005 | 286,725 | 381,729 |
| Court | 137,446 | 25,034 | 23,890 |
| Cunard | 1,579,170 | 1,286,948 | 1,187,831 |
| Cairn | 152,152 | 85,988 | 102,318 |
| Elder, Dempster | 349,444 | 326,122 | 307,605 |
| Eagle Oil Transport | 325,928 | 302,897 | 92,866 |
| Elder | 66,266 | 55,305 | 38,975 |
| Field | 71,393 | 11,881 | — |
| France, Fenwick | 179,100 | 64,900 | 76,800 |
| Gulf | 188,093 | 39,436 | 65,014 |
| Houlder Bros | 118,802 | 95,587 | 102,893 |
| Indo-China | 109,089 | 16,020 | 45,364 |
| India Gen | 65,738 | 41,974 | 118,379 |
| King | 102,319 | 17,426 | 90,392 |
| Leyland (Fredk.) | 1,441,690 | 620,839 | 589,810 |
| Lamport & Holt | 332,897 | 149,108 | 200,691 |
| London & Northern | 586,299 | 118,419 | 135,541 |
| Mercantile | 259,159 | 93,391 | 129,946 |
| Moor | 335,349 | — | 254,000 |
| Neptune | 146,718 | 73,310 | 112,563 |
| Nitrate Producers | 381,599 | 134,826 | 125,990 |
| Pool | 601,338 | 118,000 | — |
| Pyman | 165,078 | 72,504 | 62,413 |
| Royal Mail | 808,731 | 98,232 | 436,470 |
| Redcroft | 117,953 | 13,125 | 21,396 |
| Sutherland | 295,220 | 74,841 | 41,779 |
| White Star | 1,968,285 | 887,548 | 1,121,268 |
| COAL, IRON AND ENGINEERING | |||
| Albion Steam Coal | 44,536 | 36,820 | 24,094 |
| Arrol (Sir W.) & Co | 119,060 | 49,756 | 51,096 |
| Brown, Bayley's Steel | 32,017 | 1,578 | 29,758 |
| Barrow Hematite | 119,377 | 51,518 | 104,664 |
| British Aluminium | 180,057 | 156,066 | 154,488 |
| Beyer, Peacock | 54,177 | 109,783 | 87,843 |
| British Westinghouse | 176,752 | 151,627 | 106,494 |
| Brit.Ins. & Helsby | 295,131 | 277,428 | 247,351 |
| Bell Bros | 145,360 | 45,969 | 128,736 |
| Bessemer (Hy.) | 55,348 | 35,826 | 23,308 |
| Cammell, Laird | 303,841 | 237,899 | 174,126 |
| Cory (W.) and Son | 453,136 | 215,328 | 313,906 |
| Cargo Fleet | 162,276 | 131,142 | 124,219 |
| Callender's Cable | 113,266 | 98,692 | 91,861 |
| Carlton M. Colliery | 188,545 | 128,413 | 177,025 |
| Clayton & Shuttleworth | 72,787 | 44,643 | 53,496 |
| Consolidated Cambrian | 185,139 | 140,097 | 147,648 |
| Crossley Bros | 65,337 | 15,347 | 42,517 |
| D. Davis | 200,127 | 215,744 | 217,970 |
| Dorman, Long | 404,524 | 237,579 | 257,863 |
| Edinburgh Collier's | 64,807 | 17,420 | 63,969 |
| Fife Coal | 224,058 | 89,866 | — |
| Gt. West. Colliery | 137,008 | 111,821 | 158,420 |
| Hadfields | 265,403 | 139,301 | 109,513 |
| Henley's Tel | 153,224 | 112,898 | 106,380 |
| Howard & Bullough | 136,152 | 32,766 | 163,066 |
| Jessop (W) & Sons | 103,726 | 60,354 | 87.343 |
| Knowles (A.) & Sons | 47,199 | 18,329 | 29,140 |
| Leyland Motors | 252,107 | 85,037 | — |
| Lysaght (John) | 414,764 | 313,707 | 330,576 |
| Locket's Merthyr Colleries | 45,635 | 6,229 | 22,238 |
| Met'n Carriage | 372,140 | 321,091 | 365,739 |
| Newton, Chambers | 60,669 | 4,182 | 89,523 |
| N. B. Locomotive | 174,241 | 160,644 | 140,889 |
| North's Nav. Coal | 130,071 | 65,578 | 100,144 |
| Parkgate Iron | 107,344 | 66,643 | 85,169 |
| Projectile | 194,136 | 30,739 | 18,880 |
| Powell Duffryn | 438,799 | 422,204 | 364,421 |
| Pease & Partners | 435,772 | 248,216 | 385,975 |
| Rhymney Iron | 127,733 | 52,488 | 131,901 |
| S. Durham Steel | 239,868 | 150,257 | 302,955 |
| Shelton | 109,554 | 63,465 | 81,185 |
| Stewarts & Lloyds | 256,308 | 233,420 | 246,065 |
| Swan, Hunter, etc | 305,083 | 217,498 | 264,124 |
| United Collieries | 216,065 | 57,600 | 100,503 |
| Wigan Coal, etc | 143,288 | 44,829 | 138,118 |
| MISCELLANEOUS | |||
| Angus (Geo.) & Co | 54,461 | 43,574 | 32,123 |
| Burmah Oil | 1,413,170 | 1,411,279 | 1,363,389 |
| Bradford Dyers | 568,623 | 387,923 | 430,081 |
| Bleachers' Association | 416,394 | 197,835 | 423,416 |
| Bryant and May | 115,159 | 101,616 | 90,158 |
| Broxburn Oil | 46,729 | 22,252 | 57,046 |
| British Cotton and Wool | |||
| Dyers | 93,524 | 42,297 | 9,290 |
| Brunner, Mond | 1,011,590 | 799,322 | 769,343 |
| Bovril | 168,796 | 137,584 | 119,813 |
| Buttons | 63,297 | 38,880 | 32,834 |
| Borax Consolidated | 205,825 | 195,449 | 235,285 |
| Barlow & Jones | 46,798 | 38,936 | 33,584 |
| British Oil, etc., Mills | 243,110 | 111,203 | 116,541 |
| British and Argentine Meat | 651,289 | 67,288 | — |
| Curtis's & Harvey | 143,830 | 77,754 | 48,117 |
| Courtaulds | 741,668 | 520,349 | 474,154[89] |
| Calico Prin. (half yr.) | 176,521 | — | 55,495 |
| E. Velvet, etc., Dyers | 70,833 | 61,161 | 72,467 |
| Fore St. Warehouse | 48,957 | 28,597 | — |
| Forestal Land | 900,947 | 234,065 | 383,362 |
| Fine Spinners | 535,854 | 391,057 | 613,415 |
| Gas Light & Coke | 604,314 | 449,510 | 522,710 |
| Hollins (W.) & Co | 105,639 | 65,786 | 65,986 |
| Henry (A. and S.) | 249,713 | 104,098 | 122,528 |
| Imperial Tobacco | 3,699,891 | 3,533,360 | 3,354,476 |
| Lever Bros | 1,265,933 | 1,152,107 | 988,238 |
| Linen Thread | 257,418 | 188,773 | 189,142 |
| Lennards | 41,300 | 34,457 | 30,377 |
| Lister and Co | 133,874 | 94,403 | 151,458 |
| Lyons (J.) & Co | 278,293 | 276,403 | 353,303 |
| Maypole Dairy | 528,274 | 488,026 | 489,643 |
| Mandleberg (J.) | 74,506 | 52,049 | 57,964 |
| Pumpherston Oil | 134,927 | 74,010 | 140,025 |
| Rylands & Sons (half yr.) | 120,032 | 55,179 | — |
| Rotherham (Jer.) | 104,925 | 74,638 | 59,692 |
| Salt Union | 140,524 | 89,443 | 82,791 |
| Sears (J.) & Co | 82,070 | 65,032 | 57,061 |
| Stead & Simpson | 59,898 | 32,762 | 30,357 |
| Samnuggur Jute | 299,829 | 44,307 | 86,574 |
| Spillers & Bakers | 217,416 | 367,866 | 89,351 |
| United Alkali | 341,986 | 217,081 | 193,604 |
| Winterbottom Book Cloth | 171,191 | 119,795 | 165,213 |
| Webley & Scott | 61,277 | 16,376 | 9,511 |
| Whiteaway, Laidlaw | 131,577 | 107,952 | 129,790 |
| Watson (Joseph) | 122,001 | 89,290 | 103,999 |
| Young's Paraffin | 47,953 | 24,139 | 80,152 |
| RUBBER, &c. | |||
| Anglo-Malay | 121,224 | 76,931 | 104,583 |
| Assam-Dooars | 51,674 | 22,269 | — |
| Amalgamated Tea | 157,818 | 98,176 | 78,787 |
| Batu Tiga | 56,293 | 22,315 | 24,762 |
| Bukit Sembawang | 33,989 | 14,344 | 6,090 |
| Consolidated Tea | 479,815 | 289,262 | 247,633 |
| Chersonese | 59,602 | 35,019 | 29,081 |
| Ceylon Tea | 163,899 | 108,300 | 93,900 |
| Damansara | 48,680 | 30,580 | 29,081 |
| Eastern Produce | 126,406 | 71,724 | 69,004 |
| Grand Central | 248,201 | 132,019 | 87,554 |
| Highlands & Lowlands | 108,343 | 75,425 | 79,079 |
| Jorehaut Tea, | 64,508 | 43,204 | 34,088 |
| Jhanzie Tea | 35,881 | 17,286 | 15,113 |
| Klanang | 37,918 | 20,458 | 24,257 |
| Kuala Selangor | 47,748 | 42,013 | 32,798 |
| Kanan Devan | 208,612 | 120,119 | 106,909 |
| Linggi | 125,739 | 78,899 | 83,746 |
| Lunuva | 32,994 | 12,599 | 12,602 |
| Malacca | 252,006 | 144,224 | 131,156 |
| Nuwara Eliya | 49,915 | 21,921 | — |
| Nordanal | 39,658 | 36,686 | 49,344 |
| Panawatte Tea | 38,167 | 23,833 | — |
| Rub. Est., Johore | 42,703 | 22,541 | 10,931 |
| Rani Travancore | 63,791 | 35,349 | 32,259 |
| Singlo Tea | 68,857 | 36,166 | 31,449 |
| Sungei Way | 38,532 | 36,533 | 25,624 |
| Straits | 157,678 | 164,750 | 185,426 |
| Sungei Kapar | 59,966 | 39,426 | 42,364 |
| Selangor | 55,457 | 58,007 | 41,940 |
| Seremban | 43,410 | 24,198 | 22,471 |
| Sunnygama | 63,688 | 43,142 | 31,931 |
13. The New Witness, June 22, 1916:
The Tenth Ordinary General Meeting of the Forestal Land, Timber, and Railways Co. (Ltd.) was held on Friday last, at Winchester House, E.C., Baron Emile B. d'Erlanger (chairman of the company), presiding.
The chairman said that the share capital remained unaltered, and the debenture debt had only been decreased by the yearly amortisation. No less than £143,600 had been added to the depreciation account, making it £634,170. Credit balances had swollen by the sum of £175,589. The profit on the year was £900,947, as against £234,064 last year. On the credit side, properties stood at £4,405,917, and had increased by the new properties acquired. The live stock stood at £34,000 less than last year, due to a smaller stock of "Invernada" cattle. The stocks of extract and felled timber had risen by £115,000, principally owing to a larger stock of felled timber. Debit balances had risen to £156,000. In the profit and loss account the trading profit was £1,281,299, as compared with £614,879 last year, and, after deducting London charges, debenture interest, depreciation, and legal reserve, there was left a profit of £900,947.