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year 1912 was a normal one the comparatively small net profits
being wholly accounted for by the writing off of a large sum
owing to a particular failure. The figures for 1914 are approx-
imate only the accounts not having been finally checked.
I cannot say whether a normal net profit of between
3% and 5% is considered good business. It appears to be a
reasonable return. In face of this, particular instances in
which goods appear to have been sold at a loss, even if dis-
covered, would not seem to disclose anything more than the
eammon occurrence of every business, Mr. Humphreys the liqui-
dator pointed out to me occasional cases but an analysis of all
of them (with the exception of one where the goods were not
bought at a pre-arranged price and where the transaction was consequently more in the nature of a speculation) discloses the expectation of the normal 10% gross return. It is true that in some of these cases, owing to the failure of buyers to take
delivery for long periods and the habit of the firm of allowing
goods to remain in their godowns free for indefinite lengths of
time, the expenses may have been so great as to leave a very small net profit; but occasional instances of this cannot upset
the conclusion arrived at from the abstracts quoted that the average normal rate of expenses is about 6% and that in conse-
quence the average rate of net profit is about 4%. I may men-
tion that Mr. Humphreys told me that he was trying to compel
buyers to pay storage charges in such cases and that the buyers
were unwilling to do so.
In view of this it is perhaps unnecessary to enquire
into the suggestion that the piece goods department was run simply with a view to promoting large sales of anilin dyes. I have however examined the bobks of Jebsen & Co. and also those
of Sander Wieler (agents for Casello & Co.) and of the China Export Import and Bank Co. (agents for Farbwerke vom. Meister Lucius and Bruening Hoechst alain) with this object. I find that under his engagement contract the late manager of Jebsen's
piece