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and could only be kept to such a low figure by the size
of the turnover. The net profit on Sundries would there-
fore be not more than 3% in 1912 and 2 4/5% in 1913.
In the case of silk which is all ordered by the
Canton Office it is not possible to say what further
deductions should be made for charges. I understand
that 1% net profit is considered a reasonable return.
Considering the very large turnover it would appear that
this percentage was reached.
The figures showing Canton and Hongkong purchase
show that the Hongkong Office did very little direct
export business.
Imports. a. Piecegoods and Flour. The following figures
are taken from copies of the private annual balance letter
sent to Arnhold Karberg and Company, London. They can no
doubt be relied on.
Turnover. Gross Profit. Charges Net Profit
$.630,000
1907
1908 976,000
1909
979,000
1910 900,000
1911
697,000
1912 1,090,000
25,100 4
15,300
그를
31. 300 3
27,300 3
Loss 764
34,500 3
-
1913 1,009,000 71,800
7% 49,500 5% 22,400 2
The comparatively small profit in 1913 is explained
(in the letter), (a) by the fact that dealers overbought
in