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ing from 5% in 1906 to 22% in 1912 and 18 7/10♬ in 1913.

war has however hit the firm very hard, eating in 39631

J

arve funds and causing in 1914 a total loss of B097 fl,

russels branch has proved a very profitable one, but

other branch offices have so far incurred only losses.

present no business is done at the branch offices, the

remaining employees just keeping the offices open with

lew to retaining the trade connection in view of business

r the war.

The representative in Hamburg ia a Dutchman, in Brussels

Italian with a Belgian wife. Kr. bendien has continued

ing his principal employees in Lrussels during the war,

The representative of the London branch, a Tutchman,

replaced by an Inglishman on January 15th. of this

r; the latter however later on was released from his

ition at his own request. At present the office at 16 st

Inu Place and whatever correspondence comes in is attend-

o by a iss Harris.

The fact that the London office had to be closed on

tab of the continual interference on the party of the

ha. had the effect of doing kr, Bendien great harm

jonnection with his business and other friends in ng-

r. Schoute a Dutchman, who has been in the formu

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