CO129-427 - Public Offices - 1915 — Page 325

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is somewhat higher than this. Against this must again

be reckoned an indefinate proportion of the General

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Charges already referred to.

On the whole it seems that the margin of profit

made both by the export and the import departments is

not sufficiently large to balance the very considerable

General Charges except in the year 1910, when importa did

well.

And it is to be noticed that the total profits for

the whole business for 1911, 1912, 1913 can practically

be accounted for by the Ship's Commission and the South

Sea account. And it can hardly be doubted that the Nord

Deutche Lloyd agency gave an opportunity for doing other

business at a smaller margin than would otherwise be

profitable.