CO129-429 - Public Offices & Others - 1915 — Page 54

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interests in all parts of the World, and the result is shown in the dogged determination and tenacity of purpose which characterised their business attitude. They worked for the future, and were often prepared to accept business without remuneration in order to secure experience of handling it and the opportunity of working up a trade. Under these circumstances it is not to be wondered at that a large turnover was secured. They enjoyed from British Manufacturers the same terms and facilities 48 the British Firms, in many cases they were granted better facilities in finance, and yet despite all this, and despite the fact that their extended oredit system

involved risks, which should have been offset by increased,

margins, the nett profits on their business after allowing

for the wild speculations in exchange were lower than

those of the average sound British House. Their competi~]

tion reduced the level of remuneration all round, and yet

they were not able to profit by it. The only person who

seems to have gained by the German business to any great

extent appears to have been John Ohineman.