WAR'S EFFECTS

Evening Post, Volume XCIV, Issue 13, 16 July 1917, Page 7

WAR'S EFFECTS

TRADE TOPICS

SCARCITY OP DRUGS

(FROM OUR OWN CORRES? ONDJSNT.)

LONDON, 4«h May.

The general advance in the prices of drugs which began with the beginning of the war is still going on, and. some are quite unobtainable from the ordinary distributing houses. An extremely scarce product is permanganate of potash, a popular disinfectant, which used to be obtained principally from Germany. Before the war it was sold freely by the ton, but now a' single pound would be almost regarded as a wholesale quantity, and would cost about one-third tq one-fourth as much as a hundredweight used to cost. Other commonly used drugs that have become very scarce are sarsparilla, guaiacum, ammoniacum, myrrh, liquorice root, and areca nuts. Even our supply of Epsom salts has become short, because shipments from the United States have been curtailed. Among the very few drugs the prices of which are tending downwards are certain, synthetic products which, before the war, were obtained almost exclusively from Germany. Some of these —notably aspirin, salicylic acid, and phenacetin—are being made on an increasingly large commercial scale in this country, but owing to the scarcity of raw materials and the shortage of labour prices are still greatly in advance of those quoted before the war. NEW TRADE BANK. Arrangements for the establishment of a British Trade Bank are so far adva'ncr-'. thai it is expected the scheme Will be launched shortly. The institution will be known as the British Trade Corporation. Lord Farringdon will be the, chairman, and industry and commerce will be represented on the board. By those who are conversant with German banking methods and the extent to which British trade has suffered all over the world through the operation: of these banks, the formation of this British institution is regarded as cer-'j tain to ir-ifciate a new era for British industry and commerce.' And it is important to note that preference will always be given to orders to be executed in this country. Apart from financial facilities, it will be possible to have the prospects and bona fides of any industrial scheme thoroughly investigated by reliable experts. Company law in Germany is much more stringent than ours, and . protects the public in every possible way from being misled by statements in the prospectus. While we content ourselves with only seeing that all technical formalities are complied with., the Germans, by means of a committee of admission, composed of able bankers and mierchants, Jnsriirate a. searching investigation into the facts and figures of the prospectus and the merits of every security offered. WORLD'S WHEAT SUPPLY. The yield of: wheat in 1916 and 1916----17 is not known for Germany, AustriaHungary, Belgium, Bulgaria, Luxemburg, Russia-in-Asia,, Chile, and Uruguay, but it is known in the case of the following countries: Denmark, Spain, France, Great Britain, Ireland, Italy, Norway, Netherlands, Sweden, Switzerland, Canada, United States, India, Japan, Algeria, Egypt, Turns, Argentina, Australia, and New Zealand. The total yield of wheat in these ■countries is estimated: at 293,384,000 cwt, or 27.7, per cent, below the yield of 1916 and 16.9 per cent, below the average of the five years 1911-15. The carry-over of the. preceding crop remaining at the beginning of the commercial season (Ist August, 1916, In the Northern Hemisphere, and Ist January, 1917, in the Southern Hemisphere) together is estimated at 50,484,000 cwt, making the total available supply 343,----868,000 cwt. ' OUR SMALL INVESTORS. Between two and three millions of people have joined War Savings Asso orations in England and Wales, and since the war began £118,179,000 has been lent to ' the State by small investors. Over 26,600 separate War Savings Associations are now in operation. Their members are drawn chiefly from among those who have not previously saved, and who have been induced 1 to do so by a system of collective saving-. Eheh association is an independent, self-governing investing society. Mem-, bership varies from 10 to 10,000. In. tho first five months of the war the small investors were withdrawing from the State more than they were depositing. In. 1915 the amount saved, averaged £600,000 weekly, and last year this was increased to £1,600,000 a week. In January and February last the subscriptions of small investors, including those for 5 per cent. War Loan through the Post Office, amounted to at least ■£40,000,000.. . ■ - LEAD RESTRICTIONS. An order has been issued by the Ministry of Munitions with regard to dealings in lead. Except for the purpose of carrying out a contract in writing already existing for the sale or purchase of white lead, lead oxides, lead manufactures, lead alloys; or lead compounds of any kind, or a contract in writing existing prior to 2nd February, 1917, for the sale or purchase of any other kind of lead, no person shall enter into any transaction or negotiation in relation to tho sale or purchase of lead situated outside the United Kingdom, except under and in accordance with the terms of a license issued under the authority of the Minister. From 6th April, also, a license from the Ministry will be required for the sale or purchase of any lead situated in the United Kingdom, save where tho lead is required for work in certain urgent cases. PROPERTY AND CONSOLS. Describing to the Fellows of the Surveyors.' Institution how the property, market had withstood the shock of the war, Air. J. 6. Head said that whereas Consols showed a variation'of more than 27 per cent, between Ist anuary, 1914, and 31st December, 1916, tho fall in the sale price of freehold ground rents—the gilt-edged security of the property market —averaged 20 per cent., while the price of leaseholds had declined only about 25 per ceot. To keep pace with. the increase of population, the demands of sanitation, and the renewal of worn, out buildings, at least 100,000 small dwellings, should be built every yoar. Last year the number shrank to IC>,OOO, and the shortage at the present time reached the formidable total of 500,000. GERMAN FIRM'S CLAIM. The War Losses Commission investigated a claim by the. Anglo-Continental '(late Ohlcndorf's) Guano Works, the London agency of a Hamburg company, in respect of premises taken over, by the Admiralty at Devonport. Under the Enemy, Tradiug_Actf A the__busisesß i> .was

carried on by the Board 6f Trade from Ist February, 1915, to 30th November last, when the assets and goodwill were vested in the Public Trustee, and subsequently acquired by a British company. ' Loss and damage sustained by the German firm amounted to £1465, but the Commission decided that it was not within . their power to pay public money to enemy subjects. In June, 1916, however, the Admiralty had paid to the applicants £800 on account. The. Commission is of opinion that this sum was erroneously paid, and that there was no power to assign to the British company moneys due in respect of the claim by the German firm, as had been 1 ; done. SHEFFIELD BREWERIES. ■ The twenty. brewery companies in Sheffield, with a capital totalling about £2,000,000, have received intimation from the Government that, unless they voluntarily amalgamate within a given time compulsory measures will be ■> taken to enforce this in the interest of labour and financial economy. The breweries ara not working to their full, capacity, and the Government contends that concentrated production will release many men from a non-essential trade for the Army as well as for national service, .and will also be a financial saving. The brewers have jointly discussed the proposals, and agreed > in principle to seventeen breweries closing down.