SHIPPING FREIGHTS AND EXCESS PROFITS.

King Country Chronicle, Volume X, Issue 909, 23 September 1916, Page 3

SHIPPING FREIGHTS AND EXCESS PROFITS.

The years 1915 and 1916 have undoubtedly been the most profitable that British shipping concerns have ever enjoyed: the earnings of the previous boom year, 1912-13 being beaten by close on 100 per cent. But those who complain about high freights should remember that so far as British shipping is concerned quite a big percentage of the increased charges are taken by the Imperial Chancellor of the Exchequer, and that although the shareholders of the shipping companies will receive very handaom« dividends they are by no means exhorbitant under the circumstance*. When the question of shipping freights waH being discusaed in the Imperial Parliament a little while ago the Chancellor's attention was drawn to the balance sheet of an English shipping company, which showed that it had made no less than £3,000,000 aince the war began. Mr McKenna replied that assuming the sum named represented excess profits for one year the State would take no less than £1,800,000 au excess profit tax, £300,000 as ordinary income tax, and, unless the profits were very widely distributed, probably over £200,000 in super taxeß. The balance, although enough to pay a very fair dividend, and provide for maintenance, etc., by no means supports the common' belief that the shipping concerns are "minting" money; the American and neutral lineß may be, but certainly not those who have to foot the exceßS profit bill