ARMS INQUIRY

Otago Daily Times, Issue 22368, 15 September 1934, Page 13

ARMS INQUIRY

FURTHER EVIDENCE HEARD COMPANY’S WAR-TIME PROFITS (United Press Association.) (By Electric Telegraph—Copyright.) WASHINGTON, September 13. (Received Sept.. 14, at 7 p.m.) The wide ramifications and the huge growth of the assets of the Du Pont Company during the war were disclosed to-day in the Anns Inquiry. The company’s resources grew from 81,000,000 dollars in 1910 to 258,000,000 dollars in 1915, and 308,000,000 dollars in 1918. Seventeen million dollars in war bonuses were paid to officers of the company. The firm’s wealth grew to such an extent that an outlet in other industries had to be found, with the result that the company has investments of 202,000,000 dollars throughout the world, including many in other explosives companies. Evidence was also introduced that an agreement existed between Du Pont and Imperial Chemicals Industries, Ltd., which gave the American concern the exclusive rights for powder sales in Europe arid South America, while the British firm reserved Asia as its territory. The chairman of the board (Pierre Du Pont), commenting on the war time profits, said: “I think it is very unbecoming to create the impression that our profits were wrung out of allies who were at our mercy. They came to us because we could serve them, and no one else could. We made powder for 60 different guns, and not one pound failed. The Allies were glad to pay us what they did.”