EXCESS PROFITS.

Sun (Christchurch), Volume VI, Issue 1579, 6 March 1919, Page 7

EXCESS PROFITS.

MOSTLY GO TO STATE. ! Australian and N.Z. Cable Association. (Rec. March 6, 9.15) LONDON, March 5. : In connection with the increased coal profit, Mr Dickinson explained that 80 per cent, of the excess profits went to Inland Revenue, 15 per cent, to the. Coal Controller, and only 5 per cent, to the coal-owners, so that the £25,000,000 which the consumers paid did not benefit the profit-making coal-owners, 95 per cent, going back to the State. Mr Sidney Webb, the famous economist, pointed out the necessity Of helping the non-paying collieries was due to private ownership. Mr Dickinson added that if the increase were not given, a large number of collieries would be closed down. The wages bill of the mines was now £170,000,000, as compared with £91,000,000 in 1913. The profits in 1913 were £13,000,000 and by 1918 they were £39,000,000. Thus, profits had been multiplied by three, despite the increased wages. A 30 per cent, increase in wages and a six-hours' day would mean an increase in price of 6/7 per ton.