32 REPORT ON COOPERATION IN AMERICAN EXPORT TRADE,

were valued at a little over £3,700,000, and the vendors took in part
payment therefor £900,000 of the ordinary shares.! The company
apparently was considerably overcapitalized, and in 1902 the share
capital was reduced to £1,400,000 by writing off as lost £6 per
ordinary and £4 per preference share. This with £1,200,000 of 4}
per cent debentures constitutes the present (1914) outstanding
capital.?
Although the Salt Union still exists, and is an important producer,
it has not wholly dominated the industry for several years. As long
ago as 1898 it did not have more than 50 per cent of the business. In
the earlier years of its existence and while its position was monopolistic
 this combination made fair or even large profits, but in later
years its profits have been much smaller. This has been due in part
at least to decreased production, resulting from changes in the chemical
 industry which lessened the demand from chemical concerns by
500,000 tons per annum.® The following table shows the yearly output,
 profits, and dividends of the combination from the time of its
organization to the end of the fiscal year 1915,
Tare 6.—S8alt Union (Lid.); output, profits, and dividends, by years,
1889-1915 2

Dividends paid.

Deliveries.

Net profit.

Debenture
interest.

Preference
dividend.

Remainder.

Preference.


|Ordinary.

£802
a9...
391...
92110.
2
To
femaner

Tons.
,946,000
,629,000
,472,000 |
354,000
240,000
284,000
,217,000
066,600 |
014,000 ,
967, 000
924, 000
353,000
303, 000
125, 000
398, 000
°a0, 000
161, 000
"10, 000
0, N00
1,400
rn
“0
EA]
wy

£368, 512
306, 447
243,911
715,919
76, 860
70,482
62,155
45,293
36, 823
37,342
#601 |
“0277
5,543
~093
L620
1023
2 400
105
075
1799
"438
| 774
-&amp; mg
0.114
£2,791
£9, 443
140’ 524

£123,124
45, 000
45,000
15, 000
15,000
15, 000
31,075
4,000
000
000
00
300
000
we
00
AY

Per cent.

£70,000
70,000
70,000
70,000
70,000
70,000
70,000
12) 250

£245, 388
191,447
128,911
100,919
61, 860
55,482
41,080
21,293
573
116, 65¢
4,601
8,277
1543
6,093
5,620
=, 022
J 40¢
3 10¢
1,075
+ 799
138
“74
%

Per cent.
10
-

0
2
2

i
"ii

JOO
*,000
30,000
30,000
15 000

n.

06
,000
’ 000
000
noo
ne
Eu
, 200
ra, 000
54, 000

1, 00&gt;
25, 000
25,000
37, 500

ed

Sod

2
Lu

2%,

+ Compiled from the Statist, Nov. 16, 1901, p. 915; Mar, 16, 1912, p. 576; and Mar. 18. 1918, p. 498.
i ip ires cover 14 months’ operations.
! Loss.
! The deliveries for these years are not reported, but from the statements of the chairman the output for
1914 would seem to be under that for 1913, and he said at the ordinary general meeting in March, 1916, that
the deliveries for 1915 had been 21,000 tons under those for the preceding year.—The Statist, Apr. 3, 1915,
p. 36, and Mar. 25, 1918, p. 556.

! Macrosty, op. cit., p. 182, and Levy, op. cit, p. 243.
*The Stock Exchange Official Intelligence, London, 1914, p. 854. -
The Statist (London), Mar, 16, 1912, p. 576.