254 REPORT ON COOPERATION IN AMERICAN EXPORT TRADE.
tts profits totaled $2,086,115! On May 6, 1916, its preferred stock,
par value $5.00, was quoted at 17 shillings on the Manchester
Exchange.
Position of J. &amp; P. Coats Co. in recent years.—This company is
said to be one of the most successful, if not the most successful, of
the industrial concerns in Great Britain. Good management, reflected
 in low costs, abundant capital and a splendid manufacturing
plant, is assigned as the chief cause. Other factors are the reputation
 of its goods, the efficiency of its selling organization, and the
conservative financial policy of the board of directors. Substantial
sums are set aside annually for various betterment purposes, important
 reserve funds have been accumulated, and the company has kept
itself well supplied with ample working capital without increasing its
sapital account. .
While a considerable amount of the business of the Coats company
is done at home, the great bulk of its trade is carried on outside of
the United Kingdom. More than one-half of its profit is made on
goods manufactured in foreign mills, and of the output of the home
mills by far the greater part is exported, only one-fifth being sold at
home.?
Tae Linen Tareap Co., formed in 1898-99, united six firms,
namely, Wm. Barbour &amp; Sons (Ltd.), of Lisburn (near Belfast); Barbour
 Bros. &amp; Co., New York; Barbour Flax Spinning Co., Paris and
New Jersey; Finlayson, Bousfield &amp; Co., Johnstone, Scotland, and
North Grafton, Mass.; W. &amp; J. Knox, Kilbirnie, Scotland; and the
Marshall Thread Co., New York. The Barbours were said to be
the largest manufacturers of linen thread in the world. The Coats
company is connected with the undertaking and is represented on
the board of directors by Sir T. G. Coats. The company manufactures
 linen and other thread, nets, twines, ete. Its authorized
share capital is £3,300,000. It normally pays a dividend of 6 per
nent on its ordinary shares.?
Texte pYEING.— The Bradford Dyers’ Association (Ltd.).—The
textile dyeing business in Great Britain is thoroughly organized in a
number of combinations that control its various branches, such as
the British Cotton &amp; Wool Dyers’ Association, the English Velvet &amp;
Cord Dyers’ Association and the Bradford Dyers’ Association (Ltd.).
No description of these combinations is given here, because the
dyers do not trade in the goods they dye, but do all work on a commission
 basis. However, the Bradford Dyers’ Association (Lid),
which is one of the most successfully managed combinations in the

1 The United States v. The American Thread Co, et al., record of the case, and Moody’s Manual, 1915,
op. 2093-2099.
! The Statist (London), Nov. 28, 1910, p. 1268, and Dec. 6, 1913, p. 652.
' Maarosty, op. eit., p. 186, and The Stock Exchange Official Intelligence (London), 1914, p. 745.
4 Prospectus of the Bradford Dyers’ Association (Ltd.). Report of the U. 8. Industrial Commission,
Vol. XVIII. p. 49.