War Profits Scandals

Horowhenua Chronicle, 9 August 1916, Page 3

War Profits Scandals

* — REVELATIONS IN i'AIUS. Palis, June 'J.' The .Senate has paused tli:- \\ a. l'r.i fit* Jiill already vot.ed oy the tlumber. The principal lea tin e ol the measure is that all exceptional or supplementary war profits above £200 will be subject to a tax ol ~Jo per cent. While thiis bill was being adoi>ted, the Cliambor of Deputies was discussing an important measure introduced by M. Mistral, who proposes that mines and munitions lactones in I'Tanoe shall be taken over by the Stiito as the only means of "putting an end to what he termed '"the scandalous an J exaggerated: profits being made, by manufacturers out of the nation's necessity." Some significant, figures were quoted by 11. Mistral. On r oompany whose turnover lior the year IUI3-14 was under £200,1)00 increased it since uic lvur to £600,000. One uirge motor company was -able ill 1915 to pay off all its share capital ana xeaiiiz© prolits |u mounting to £100,UU0. A grenade company made a net profit of £100, ouu in eiglit Jiiontlis oil a turnover ol lirass companies iiutt niauo j-1 ,UUu,I<UL) since the war.' M. Mistral stated that certain wnni panies were lvnown to Have wciea>sea tneir oontiact prices by £ioo,l>oo on tne onls presented to the War Otlice. A linn with a capital ol £azo,iii<o hail made a prolit ot £720,000. lnateuaf wee being sold to the Ou-"-ernmeiit at un justifiable prices, inus, ssmc which cost 33 francs per 1000 iulo Cetore the war was now costing oj,j, trance. The .French Oovernment was paying tor steel <0 francs, wiiife Oe: - many oould get it at 1-1 francs. Shipowners aJeo were maJnng euora'ous profits. Agents were quoted as making £12,000 a month on commission alone, while ships costing £20 000 were realizing £tio,ooo profit on i.. e voyage. In spite of all this the wages show hardly any increase, while the cost of living had gone up eosiderably. M. Mistral's proposition, supported by .Socialists, is thot the factories be placed under Government supervision and their owners be remunerated according to the capital invested and the output obtained.