"Of great importance for an estimate of the future of our shipping combines is the progress which the two largest Danish lines--the Forenede, which sails to North America; and the Estasiatisk Kompagni, which, as the name suggests, runs lines to East Asia--have made during the war. The Forenede, for instance, made in 1916, with a stock capital of 30,000,000 crowns, a net profit of no less than 40,000,000 crowns, of which a good 10,500,000 crowns was allotted to the reserve and emergency funds. The collective reserves of this company amounted to more than 26,000,000 crowns at the end of 1916: and its bank credits totaled 44,000,000 crowns. "The large Dutch shipping firms have likewise made enormous profits. The following table presents their results for 1916 (the Dutch florin, or guilder, is worth $0.402 United States currency at normal exchange): Reserve and Stock Net Emergency Shipping Firm Capital, Profits, Funds, Florins Florins Florins Holland-Amer. Line 12,000,000 26,500,000 10,200,000 Stoomvaart Mij. Nederland 19,000,000 18,600,000 8,800,000 Kon. Nederl. Stoomboot Mij 15,050,000 19,000,000 7,800,000 Rotterdamsche Lloyd 15,000,000 15,100,000 12,600,000 Kon. Holland Lloyd 10,000,000 10,900,000 2,000,000 "The example of the Holland-America Line shows best what enormous progress took place in the inner consolidation of the Dutch firms. The reserve of this company, which in 1913 amounted to 6,600,000 florins, grew to 24,800,000 by the end of 1916--in other words, the previous stock capital (which in the meantime had been increased by 15,000,000 florins) by more than double. In addition, the company has available funds amounting in all to 21,700,000 florins. The reserves in the Nederland Company, which have increased in the same period from 6,700,000 to 23,000,000 florins, exceed the capital by 4,000,000 florins. The available funds of the Rotterdamsche Lloyd amounted at the end of 1916 to about 25,000,000 florins, with a share capital of 15,000,000 florins and a ready reserve of 16,000,000 florins.