This famous coal company has taken every advantage of the demand for coal, and can show a record profit. After providing for excess profits, the balance of profit is L453,136, or L237,808 more than last year. As I have again and again pointed out, I do not think the Government should allow such huge profits to be made in war time. The coal trade is in a few hands, and firms like Corys may be said to control it. The directors content themselves with raising the dividend 5 per cent to 15 per cent; but they place L100,000 to reserves, making them L500,000; L30,000 goes to staff pensions and L25,000 to a war fund for employees. The carry forward is raised L30,740 to L88,969. The steamers, tugs and barges are now to be formed as separate companies; and the French business is also to be transferred to a subsidiary. The balance-sheet shows creditors up L204,971, presumably to meet the excess profits liability. Debit balances have increased L509,840, and now include Treasury bills. War loans have been increased L280,652, and the total assets are up L451,183, at L4,541,601, and have earned 10 per cent. When all creditors have been paid the quick assets amount to L930,654, and amply protect the debentures, L900,000 which are an admirable security. I do not suppose the present Ministry will do anything to control the profits made out of the War by those who run the coal trade; and, therefore, we may expect that 1916-17 will be as good a year as that just ended. But I am not in agreement with a policy of _laissez-faire_ in war time unless the policy is carried out stringently. HOLBROOKS Apparently the sauce trade has not been seriously injured by the War, for Holbrooks have increased their trading profit L4,694 to L35,170; but income tax is higher, and L5,000 has been used as a special reserve for investments, so the available profit is only L23,046, as against L25,055 in the previous year. The dividend remains at 20 per cent, but L3,072 more is carried forward than was brought in, and the Board say that the unsettled state of the world justifies them in doing this. I suspect that they are building up a reserve for the purpose of attacking the Yankee trade which for so many years has been in the hands of Lea & Perrins. The business is well managed by the two managing directors, who have been in the firm since it was promoted. The alterations in the balance-sheet are not of any moment. Quick assets total L151,557 when liabilities have been met, and the assets have earned 7-1/2 per cent on their book value--not a very splendid profit for a sauce. JAMES HINKS & SON