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 cent. In 1918 the dividend was 15 per cent., and there was also a capitalized bonus of 33⅓ per cent. Then followed three years of 10 per cent. on the larger capital, the dividend being increased to 17½ per cent. in 1922 and to 20 per cent. in 1923. In 1924 the ordinary capital was increased to £1,250,000 and the dividend fell to 124 per cent.

Our investor was fortunate in his holding of Babcock & Wilcox, for in the first year he received a capitalized bonus of 100 per cent. in addition to a dividend of 28 per cent. on his original purchase. Throughout the fourteen years this company paid its ordinary dividend free of income tax. In the second and third years the rate fell to 16 per cent. on the larger capital, dropped to 14 per cent. for the next year, rose to 15 per cent. for the next five, then to 16 per cent. for two, and then to 20 per cent. for 1922, when once again a capitalized bonus of 100 per cent. was distributed. In the last two years the dividend on the quadrupled capital was at the rate of 12 per cent.

The capital of Bradford Dyers' Association remained unchanged throughout the period, while the dividend increased in several stages from 6 per cent. in 1911 to 22½ per cent. in 1919. It then fell to 20 and 10 per cent. in the two following years, rose to 35 per cent. in