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 1922, and dropped to 25 per cent. in the last two years.

The dividend of the Fine Cotton Spinners' & Doublers' Association was at 8 per cent. in 191 and remained at that figure until 1917, when it was raised to 10 per cent. for two years. In 1919 the rate was 12 per cent., followed by 20 per cent. in 1920. Then came a drop to 10 per cent. for 1921 and 8 per cent. for 1922, followed by 12½ and 14 per cent. for the last two years respectively. In 1913 and 1919 the shareholder received bonuses of one 5 per cent. Preferred Ordinary share for every five ordinary shares held.

The Pease & Partners' dividend was 8 per cent. for the first two years, then 12 per cent. for two years, followed by 10 per cent. and 15 per cent. In 1917 and 1918 the rate was 17½ per cent., and in 1919 12½ per cent. free of tax, together with a capitalized bonus of 20 per cent. In 1920 the rate went up to 18 per cent., but fell to 14 and 5 per cent. in the two following years. In 1923 it rose to 6 per cent., and in 1924 to 8 percent. This, as may be seen from the table, is the only case in which our investor's capital has suffered depreciation over the fourteen years; it is accounted for by the fact that in 1925 the dividend fell away to 1½ per cent., owing to the severe depression in the iron and