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 which are part of the wages. If you come to examine the other items, such as stores and so on, you will find that something like the same proportionate amount has been paid in wages, so that you have paid out, directly and indirectly, for wages £1,500,000 out of £2,000,000. That is to say, you disburse 75 per cent. in wages and salaries. Out of every ton of coal you sell, one half of the selling price goes to pay wages of the men in your employment, and of the remaining half, about a like proportion is paid in wages by the persons from whom you buy your stores, etc., so that directly you pay away 50 per cent., and indirectly 25 per cent., in wages and salaries. Out of just under £2,000,000 there remains £200,000 or thereabouts as your share. You will see on how narrow a margin you are conducting your trade, and how relatively small an increase of wages would absorb all that margin and leave you with no dividend at all."