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The World in Chains - Some Aspects of War and Trade
by John Mavrogordato
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The remedy for this is simple. The Government have refused to the workman the right to extort unearned increment out of the country in its dire necessity. The workman may not strike or cease work or even change employment without the permission of the State. Assuredly the State has the right to exact that obedience from him. But it is essential that it should, and at no distant date, lay its restraining hands also upon the employers who are earning these huge dividends, otherwise we shall have enacted in England the tragedy that we have seen in Ireland. We shall have a Government without moral authority, a Government which will, therefore, be perpetually embarrassed in the conduct of war.

11. The New Witness, June 15, 1916:

WILLIAM CORY & SON

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

This famous firm of lamp makers should benefit largely by the complete absence of German competition all over the world, and the eleven months show the satisfactory profit of L13,595. The dividend for the previous thirteen months was only 6 per cent, but the report now issued declares 10 per cent and a bonus of 1s. 6d., or 17-1/2 per cent—a record distribution. Also L2,250 is placed to reserve and the carry forward is raised from L3,603 to L6,399. As long as the War lasts we may expect this remarkable prosperity to continue. The reserves are now in excess of the capital. The company has earned 7-1/2 per cent on the book value of its assets, which, in spite of goodwill and patents having been written off, looks as though they were fully valued at L179,765. The shares are a fair industrial speculation.

12. The Manchester Guardian, June 19, 1916:

While everybody knows that the immense disbursements on the War have led to a greater demand for labour than it is possible to meet at present and that employers have done well, in spite of their difficulties, it is perhaps not generally known how greatly the profits of nearly all the public companies have increased during the last year. They have had to pay higher wages in many cases, though not in all, their materials have been much more costly, and their foreign trade has been hampered by restrictions, in furtherance of the policy of preventing the enemy from getting goods which he requires and which it is in our power to control. Many, however, have done a large business for Allied Governments as well as our own, especially in army equipment, and the demand for coal has been greater than our power of supplying it. All our production has commanded high prices, and profit margins have in most cases been very large. It is a way that chairmen of companies have to take big profits as being in the natural order of things, and dwell mostly on the difficulties which have prevented them from showing even better results. If this has obscured the real state of affairs it is desirable that the other side of the picture should be clearly presented, for it is impossible to understand the economic side of the War without a thorough comprehension of its industrial effects.

We give below a tabular statement of profits which have been declared this year, with the figures for two preceding years added so as to show their true significance. Some are gross and others net profits, but in this we have simply followed the methods adopted by the directors in their reports, that being in practice the only way of showing how the comparison stands. In some cases the capital has been increased during the three years, but the extent to which that has occurred does not affect the tables if they are regarded comprehensively. Some did very badly in the first few months of the war, and the profits they declared in 1915 look very small in comparison with those in the first column of the tables. In those cases the third column will act as a corrective, for in the main it shows the companies' normal earnings. It will be noticed that some of these were very small. Here and there the company was in the development stage, but as a rule it may be taken that the concern was not a very profitable one in peace times. Possibly it was over-capitalised, or over-weighted with debentures, or its plant was out of date, or it could not get sufficient business to make full use of its productive capacity. We shall not attempt the invidious task of singling out which come in these categories, but we call attention to the cases in which small pre-war profits have been converted into large ones since because they are really the most instructive of the whole series.

For very large increases upon profits which were already good the most notable are the shipping companies. Our list is typical rather than exhaustive. Some of the small concerns, with only one ship, or up to half a dozen, have done better relatively than several of the big lines, as they were more at liberty to take advantage of the big freight-rates which were going. We have not set these out, however, because it does not appear to be necessary. The dividends in virtually all cases have been substantial, and in some cases very large indeed. It would be useless, however, to show these in tables, as some of the leading companies use reserves greatly exceeding their nominal capital, and quite a number have devoted a larger proportion of their profits to strengthening their position than to the payment of dividends. In the case of the Moor line we are unable to give the amount of the profit reported last year, as the balance-sheets are not issued publicly, although we have been favoured with them occasionally.

Coal, iron, engineering companies and shipbuilding companies are bracketed together because so many of them are concerned in at least two of those fields of industry. As our table shows, they have had a great revival, many having been used by the Government, while all have felt the effect of the great demand for munitions. The miscellaneous list offers an interesting field of study, and the rubber and tea companies' results are in some respects more striking still. We have only given a selection of these, but they suffice to show that rubber and tea have been very profitable since the War began. An appeal was made some time ago with a view to the "young" rubber companies being relieved of the excess profits tax, but our list shows how unnecessary it was to make any special concession to the industry they represent. In the last two months a great many of the companies have indicated that they were setting some thousands of pounds aside for the tax.

Among the other concerns which have announced their appropriations to meet the excess profits tax the most notable one that we recall is the British Oil and Cake Mills Company, which expected to have to pay L225,000. The Nitrate Producers' Steamship Company is putting L200,000 to a reserve for the excess profits duty and income tax. Most of the big companies have provided for the tax before striking the profit balance, and as this is strictly correct it would hardly be fair to say that they have concealed part of their profits. The figures would have been more striking, however, if the gross sums had been given. As we read the White Star line's figures they indicate that the company has had to pay much more than the British Oil and Cake Mills Company, but the Cunard line has probably had to pay much less.

The amount payable in any given case is the excess over the pre-war standard, which is fixed by taking the best two of the three immediately preceding years. Speaking generally, the companies do not appear to have hurried in their payment of the tax. For the year ended March last the total yield was estimated at L6,000,000, but the actual sum received was only L140,000, and the L6,000,000 has not been got yet, the yield from April 1 to June 10 being only L3,556,000. A sharp increase is bound to come, however, in the course of the financial year. The Chancellor of the Exchequer expects to get L86,000,000 in excess profits tax and munitions levies by the end of March next, and he cannot possibly have made so enormous a mistake as the receipts to date would suggest if we did not know that thousands of firms have still to pay very considerable sums.

In the tables appended the years at the tops of columns are those in which the profits mentioned were announced. A large proportion of the results shown in the 1916 columns are for the year ended December last. Some, however, are for years which have ended since then, while a few, relating to companies which carry on business abroad, are for years which began soon after the outbreak of the War:—

SHIPPING

1916 1915 1914

L L L

British and African 94,388 64,464 41,357 Booth Line 328,127 225,267 154,828 China Mutual 591,005 286,725 381,729 Court 137,446 25,034 23,890 Cunard 1,579,170 1,286,948 1,187,831 Cairn 152,152 85,988 102,318 Elder, Dempster 349,444 326,122 307,605 Eagle Oil Transport 325,928 302,897 92,866 Elder 66,266 55,305 38,975 Field 71,393 11,881 — France, Fenwick 179,100 64,900 76,800 Gulf 188,093 39,436 65,014 Houlder Bros 118,802 95,587 102,893 Indo-China 109,089 16,020 45,364 India Gen 65,738 41,974 118,379 King 102,319 17,426 90,392 Leyland (Fredk.) 1,441,690 620,839 589,810 Lamport & Holt 332,897 149,108 200,691 London & Northern 586,299 118,419 135,541 Mercantile 259,159 93,391 129,946 Moor 335,349 — 254,000 Neptune 146,718 73,310 112,563 Nitrate Producers 381,599 134,826 125,990 Pool 601,338 118,000 — Pyman 165,078 72,504 62,413 Royal Mail 808,731 98,232 436,470 Redcroft 117,953 13,125 21,396 Sutherland 295,220 74,841 41,779 White Star 1,968,285 887,548 1,121,268

COAL, IRON AND ENGINEERING

Albion Steam Coal 44,536 36,820 24,094 Arrol (Sir W.) & Co 119,060 49,756 51,096 Brown, Bayley's Steel 32,017 1,578 29,758 Barrow Hematite 119,377 51,518 104,664 British Aluminium 180,057 156,066 154,488 Beyer, Peacock 54,177 109,783 87,843 British Westinghouse 176,752 151,627 106,494 Brit.Ins. & Helsby 295,131 277,428 247,351 Bell Bros 145,360 45,969 128,736 Bessemer (Hy.) 55,348 35,826 23,308 Cammell, Laird 303,841 237,899 174,126 Cory (W.) and Son 453,136 215,328 313,906 Cargo Fleet 162,276 131,142 124,219 Callender's Cable 113,266 98,692 91,861 Carlton M. Colliery 188,545 128,413 177,025 Clayton & Shuttleworth 72,787 44,643 53,496 Consolidated Cambrian 185,139 140,097 147,648 Crossley Bros 65,337 15,347 42,517 D. Davis 200,127 215,744 217,970 Dorman, Long 404,524 237,579 257,863 Edinburgh Collier's 64,807 17,420 63,969 Fife Coal 224,058 89,866 — Gt. West. Colliery 137,008 111,821 158,420 Hadfields 265,403 139,301 109,513 Henley's Tel 153,224 112,898 106,380 Howard & Bullough 136,152 32,766 163,066 Jessop (W.) & Sons 103,726 60,354 87,343 Knowles (A.) & Sons 47,199 18,329 29,140 Leyland Motors 252,107 85,037 — Lysaght (John) 414,764 313,707 330,576 Locket's Merthyr Colleries 45,635 6,229 22,238 Met'n Carriage 372,140 321,091 365,739 Newton, Chambers 60,669 4,182 89,523 N. B. Locomotive 174,241 160,644 140,889 North's Nav. Coal 130,071 65,578 100,144 Parkgate Iron 107,344 66,643 85,169 Projectile 194,136 30,739 18,880 Powell Duffryn 438,799 422,204 364,421 Pease & Partners 435,772 248,216 385,975 Rhymney Iron 127,733 52,488 131,901 S. Durham Steel 239,868 150,257 302,955 Shelton 109,554 63,465 81,185 Stewarts & Lloyds 256,308 233,420 246,065 Swan, Hunter, etc 305,083 217,498 264,124 United Collieries 216,065 57,600 100,503 Wigan Coal, etc 143,288 44,829 138,118

MISCELLANEOUS

Angus (Geo.) & Co 54,461 43,574 32,123 Burmah Oil 1,413,170 1,411,279 1,363,389 Bradford Dyers 568,623 387,923 430,081 Bleachers' Association 416,394 197,835 423,416 Bryant and May 115,159 101,616 90,158 Broxburn Oil 46,729 22,252 57,046 British Cotton and Wool Dyers 93,524 42,297 9,290 Brunner, Mond 1,011,590 799,322 769,343 Bovril 168,796 137,584 119,813 Buttons 63,297 38,880 32,834 Borax Consolidated 205,825 195,449 235,285 Barlow & Jones 46,798 38,936 33,584 British Oil, etc., Mills 243,110 111,203 116,541 British and Argentine Meat 651,289 67,288 — Curtis's & Harvey 143,830 77,754 48,117 Courtaulds 741,668 520,349 474,154[89] Calico Prin. (half yr.) 176,521 — 55,495 E. Velvet, etc., Dyers 70,833 61,161 72,467 Fore St. Warehouse 48,957 28,597 — Forestal Land 900,947 234,065 383,362 Fine Spinners 535,854 391,057 613,415 Gas Light & Coke 604,314 449,510 522,710 Hollins (W.) & Co 105,639 65,786 65,986 Henry (A. and S.) 249,713 104,098 122,528 Imperial Tobacco 3,699,891 3,533,360 3,354,476 Lever Bros 1,265,933 1,152,107 988,238 Linen Thread 257,418 188,773 189,142 Lennards 41,300 34,457 30,377 Lister and Co 133,874 94,403 151,458 Lyons (J.) & Co 278,293 276,403 353,303 Maypole Dairy 528,274 488,026 489,643 Mandleberg (J.) 74,506 52,049 57,964 Pumpherston Oil 134,927 74,010 140,025 Rylands & Sons (half yr.) 120,032 55,179 — Rotherham (Jer.) 104,925 74,638 59,692 Salt Union 140,524 89,443 82,791 Sears (J.) & Co 82,070 65,032 57,061 Stead & Simpson 59,898 32,762 30,357 Samnuggur Jute 299,829 44,307 86,574 Spillers & Bakers 217,416 367,866 89,351 United Alkali 341,986 217,081 193,604 Winterbottom Book Cloth 171,191 119,795 165,213 Webley & Scott 61,277 16,376 9,511 Whiteaway, Laidlaw 131,577 107,952 129,790 Watson (Joseph) 122,001 89,290 103,999 Young's Paraffin 47,953 24,139 80,152

RUBBER, &c. 1916 1915 1914 L L L Anglo-Malay 121,224 76,931 104,583 Assam-Dooars 51,674 22,269 — Amalgamated Tea 157,818 98,176 78,787 Batu Tiga 56,293 22,315 24,762 Bukit Sembawang 33,989 14,344 6,090 Consolidated Tea 479,815 289,262 247,633 Chersonese 59,602 35,019 29,081 Ceylon Tea 163,899 108,300 93,900 Damansara 48,680 30,580 29,081 Eastern Produce 126,406 71,724 69,004 Grand Central 248,201 132,019 87,554 Highlands & Lowlands 108,343 75,425 79,079 Jorehaut Tea, 64,508 43,204 34,088 Jhanzie Tea 35,881 17,286 15,113 Klanang 37,918 20,458 24,257 Kuala Selangor 47,748 42,013 32,798 Kanan Devan 208,612 120,119 106,909 Linggi 125,739 78,899 83,746 Lunuva 32,994 12,599 12,602 Malacca 252,006 144,224 131,156 Nuwara Eliya 49,915 21,921 — Nordanal 39,658 36,686 49,344 Panawatte Tea 38,167 23,833 — Rub. Est., Johore 42,703 22,541 10,931 Rani Travancore 63,791 35,349 32,259 Singlo Tea 68,857 36,166 31,449 Sungei Way 38,532 36,533 25,624 Straits 157,678 164,750 185,426 Sungei Kapar 59,966 39,426 42,364 Selangor 55,457 58,007 41,940 Seremban 43,410 24,198 22,471 Sunnygama 63,688 43,142 31,931

13. The New Witness, June 22, 1916:

The Tenth Ordinary General Meeting of the Forestal Land, Timber, and Railways Co. (Ltd.) was held on Friday last, at Winchester House, E.C., Baron Emile B. d'Erlanger (chairman of the company), presiding.

The chairman said that the share capital remained unaltered, and the debenture debt had only been decreased by the yearly amortisation. No less than L143,600 had been added to the depreciation account, making it L634,170. Credit balances had swollen by the sum of L175,589. The profit on the year was L900,947, as against L234,064 last year. On the credit side, properties stood at L4,405,917, and had increased by the new properties acquired. The live stock stood at L34,000 less than last year, due to a smaller stock of "Invernada" cattle. The stocks of extract and felled timber had risen by L115,000, principally owing to a larger stock of felled timber. Debit balances had risen to L156,000. In the profit and loss account the trading profit was L1,281,299, as compared with L614,879 last year, and, after deducting London charges, debenture interest, depreciation, and legal reserve, there was left a profit of L900,947.

14. The Westminster Gazette, July 15, 1916:

The accounts of the W. and C. T. Jones Steamship Company, Limited, of Cardiff, for the year ended June 30, show that, with a fleet of thirteen steamers, L524,855 profit has been earned, representing 187 per cent on the capital of L280,000.

The previous year's earnings were L87,105.

A dividend of 15 per cent, making, with 10 per cent interim dividend, 25 per cent for the year, free of income tax, is declared.

15. The New Statesman, July 1, 1916:

The prolonged debate in the House of Commons on the Excess Profits Tax ended on Monday in a vote which found Mr. McKenna's critics in a small though substantial minority. The point actually at issue was not very simple, and in spite of repeated explanations several of the most persistent speakers never grasped it. The demand was that all "controlled establishments" should be exempt from the excess profits tax in consideration of the patriotic services they were rendering to their country and of the "bargain" alleged to have been concluded with the Ministry of Munitions whereby any profits they may make in excess of 20 per cent above their normal profits are in any event taken by the State. This meant, of course, that a controlled firm which made a profit of L50,000 in 1914, and of L60,000 (due to war contracts) in 1916, would retain the whole of their excess profits without reduction. Mr. McKenna argued that such firms, having the advantages of practically compulsory labour and freedom from Trade Union restrictions, ought, at any rate, not to be let off more lightly than uncontrolled firms. It is amazing that such a proposition should have to be stated at all.

The point of view of the ordinary member of the public undoubtedly is that excess profits on the making of munitions simply ought not to exist. If engineering firms are permitted to maintain their old standard of profit and dividend (with fair arrangements, of course, for new capital and depreciation), they ought to be more than satisfied. Great heat was developed on the debate by the representatives of various capitalist interests, notably Sir Arthur Markham, Mr. J. M. Henderson, Sir Croydon Marks, and Sir Alfred Mond; and some of them were not even ashamed to hint that if their demands were not agreed to there might be a diminution of output. At a moment when tens of thousands of men are giving up their whole incomes as well as their savings, in order to fight for their country, it is impossible to imagine any spectacle more unedifying for the wage-earning class than that of these malcontent capitalist legislators angrily fighting for their extra war-profits. When one remembers that it was these same gentlemen who were so enthusiastic for compelling younger and poorer men to sacrifice everything they possess, it is hard to find words to say what ought to be said of them. We hope, at all events, that the names of those who voted against the Government on the division will not be allowed to be forgotten in the constituencies.

16. Pall Mall Gazette, January 31, 1916:

From Our Own Correspondent.

PARIS, Saturday.

The trouble that has been brewing for months past at the Central Markets has now come to a head. A well-known dealer was suspended by the Prefect of Police; the Home Office thought this insufficient and revoked his licence; and there is now talk of a prosecution.

The Central Markets are not a place which the habitual Parisian cares to venture into. Apart from its own peculiar and particularly pungent odours, the markets are peopled with a class of stallkeeper who do not exactly keep their tongue in their pocket, as the French say. They have, in fact, a flow of language, and it requires a brave man to make a stand against it—and all the brave men are at the front just now.

But the Central Markets not only have a language of their own; they have ways and methods of dealing that require long years of acquaintance to fathom, so only experts venture to make head or tail of them.

All this means that between the Central Markets, at the depository, and most of all that Paris wants to eat, and the actual consumer as represented by the ordinary housewife starting out on her daily round of shopping, there move and live a host of intermediaries. Large as their number is, they cannot compare with the middlemen who squeeze in between the Central Markets and the actual grower, breeder, or producer.

With so many hands for produce to pass through, each one eager to grab all that it can for itself before it passes the stuff along, it is small wonder that prices grow, not taking into account the burden of taxes and other charges the goods have to bear on their journey from the farm to the household.

ARMY OF INSPECTORS

The police have an army of inspectors for watching and superintending the work of the markets. The rules drawn up for their regulation would more than fill an old-fashioned three-volume novel, and each one provides for penalties severer and stricter than the other. Yet the profitable game of rigging the market and everything connected with it is in full swing, and no one is more fooled than the police, unless it be the public.

Since the war broke out, the State, the city, and the public alike, backed up by the small retail trader, have done their best to get even with the Central Markets. The more they try to put things right the worse they seem to get. Prices appear to ease for a brief space, but they soon become inflated once more. Or, if they do not, the particular commodity concerned simply disappears in some mysterious fashion until the "powers that be" submit to the inevitable, and shut their eyes to scheming they are helpless to prevent.

AS MUCH FOOD AS USUAL

The worst of it is that statistics can always be produced to show that the rise in prices is purely and simply the outcome of a falling off in supplies. Arrivals of fruits, vegetables, and fish in the last quarter of the past year were exactly half the average supply of an ordinary year; eggs were two-thirds below the proper figures, meat some 4,000 tons short, butter six tons, cheeses only a ton.

Of course, the population of the city has diminished also to a certain extent, but not so much as might be expected considering that there is practically no single family that has not one or more members at the front.

They have been replaced by refugees, sick and wounded soldiers, huge war administrations of one kind and another. Paris consequently wants almost as much feeding as in ordinary times, not taking any account of the fact that portions of both the British and French Armies still buy provisions on the Paris markets.

Notwithstanding the legitimate reasons that can be put forward to explain the upward trend of prices, the authorities know well enough that all is not so innocent and above board as it appears. One or two more glaring instances than usual of manipulation have put them on the right track at last. Other steps may also be expected, for public opinion has got to the point that either the "inside ring" must be broken up or popular resentment will take a form that no Government can afford to overlook or affect to ignore.

17. The Daily News, August 16, 1915:

A YEAR OF ECONOMIC WAR

The Vorwaerts, without boasting, as Dr. Helfferich has been doing, of Germany's financial invincibility, yet sees cause for satisfaction in the economic condition of the Empire after twelve months of war.

The upheaval of the first week of war was indeed serious, and the grim spectre of unemployment was in the air. But it was soon laid.

The best results were obtained in the sphere of unemployment. At the beginning of the war it was about 22-1/2 per cent, in October only 10.9 per cent, and in May it had further sunk to 2.9 per cent. The figures for June were 2.6 per cent as against 2.5 per cent in the previous June.... Similarly the daily output of coal of the Rhenish Westphalian Coal Syndicate, which in July, 1914, reached 327,974 tons, sank in August to 170,816 tons, in September rose again to 211,995, and in October to 223,760, the figures for that month being 60 per cent of those of the previous October.... In later months, in spite of the calling up of more and more workers, it has only been 25 to 27 per cent below the normal.

The writer tells the same story of the iron and textile industries, and traces the good results to the fact that the supplies of raw materials were far greater than had been thought. For instance, there were about 700,000 bales of cotton more than are needed in a normal year. Besides which the stores of conquered countries were at the disposal of the conquerors. The only trades which really suffered were those in luxuries.

The article concludes thus:

The German trade has survived the shocks of the first year of war better than the most convinced optimist could have hoped, and better than the organisation of other belligerents. All fears of immediate inevitable industrial collapse which haunted us at the beginning of the war have been dissipated. Instead of this we meet in all industrial circles with the consciousness [often much exaggerated] that "We can endure."

The words in brackets are significant.

18. Pall Mall Gazette, November 10, 1916:

LIVING ON WAR

KRUPPS' PROFIT JUMPS FROM 1-1/2 MILLIONS TO 4-1/2

AMSTERDAM, Tuesday Night.

An Essen telegram states that the clear profit last year of Krupps amounted to 86,400,000 marks (L4,320,000), as compared with a profit of 33,900,000 marks (L1,695,000) in the preceding year. A dividend of 12 per cent has been distributed.—Reuter.

19. Pall Mall Gazette:

GERMAN DIVIDENDS

ECONOMIC POSITION OF SOME OF HER COMPANIES

The 1914 dividends of over sixty limited companies, nearly all German, and the remainder Austrian, show that in the case of sixteen companies the dividends amounted to 20 per cent or over, the average being 25-3/16 per cent. These companies (says the Morning Post) are mainly engaged in the production of leather, dynamite, explosives, india-rubber, arms, ammunition, and powder. In one case, that of an explosives company in Hamburg, the dividend attained 40 per cent.

Germany is still barring the Swiss frontier, and for the last five days the German post arrived at Berne very late or not at all, thus pointing to great activity in military matters beyond the German-Swiss frontier.

As further proof, if proof were needed, of the sufficiency of Germany's food supplies, it is pointed out that she now offers to send to Switzerland large quantities of potatoes.

20. The Times, July 5, 1916:

WAR PROFIT-MONGERS IN RUSSIA

From our Correspondent.

PETROGRAD, July 2.

The clergy will to-morrow publicly anathematise the "freebooters of the rear," who are amassing huge fortunes at the expense of the public.

21. The Westminster Gazette, Aug. 28, 1916:

GERMAN WAR SCANDALS

700 PER CENT PROFIT FOR EAST PRUSSIAN LANDOWNERS

ZURICH, Sunday.

Details of several recent corrupt affairs which have come to light in Germany have reached Switzerland.

At Mainz a timber merchant was arrested for bribing army officers to secure contracts for his firm. The official investigation revealed that he had paid a total of L50,000 in bribes to army officers. Some of the individual bribes were as high as L2,500. This timber merchant, who was almost a poor man before the war, has accumulated in two years a fortune which compelled him to pay income-tax on an income of L25,000 per annum.

Another scandalous affair was discovered in Herr von Batocki's new Imperial Food Department. One of his officials, Bernot by name, was bribed by numerous East Prussian landowners to have the crops from their estates bought by the Government at exorbitant prices. Bernot pocketed some L15,000, and the landowners in question sold their wheat at a profit of 700 per cent.—Wireless Press.

FOOTNOTES:

[Footnote 89: Net loss of L276,560 in first half 1914-15.]

* * * * *

BY THE SAME AUTHOR

LETTERS FROM GREECE

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MARTIN SECKER

HIS COMPLETE CATALOGUE MCMXVII

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Martin Secker's Catalogue

PART ONE INDEX OF AUTHORS

ABERCROMBIE, LASCELLES SPECULATIVE DIALOGUES. Cr. 8vo. 5s. HARDY: A CRITICAL STUDY. Dy. 8vo. 7s. 6d. THE EPIC (The Art and Craft of Letters). F'cap 8vo. 1s.

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APPERSON, G. L. THE SOCIAL HISTORY OF SMOKING. Post 8vo. 6s.

ARMSTRONG, DONALD THE MARRIAGE OF QUIXOTE. Crown 8vo. 6s.

ARTZIBASHEF, MICHAEL SANINE. Preface by Gilbert Cannan. Crown 8vo. 6s. BREAKING-POINT. Crown 8vo. 6s. THE MILLIONAIRE. Intro. by the Author. Crown 8vo. 6s. TALES OF THE REVOLUTION. Crown 8vo. 6s.

BARRINGTON, MICHAEL GRAHAME OF CLAVERHOUSE. _Imperial 8vo. 30s._ _Edition de Luxe _63s._

BENNETT, ARNOLD THOSE UNITED STATES. Post 8vo. 2s. 6d.

BLACK, CLEMENTINA THE LINLEYS OF BATH. Medium 8vo. 16s. THE CUMBERLAND LETTERS. Med. 8vo. 16s.

BOULGER, D. C. THE BATTLE OF THE BOYNE. Med. 8vo. 21s.

BROWN, IVOR YEARS OF PLENTY. Crown 8vo. 6s. SECURITY. Crown 8vo. 6s.

BURROW, C. KENNETT CARMINA VARIA. F'cap 8vo. 2s. 6d.

CALDERON, GEORGE (With St. John Hankin) THOMPSON: A COMEDY. Sq. Cr. 8vo. 2s.

CANNAN, GILBERT BUTLER: A CRITICAL STUDY. Dy. 8vo. 7s. 6d. SATIRE (Art and Craft of Letters). F'cap 8vo. 1s.

CHESTERTON, G. K. MAGIC: A FANTASTIC COMEDY. Sq. Cr. 8vo. 2s.

COKE, DESMOND THE ART OF SILHOUETTE. Demy 8vo. 10s. 6d.

CRAVEN, A. SCOTT THE FOOL'S TRAGEDY. Crown 8vo. 6s.

CROSLAND, T. W. H. THE ENGLISH SONNET. _Demy 8vo. 7s. 6d._ COLLECTED POEMS. _Small 4vo. 7s. 6d._ WAR POEMS. _Crown 8vo._ 1s._ THE BOOK OF ENGLISH SONNETS. (_Edited with an Introduction._) _Pott 8vo. 5s._

DAWSON, WARRINGTON THE TRUE DIMENSION. Crown 8vo. 6s.

DE SELINCOURT, BASIL WHITMAN: A CRITICAL STUDY. Dy. 8vo. 7s. 6d. RHYME (The Art and Craft of Letters). F'cap 8vo. 1s.

DOUGLAS, NORMAN FOUNTAINS IN THE SAND. Wide Dy. 8vo. 7s. 6d. OLD CALABRIA. Demy. 8vo. 15s. SOUTH WIND. Crown 8vo. 6s. DRAYCOTT, G. M. MAHOMET: FOUNDER OF ISLAM. Dy. 8vo. 12s. 6d.

DRINKWATER, JOHN MORRIS: A CRITICAL STUDY. Dy. 8vo. 7s. 6d. ROSSETTI: A CRITICAL STUDY. Dy. 8vo. 7s. 6d. THE LYRIC (The Art and Craft of Letters). F'cap 8vo. 1s.

FALLS, CYRIL KIPLING: A CRITICAL STUDY. Dy. 8vo. 7s. 6d.

FEA, ALLAN OLD ENGLISH HOUSES. Demy 8vo. 10s. 6d. NOOKS AND CORNERS OF OLD ENGLAND. 5s.

FLECKER, J. E. COLLECTED POEMS. Small 4to. 7s. 6d. THE GOLDEN JOURNEY TO SAMARKAND. 5s.

FRANCIS, RENE EGYPTIAN AESTHETICS. Wide Demy 8vo. 7s .6d.

GRETTON, R. H. HISTORY (The Art and Craft of Letters). F'cap 8vo. 1s.

HANKIN, ST. JOHN THE DRAMATIC WORKS, with an Introduction by John Drinkwater. Small 4to. Definitive Limited Edition in Three Volumes. 25s. THE RETURN OF THE PRODIGAL. Sq. Cr. 8vo. 2s. THE CASSILIS ENGAGEMENT. Sq. Cr. 8vo. 2s.

HANKIN, ST. JOHN (continued) THE CHARITY THAT BEGAN AT HOME. 2s. THE CONSTANT LOVER, ETC. Sq. Cr. 8vo. 2s.

HAUPTMANN, GERHART THE COMPLETE DRAMATIC WORKS. 6 vols. Crown 8vo. 5s. per volume.

HEWLETT, WILLIAM TELLING THE TRUTH. Crown 8vo. 6s. UNCLE'S ADVICE: A NOVEL IN LETTERS. Cr. 8vo. 6s. THE CHILD AT THE WINDOW. Crown 8vo. 6s. INTRODUCING WILLIAM ALLISON. Crown 8vo. 6s.

HORSNELL, HORACE THE BANKRUPT. Crown 8vo. 6s.

HOWE, P. P. THE REPERTORY THEATRE. Cr. 8vo. 2s. 6d. DRAMATIC PORTRAITS. Crown 8vo. 5s. SHAW: A CRITICAL STUDY. Dy. 8vo. 7s. 6d. SYNGE: A CRITICAL STUDY. Dy. 8vo. 7s. 6d. CRITICISM (The Art and Craft of Letters). F'cap 8vo. 1s.

HUEFFER, FORD MADOX JAMES: A CRITICAL STUDY. Dy. 8vo. 7s. 6d. COLLECTED POEMS. Demy 8vo. 6s.

IBSEN, HENRIK PEER GYNT. A New Translation by R. Ellis Roberts. Wide Crown 8vo. 5s.

JACOB, HAROLD PERFUMES OF ARABY. Wide Demy 8vo. 7s. 6d.

JAMES, HENRY THE TURN OF THE SCREW. THE LESSON OF THE MASTER. THE DEATH OF THE LION. THE ASPERN PAPERS. DAISY MILLER. THE COXON FUND.

JAMES, HENRY (continued) THE REVERBERATOR. THE ALTAR OF THE DEAD. THE BEAST IN THE JUNGLE. THE FIGURE IN THE CARPET. GLASSES. THE PUPIL. Each F'cap 8vo. 2s. 6d.

JOHNSON, OWEN THE SALAMANDER. Crown 8vo. 6s. MAKING MONEY. Crown 8vo. 6s.

LAMONT, L. M. A CORONAL: AN ANTHOLOGY. F'cap 8vo. 2s. 6d.

LEWISOHN, L. THE MODERN DRAMA. Crown 8vo. 5s.

LLUELLYN, RICHARD THE IMPERFECT BRANCH. Crown 8vo. 6s.

LOW, IVY THE QUESTING BEAST. Crown 8vo. 6s.

LYNCH, BOHUN UNOFFICIAL. Crown 8vo. 6s. THE COMPLETE GENTLEMAN. Crown 8vo. 6s.

McFEE, WILLIAM CASUALS OF THE SEA. Crown 8vo. 6s.

MACHEN, ARTHUR HIEROGLYPHICS. F'cap 8vo. 2s. 6d.

MACKENZIE, COMPTON THE PASSIONATE ELOPEMENT. Cr. 8vo. 6s. and 2s. CARNIVAL. Crown 8vo. 6s. and 2s. SINISTER STREET. Volume I. Cr. 8vo. 6s. and 2s. SINISTER STREET. Volume II. Crown 8vo. 6s. GUY AND PAULINE. Crown 8vo. 6s. KENSINGTON RHYMES. Crown 4to. 5s.

MAVROGORDATO, JOHN LETTERS FROM GREECE. F'cap 8vo. 2s. CASSANDRA IN TROY. Small 4to. 5s. THE WORLD IN CHAINS Crown 8vo. 2s.

MELVILLE, LEWIS SOME ECCENTRICS AND A WOMAN. Dy. 8vo. 10s. 6d.

METHLEY, VIOLET CAMILLE DESMOULINS: A Biography. Dy. 8vo. 15s.

MEYNELL, VIOLA LOT BARROW. Crown 8vo. 6s. MODERN LOVERS. Crown 8vo. 6s. COLUMBINE. Crown 8vo. 6s. NARCISSUS. Crown 8vo. 6s.

MURRY, J. MIDDLETON DOSTOEVSKY: A Critical Study. Dy. 8vo. 7s. 6d.

NORTH, LAURENCE IMPATIENT GRISELDA Crown 8vo. 6s. THE GOLIGHTLYS: FATHER AND SON. Cr. 8vo. 6s.

ONIONS, OLIVER WIDDERSHINS. Crown 8vo. 6s. and 2s. IN ACCORDANCE WITH THE EVIDENCE. Cr. 8vo. 6s. THE DEBIT ACCOUNT. Crown 8vo. 6s. THE STORY OF LOUIE. Crown 8vo. 6s.

PAIN, BARRY ONE KIND AND ANOTHER. Cr. 8vo. 6s. and 2s. COLLECTED TALES: Volume I. Medium 8vo. 5s. COLLECTED TALES: Volume II. Medium 8vo. 5s. THE SHORT STORY (The Art and Craft of Letters). F'cap 8vo. 1s.

PALMER, JOHN PETER PARAGON. Crown 8vo. 6s. THE KING'S MEN. Crown 8vo. 6s. COMEDY (The Art and Craft of Letters). F'cap 8vo. 1s.

PERUGINI, MARK E. THE ART OF BALLET. Demy 8vo. 15s.

PHILIPS, AUSTIN BATTLES OF LIFE. Crown 8vo. 6s.

PRESTON, ANNA THE RECORD OF A SILENT LIFE. Crown 8vo. 6s.

REID, FORREST YEATS: A CRITICAL STUDY. Dy. 8vo. 7s. 6d.

ROBERTS, R. ELLIS IBSEN: A CRITICAL STUDY. _Dy. 8vo. 7s. 6d._ PEER GYNT: A NEW TRANSLATION. Cr. 8vo. 5s._

SABATINI, RAFAEL THE SEA-HAWK. Cr. 8vo. 6s. and 2s. THE LION'S SKIN. Crown 8vo. 2s. THE BANNER OF THE BULL. Crown 8vo. 6s. THE SNARE. Crown 8vo. 6s.

SAND, MAURICE THE HISTORY OF THE HARLEQUINADE. Two Volumes. Med. 8vo. 25s. the set.

SCOTT-JAMES, R. A. PERSONALITY IN LITERATURE. Demy 8vo. 7s. 6d._

SIDGWICK, FRANK THE BALLAD (Art and Craft of Letters). 1s.

SIMMS, EVELYN A VISION OF CONSOLATION. Crown 8vo. 1s. THE CROWNING PURPOSE. Crown 8vo. 1s.

SOLOGUB, FEODOR THE OLD HOUSE. Crown 8vo. 6s. THE LITTLE DEMON. Crown 8vo. 6s. THE CREATED LEGEND. Crown 8vo. 6s.

SQUIRE, J. C. GEORGIAN POETS. _Crown 8vo. 5s._ TRICKS OF THE TRADE. _Crown 8vo. 2s. 6d._ THE GOLD TREE. Demy 8vo. 7s. 6d._

STONE, CHRISTOPHER THE BURNT HOUSE. Crown 8vo. 6s. PARODY (Art and Craft of Letters). 1s.

STRAUS, RALPH CARRIAGES AND COACHES. Med. 8vo. 18s.

SWINNERTON, FRANK GISSING: A CRITICAL STUDY. Dy. 8vo. 7s. 6d. STEVENSON: A CRITICAL STUDY. Dy. 8vo. 7s. 6d.

SWINNERTON, FRANK (continued) NOCTURNE. THE CHASTE WIFE. Each Cr. 8vo. 6s.

TAYLOR, G. R. STIRLING _Mary Wollstonecraft._ Demy 8vo. 7s. 6d._

TAYLOR, UNA MAETERLINCK: A CRITICAL STUDY. Dy. 8vo. 7s. 6d.

THOMAS EDWARD SWINBURNE: A CRITICAL STUDY. Dy. 8vo. 7s. 6d. PATER: A CRITICAL STUDY. Dy. 8vo. 7s. 6d. THE TENTH MUSE. F'cap 8vo. 2s. 6d.

VAUGHAN, H. M. MELEAGER. Crown 8vo. 6s. THE DIAL OF AHAZ. Crown 8vo. 6s. AN AUSTRALASIAN WANDER-YEAR. Dy. 8vo. 10s. 6d.

WALPOLE, HUGH FORTITUDE. Crown 8vo. 6s. THE DUCHESS OF WREXE. Crown 8vo. 6s. THE DARK FOREST. Crown 8vo. 6s.

WEST, JULIUS CHESTERTON: A CRITICAL STUDY. Dy. 8vo. 7s. 6d.

WILLIAMS, ORLO VIE DE BOHEME. Demy 8vo. 15s. MEREDITH: A CRITICAL STUDY. Dy. 8vo. 7s. 6d. THE ESSAY (The Art and Craft of Letters). 1s.

YOUNG, FILSON NEW LEAVES. Wide Crown 8vo. 5s. A CHRISTMAS CARD. Demy 16mo. 1s.

YOUNG, FRANCIS BRETT DEEP SEA. Crown 8vo. 6s. THE DARK TOWER. Crown 8vo. 6s. THE IRON AGE. Crown 8vo. 6s. FIVE DEGREES SOUTH Crown 8vo. 1s.

YOUNG, F. & E. BRETT UNDERGROWTH. Crown 8vo. 6s. BRIDGES: A CRITICAL STUDY. Dy. 8vo 7s. 6d.

PART TWO: CLASSIFIED INDEX OF TITLES

General Literature

ART OF BALLET, THE. By Mark E. Perugini.

ART OF SILHOUETTE, THE. By Desmond Coke.

BATTLE OF THE BOYNE, THE. By D. C. Boulger.

BEHIND THE RANGES, By F. G. Aflalo.

BIRDS IN THE CALENDAR. By F. G. Aflalo.

CAMILLE DESMOULINS. By Violet Methley.

CARRIAGES AND COACHES. By Ralph Straus.

CHRISTMAS CARD, A. By Filson Young.

CUMBERLAND LETTERS, THE. By Clementina Black.

DRAMATIC PORTRAITS. By P. P. Howe.

ENGLISH SONNET, THE. By T. W. H. Crosland.

GEORGIAN POETS. By J. C. Squire.

GOLD TREE, THE. By J. C. Squire.

GRAHAME OF CLAVERHOUSE. By Michael Barrington.

HIEROGLYPHICS. By Arthur Machen.

HISTORY OF THE HARLEQUINADE, THE. By M. Sand.

LETTERS FROM GREECE. By John Mavrogordato.

LINLEYS OF BATH, THE. By Clementina Black.

MAHOMET. By G. M. Draycott.

MARY WOLLSTONECRAFT. By G. R. Stirling Taylor.

NEW LEAVES. By Filson Young.

PERSONALITY IN LITERATURE. By R. A. Scott-James.

REGILDING THE CRESCENT. By F. G. Aflalo.

SOCIAL HISTORY OF SMOKING, THE. By G. L. Apperson.

SOME ECCENTRICS AND A WOMAN. By Lewis Melville.

SPECULATIVE DIALOGUES. By Lascelles Abercrombie.

STUPOR MUNDI. By Lionel Allshorn.

TENTH MUSE, THE. By Edward Thomas.

TRICKS OF THE TRADE. By J. C Squire.

THOSE UNITED STATES. By Arnold Bennett.

VIE DE BOHEME. By Orlo Williams.

WORLD IN CHAINS, THE. By J. Mavrogordato.

Verse

BOOK OF ENGLISH SONNETS, THE.

CARMINA VARIA. By C. Kennett Burrow.

COLLECTED POEMS OF T. W. H. CROSLAND.

COLLECTED POEMS OF J. E. FLECKER.

COLLECTED POEMS OF F. M. HUEFFER.

CORONAL, A. A NEW ANTHOLOGY. By L. M. Lamont.

CROWNING PURPOSE, THE. By Evelyn Simms.

FIVE DEGREES SOUTH. By F. Brett Young.

GOLDEN JOURNEY TO SAMARKAND, THE. By J. E. Flecker.

KENSINGTON RHYMES. By Compton Mackenzie.

VISION OF CONSOLATION, A. By Evelyn Simms.

WAR POEMS BY 'X.'

Drama

DRAMATIC WORKS OF ST. JOHN HANKIN. 3 vols.

DRAMATIC WORKS OF GERHART HAUPTMANN. 6 vols.

CASSANDRA IN TROY. By John Mavrogordato.

MAGIC. By G. K. Chesterton.

MODERN DRAMA, THE. By L. Lewisohn.

PEER GYNT. Translated by R. Ellis Roberts.

REPERTORY THEATRE, THE. By P. P. Howe.

THOMPSON. By St. John Hankin and G. Calderon.

Travel

AUSTRALASIAN WANDER-YEAR, AN. By H. M. Vaughan.

EGYPTIAN AESTHETICS. By Rene Francis.

FOUNTAINS IN THE SAND. By Norman Douglas.

NOOKS AND CORNERS OF OLD ENGLAND. By Allan Fea.

OLD CALABRIA. By Norman Douglas.

OLD ENGLISH HOUSES. By Allan Fea.

PERFUMES OF ARABY. By Harold Jacob.

Martin Secker's Series of Critical Studies

ROBERT BRIDGES. By F. & E. Brett Young.

SAMUEL BUTLER. By Gilbert Cannan.

G. K. CHESTERTON. By Julius West.

FYODOR DOSTOEVSKY. By J. Middleton Murry.

GEORGE GISSING. By Frank Swinnerton.

THOMAS HARDY. By Lascelles Abercrombie.

HENRIK IBSEN. By R. Ellis Roberts.

HENRY JAMES. By Ford Madox Hueffer.

RUDYARD KIPLING. By Cyril Falls.

MAURICE MAETERLINCK. By Una Taylor.

GEORGE MEREDITH. By Orlo Williams.

WILLIAM MORRIS. By John Drinkwater.

WALTER PATER. By Edward Thomas.

D. G. ROSSETTI. By John Drinkwater.

BERNARD SHAW. By P. P. Howe.

R. L. STEVENSON. By Frank Swinnerton.

A. C. SWINBURNE. By Edward Thomas.

J. M. SYNGE. By P. P. Howe.

WALT WHITMAN. By Basil de Selincourt.

W. B. YEATS. By Forrest Reid.

The Art and Craft of Letters

BALLAD, THE. By Frank Sidgwick.

COMEDY. By John Palmer.

CRITICISM. By P. P. Howe.

EPIC, THE. By Lascelles Abercrombie.

ESSAY, THE. By Orlo Williams.

HISTORY. By R. H. Gretton.

LYRIC, THE. By John Drinkwater.

PARODY. By Christopher Stone.

SATIRE. By Gilbert Cannan.

SHORT STORY, THE. By Barry Pain.

The Tales of Henry James

ALTAR OF THE DEAD, THE. ASPERN PAPERS, THE. BEAST IN THE JUNGLE, THE. COXON FUND, THE. DAISY MILLER. DEATH OF THE LION, THE. FIGURE IN THE CARPET, THE. GLASSES. LESSON OF THE MASTER, THE. PUPIL, THE. REVERBERATOR, THE. TURN OF THE SCREW, THE.

Martin Secker's Series of Two-Shilling Novels

CARNIVAL. By Compton Mackenzie.

SINISTER STREET: VOL. I. By Compton Mackenzie.

THE PASSIONATE ELOPEMENT. By Compton Mackenzie.

THE SEA-HAWK. By Rafael Sabatini.

SANINE. By Michael Artzibashef.

FORTITUDE. By Hugh Walpole.

THE LION'S SKIN. By Rafael Sabatini.

WIDDERSHINS. By Oliver Onions.

ONE KIND AND ANOTHER. By Barry Pain.

Fiction

BANKRUPT, THE. By Horace Horsnell.

BANNER OF THE BULL, THE. By Rafael Sabatini.

BATTLES OF LIFE. By Austin Philips.

BREAKING-POINT. By Michael Artzibashef.

BURNT HOUSE, THE. By Christopher Stone.

CARNIVAL. By Compton Mackenzie.

CASUALS OF THE SEA. By William McFee.

CHASTE WIFE, THE. By Frank Swinnerton.

COLLECTED TALES: VOL. I. By Barry Pain.

COLLECTED TALES: VOL. II. By Barry Pain.

COLUMBINE. By Viola Meynell.

COMPLETE GENTLEMAN, THE. By Bohun Lynch.

CREATED LEGEND, THE. By Feodor Sologub.

DARK FOREST, THE. By Hugh Walpole.

DARK TOWER, THE. By F. Brett Young.

DEBIT ACCOUNT, THE. By Oliver Onions.

DEEP SEA. By F. Brett Young.

DIAL OF AHAZ, THE. By H. M. Vaughan.

DUCHESS OF WREXE, THE. By Hugh Walpole.

FOOL'S TRAGEDY, THE. By A. Scott Craven.

FORTITUDE. By Hugh Walpole.

GOLIGHTLYS, THE. By Laurence North.

GUY AND PAULINE. By Compton Mackenzie.

IMPATIENT GRISELDA. By Laurence North.

IMPERFECT BRANCH, THE. By Richard Lluellyn.

IN ACCORDANCE WITH THE EVIDENCE. By O. Onions.

INTRODUCING WILLIAM ALLISON. By William Hewlett.

IRON AGE, THE. By F. Brett Young.

KING'S MEN, THE. By John Palmer.

LION'S SKIN, THE. By Rafael Sabatini.

LITTLE DEMON, THE. By Feodor Sologub.

LOT BARROW. By Viola Meynell.

MARRIAGE OF QUIXOTE, THE. By Donald Armstrong.

MAKING MONEY. By Owen Johnson.

MELEAGER. By H. M. Vaughan.

MILLIONAIRE, THE. By Michael Artzibashef.

MODERN LOVERS. By Viola Meynell.

NARCISSUS. By Viola Meynell.

NOCTURNE. By Frank Swinnerton.

OLD HOUSE, THE. By Feodor Sologub.

ONE KIND AND ANOTHER. By Barry Pain.

PASSIONATE ELOPEMENT, THE. By Compton Mackenzie.

PETER PARAGON. By John Palmer.

QUESTING BEAST, THE. By Ivy Low.

RECORD OF A SILENT LIFE, THE. By Anna Preston.

SALAMANDER, THE. By Owen Johnson.

SANINE. By Michael Artzibashef.

SEA HAWK, THE. By Rafael Sabatini.

SECURITY. By Ivor Brown.

SINISTER STREET. I. By Compton Mackenzie.

SINISTER STREET. II. By Compton Mackenzie.

SNARE, THE. By Rafael Sabatini.

SOUTH WIND. By Norman Douglas.

STORY OF LOUIE, THE. By Oliver Onions.

TALES OF THE REVOLUTION. By M. Artzibashef.

TELLING THE TRUTH. By William Hewlett.

TRUE DIMENSION, THE. By Warrington Dawson.

UNCLE'S ADVICE. By William Hewlett.

UNDERGROWTH. By F. & E. Brett Young.

UNOFFICIAL. By Bohun Lynch.

WIDDERSHINS. By Oliver Onions.

YEARS OF PLENTY. By Ivor Brown.

PRINTED BY WM. BRENDON AND SON, LTD. PLYMOUTH, ENGLAND.

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