secure more than double the previous dividends, and in certain undertakings the profits were positively fabulous. Here are some of the figures: the naphtha firm of the Mirosyev Brothers paid 40 per cent.; Danshevsky Ltd., 30 per cent.; the Kalfa tobacco factory, 30 per cent.; and so on. In Germany, during the years 1913 and 1914, the net profits in four branches of industry, namely chemical works, explosives, metal works, and motor car works, amounted to 133 millions; during the years 1915 and 1916 the total profits in the same branches amounted to 259 millions, practically double. In the United States the profits of the Steel Trust during the first half of 1916 were three times as great as the profits during the first half of 1916. The total profits of the Trust in 1915 were 98 million dollars; in the year 1917 they were 478 million dollars. Dividends of 200 per cent. were several times declared. Many more examples could be given. There was a similar huge increase in banking profits. During the war, the small fry among the manufacturers were ruined, whilst the big sharks were incredibly enriched. As for the proletariat, this fell under the yoke of taxes and rising prices.
The chief articles produced during the war were shrapnel, shells, high explosives, heavy guns, tanks, aeroplanes, poison gas, gunpowder, etc. An incredible quantity of these requisites was manufactured. In the United States, new towns grew up like mushrooms round the powder factories. The owners of the new powder factories, in their eagerness for profits, conducted work so carelessly that explosions were common. Of course the manufacturers of munitions made huge profits, so that their businesses flourished amazingly. But as far as the common people were concerned, matters grew continually worse. Things of real value, such as can be eaten, worn, etc., were produced in ever-diminishing quantities. With powder and shot people can shoot and can destroy, but powder and shot are of no use for food or clothing. The