BEER TAXES AND BEER PROFITS [To the Editor of THE
SPECTATOR.] SIR,—If Mr. Sydney E. Watson's figures are correct---and I have no means of checking them—what do they mean The years 1981 and 1932 were crisis years when the con- sumption of most commodities was below normal. With the return of partial prosperity it was to be expected that the consumption of beer would increase and, so, also, would brewers' profits and the market value of their shares. There is nothing sinister in this.
According . to some people it is criminal for brewers to make a profit. Yet if the companies they had a financial interest in increased their turnover without increasing the profits, they would be wanting to change the directors.— Yours faithfully, A. H. OLIVER. 105 Walsworth Road, Ifitchill, Herts.