Dealing 5 .qtli'lhe,favtltrreetcharaeter - of the breWing industry; the Chronicle of WednesdaY. points . out,
what is not realizedi by many people; that the first complete year of war 'has been .the most prosperous in the history of the brewing industryinrecent,ye,ars. The period` between September, 1914; and September, ". shows a gain of about 24' per cent. on the average_of the three preceding.years." It is true that the net profits-did- not increase to that extent, as increased charges had to be, met, but it appears that the Economist, in reviewing the results of fifty-seven breweries., stated that the average inereasedprolits amounted to 71 per cent. Increased dividends, the Dailg,Chronicle adds, „" do not. show the extent• of the progress in business, as the debenture interest has been decreased, which shows that debentures are being paid off. Stocks have _been increased, which, proves that reserves are Awing accumulated."
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