STABILITY OF ITALIAN MOTOR INDUSTRY.
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The total amount of eapital invested iri the eight lead lag Italian automobile companies was a little more than £1,800,000 (exactly 46,347,000 bras) in 1916, the last year for which official returns have been issued. At the present time it is estimated that the capital of these eight companies is £4.800,000, for they have all increased during the last three years, the Fiat Co. alone baying carried its capital from £1,190,010 to £4.000,000.
For the year 1916 the average net profits of the eight leading Italian automobile companies was 32.53 per cent. The actual dividends paid were 12.01 per cent. in 1916, 16.64 per cent, in 1915, and 10.30 per cent. in 1914. The falling off in 1916 compared, with • the preeeding year is more apparent than real, for one company decided to pay no dividends in order to write down an important percentage of its profits as an increase of capital. No returns have been issued for 1917, but it is known that this year marked a big increase.
The tabulated figures afford convincing evidence or' the present-day stability of the Italian motor industry. The manner in which the motor manufacturers of Italy have risen to meet the exigencies occasioned by war's demands is nothing short of astounding. Besides satisfying the requirements of their own Govern racut invaluable assistance has been rendered to the Allies as a whole.
The biggest net profits are shown by the Fia6 Co., with nearly 11,000,000 liras. The following are the detailed figures for 1916, the values being in Italian liras, the equivalent in English money being approximately 10c1.