James Hinks and Son (Ltd): Germans Capture the Indian Market: The eighth annual meeting of Jas. Hinks and Son (Ltd.), makers of lamps and electric light fittings, was held at Birmingham yesterday. Mr. Jas. Hinks presided. The balance-sheet showed a divisible profit of £9,481, and dividend of 10 per cent, and a bonus of 1 percent, were declared, leaving £3,130 to carry forward. The Chairman said the bonus might have been 2 ½ per cent, but for depreciation in the value of investments. The balance-sheet he regarded as very satisfactory in view of the fierce competition which had prevailed and having regard to the fact that during the last ten or twelve years the nature of the company’s business had entirely changed. He did not know if Mr. Chamberlain’s proposals for fiscal reform would be carried, but he sincerely hoped they would, because it would mean the salvation of many British trades and return to the days when it was easier to make a profit £20,000 or £30,000 than it was now to make £10,000. In those days, America was one our best customers for lamps, and even the tariff of 23 per cent, which the United States imposed did not shut out the British maker, but now that the tariff was raised to 60 per cent, they were effectively excluded. India was also a good customer, but now they were under-sold there by the Germans, whose industry was protected at home, and the large profits they made there enabled them to sell their surplus manufacture in India at ridiculously low prices without a loss. One German firm alone sold in Bombay annually £30,000 of lamps prices which could not cover the cost of production, and so robbed Great Britain of her natural trade with her Dependencies. Mr. Ross Pinsent, a former foreign merchant, heartily endorsed Chairman’s observations on the effect of hostile tariffs.
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Referenced
GRO0009 Devonport: Adolphus Ross Pinsent: 1851 – 1929