he invests is at least up to average in this respect.
It is interesting to note that in America industrial companies as a whole appear to distribute only half their earnings as dividends. So, at least, it is stated on page 142 of Messrs. Foster & Catching's lately published book on Profits. Possibly the high proportion of water in the capital, that is usual at the outset in American industrials and is squeezed out gradually by allocations from profits, accounts for this apparently austere ideal on the other side of the Atlantic.
