ABSTRACT
after 1900 the output of beer not only ceased to increase but fell, and this caused financial difficulties for many of the firms which had bought tied houses at high prices, and which had been capitalized with heavy burdens of debentures and preference shares on the basis of the high profits of the earlier years. The margins on which brewing firms operated appear to have been narrow and, in some cases, even a slight falling off of sales led to insolvency. UK Output of Beer (m. Standard Barrels<xref ref-type="fn" rid="fn515"> <sup>515</sup> </xref>)
|
1899 |
37 |
|
1904 |
35 |
|
1909 |
33 |
|
1914 |
35 |
