over is very great, particularly in the large cities and towns where many medium sized manufactories rent the space which they require in the same building. The lessees or tenants can place no valuation on such property, and the actual owners or their agents when found, are as a rule not disposed to give any information, suspecting apparently that it is sought for taxation or some other purpose inimical to their interests. In the absence of authority to insist on such valuations being furnished on request, the industries of the State must continue to show by official figures a much lower capitalization than that which actually exists, and would be shown if the value of all leased factory property were included.

In 1908, the capital invested in "land and buildings,"was, as reported, $169,974,987; in 1909, it is $186,105,363, an increase of $16,130,376, or 9.5 per cent. For ten years past practically the same ratio of annual increase is shown by this subdivision of capital invested, so that the gain for 1909, although large, is not in excess of the normal growth of recent years.

The capital invested in "machinery, tools and implements" in 1908, was $152,422,199; in 1909, it is $167,762,724, an increase of $15,340,525, or a trifling fraction over 10 per cent.

The several forms of capital invested under the heading "bills receivable, stock in process of manufacture, and cash in bank," amounts together to $362,058,181; in 1908, the amount was $326,894,163. The increase in 1909, is therefore, $35,164,018, or 10.7 per cent.

Comparisons are made in the table which follows, of the capital invested in twenty-five of the leading industries of the State, and the increases or decreases in 1909, compared with 1908, are given numerically and by percentages. The same table shows a condensed comparison of "other industries," by which is meant those not included in the twenty-five leading classifications, the totals for which are combined in one sum, and similarly a comparison is made of "all industries" for both years.

Only two of the twenty-five selected industries-the manufacture of "furnaces, ranges and heaters" and "drawn wire and wire cloth," show a falling off in capital invested during the year; all the others show increases, many of them quite large, as for instance "brick and terra cotta," 36.3 per cent; "woolen and worsted goods," 28.6 per cent; "rubber goods-hard and soft," 26.1 per cent; and "leather-tanned and finished," 25.2 per cent. The industries coming nearest to remaining unchanged during the year in the matter of capital invested, are "steam boilers" and "pottery"-practically the same for both years; "artisan's tools," "brewery products," "hats-men's," "lampselectric and other," "shipbuilding," and "steel and iron forgings" show increases of capital ranging from 1.3 to 3.9 per cent.

In 1908, nine of twenty-five selected industries decreases were shown which amounted in the aggregate to $11,411,644. This

falling off as pointed out in the report of that year, was directly due to the shrinkage of production and consequent withdrawal of industrial investments which followed the money panic of 1907. In 1909, the same nine industries show an increase of capital as compared with 1908, of $14,394,910, thus fully restoring the previous year's shrinkage and leaving a net increase of $983,266 capital invested in these nine industries, and bringing them back to where they were before the depression.

The average annual increase of capital invested in manufacturing industry in New Jersey from 1850 to and including 1907, a period of fifty-seven years, was 9.5 per cent.; for the year 1908 the increase had fallen because, as before stated, of the financial panic, to only 3.1 per cent., the lowest shown by the records for any one year; while for 1909, the increase, as will appear from the above table, is 10.4 per cent. for the "twenty-five industries,' 9.9 for "other industries," not included in these twenty-five, and 10.3 per cent. for the 2,291 establishments included in "all industries," all three subdivisions showing a substantial increase over the established annual average of 9.5 per cent.

The scale on which industry is operated in New Jersey, and average size of the plants considered in these statistics, are illustrated in the following table, showing the average amount of capital invested per establishment, for the "twenty-five selected industries;" "other industries;" and all industries. These averages are obtained by dividing the total capital invested in each industry by the number of establishments considered in that group, the product representing the average capitalization per plant of the group composing it.

The table presents the figures for 1909, in comparison with those of 1908, increases and decreases being noted numerically and by percentages.

As indicated by the above table, the manufacture of artisans tools; chemical products; drawn wire and wire cloth; furnaces, ranges and heaters; men's hats; pottery, shipbuilding, and silk goods-broad and ribbon, show reductions in average capital per establishment, ranging from 2.2 per cent.-the lowest, in "shipbuilding," up to 19.7 per cent.-the hig hest, in "drawn wire and wire cloth." All the other groups comprised in the twenty-five selected industries, show increases in the average per establishment ranging from a small fraction reported by "steam boilers" to 40.1 per cent. in the manufacture of "electric and other lamps." Naturally the fact that six of the industrial groups named above as showing decreases in the average capital invested per establishment, appear on the next preceding table with total capitalizations exceeding those of the previous year will cause some surprise; the explanation of this apparent contradiction is, however,

very simple; several new establishments came into these six industries for the compilation of 1909 that were not included in that of 1908, and while the capital thus added swelled the totals, the division by an increased number of plants reduces the averages per establishment below those of 1908.

The average capitalization per establishment comprising the "twenty-five selected industries" was $383,362 in 1908; in 1909, it is $387,832, an increase of $4,470, or 1.2 per cent. "Other industries," which includes 1,089 establishments, show an average of $221,451 for 1908, and for 1909, $229,342; an increase of $7,891, or 3.6 per cent. For all industries combined-that is to say, the entire 2,291 establishments considered, the average capital invested per plant in 1908, was $305,261; in 1909 the average has risen to $312,495, an increase in the investment per plant of $7,234, or 2.4 per cent.

In the twenty-five selected industries are three—“oil refining," "steel and iron forgings," and "woolen and worsted goods,' with a capitalization per establishment in 1909, of $3,521,226, $1,223,930, and $1,420,758, respectively. Other industries showing investments of capital almost as large are: "Shipbuilding," $963,691; "brewery products," $943,280, and “steam boilers," $768,189. Many other industries show average capitalization ranging between five and six hundred thousand dollars per establishment, and the entire table is strikingly illuminative of the vast scale on which modern manufacturing industry is carried on, and the great sums of money which its promoters must be prepared to invest before entering the competition for business. and profits.

The industry showing the lowest capitalization per establishment is the manufacture of "jewelry," in which line of produc tion one hundred firms are engaged, all located in the city of Newark. The average capital invested in these establishments is $88,566, a large amount certainly, but at least 25 per cent. less than it would be if it were not for the fact that about 90 per cent. of the firms occupy rented property, the value of which is, of course, not reported by these concerns as part of their capital invested.

Table No. 3 shows the cost value of material used in manufacture, and also the selling value of all goods made, for each of the eighty-nine general industry classifications, and the totals of both for "all industries." Included in the totals of "material used" are the cost values of all kinds of merchandise, whether the same has been consumed in the processes of manufacture, such as oil, fuel, lighting, waste and packing cases, or has been