"DIVIDEND KINGS"

Evening Post, Volume CXXVII, Issue 61, 14 March 1939, Page 8

"DIVIDEND KINGS"

MINISTER'S ATTACK

REPLY TO MR. HAMILTON

(By Telegraph—Press Association.) CHRISTCHURCH, March 13. "I notice that Mr. Hamilton has fired his gun at me again and again. 'He is firing with blank cartridges," said the Minister of Public Works (the Hon. R. Semple), in reply to remarks of the Leader ,of the Opposition (the Hon. A. Hamilton), who in a statement from "Wellington accused Mr. Semple of "working up .agitation against an imaginary person called the dividend king." "I wonder just who he is referring; to when he talks about my attack on dividend kings," said Mr. Semple. "I wonder if he is referring to my attack; on the Southland Frozen Meat Company, which paid 38& per cent, in dividends and placed ,£40,000 to reserve and in the same year (during the .depression) took a subsidy :2rom the] employment funds, virtually out of the i ; penny boxes of the poor, for building! at their Mataura works. Mr. Hamilton :| is personally familiar -with this chari-' table act toy the Southland Frozen Meat Company. Possibly he has not forgotten my exposure of his part in the business in Parliament and on the; public platform. "Possibly, too, when he attacks me for my reference to dividend kings, he is thinking of the Waihi Gold Mining.: Company, which, having .paid' £9^000,000 in dividends, dodged payment iof £40,000 income tax. It was: not till Labour took -office, made the i discovery, and amended the law withretrospective action that we were able' to get the company to make payment. Mr. Hamilton's party bitterly opposed:; the Bill enforcing this payment. The' attack on the Minister -of Finance (the Hon. W. Nash) was Hed toy the former ■, Minister of Finance (the St. Hon. JG. Coates) and supported by the rest of Mr. Hamilton's party in the House. "If this is the type of dividend &jng that Mr. Hamilton accuses me of attacking. I certainly plead guilty. I would not foe doing my duty by the public if I did not expose them, but I know that Mr. Hamilton has a soft spot in his heart for this type of man. I can only remind Mr. Hamilton that the public knows this and that the public will be the judge. "I should also remind the people that I took strong exception to Mr. Hamilton giving a subsidy to the Prudential Insurance Company for a new1 building in Wellington at a time when the poor were starving. That is the type of dividend king I am going for. "I have never said a word against a person getting a fair return for his' money. I could not possibly class a man such as Lord Nuffield among the class of dividend kings. He is a millionaire, but he.has handed his wealth back to the people, and a nation with rich men of his type possesses a great asset. The men who grind out money from the poor and then try to dodge taxation, the type of man supported by; Mr. Hamilton and his party, are the men I am referring to in my attack on; dividend kings." '