ELECTRIC COMPANY AND POWER. BOARD.

Hawera Star, Volume XLIX, 30 August 1929, Page 9

ELECTRIC COMPANY AND POWER. BOARD.

(To the Editor.) Sir, —While I have refrained from entering the newspaper correspondence on the subject in the interest of both ratepayers and shareholders, I cannot allow Mr. Murdoch’s misstatements in regard to dividends to go unchallenged to the ratepayers. Mr. Murdoch states that he has all the figures before him; then surely, with the rate per cent, and the amount paid in dividends given, he can work out the amount of capital on which the dividend was paid. I attach a copy of the figures Mr. Murdoch has in his possession as they appear in the company’s balance-sheets for the years in question The capital used in production of profits so often published by Mr. Murdoch, dividend bearing share capital, rate per cent, of dividend, and amounts paid in dividends are as follow :

1 (*l92B—Ordinary shares not fully paid up.) In regard to Mr. Murdoch’s statement about gift shares that did not cost the shareholders a penny piece: surely, Mr. Murdoch, if the shareholders leave their undivided profits in a business free of interest tor 26 years and use this money to build op their .business, they are entitled to convert, it to share capital when the •business becomes established. Further, this increase of new capital is not all gift shares, as £6OOO new capital was subscribed in cash in 1927. As the balance of Mr. Murdoch’s letter does not interest the shareholder’s, I do not intend to refer to it.—l am, etc., P. W. LAMB, Manager Hawera Electric Company, Limited.

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