DIVIDEND KINGS”

Nelson Evening Mail, Volume LXXII, 14 March 1939, Page 9

DIVIDEND KINGS”

MR SEMPLE’S DEFINITION REPLY TO LEADER OF OPPOSITION •lJniTe.l Hcphc An-. >eialion I CHRISTCHURCH, 13th March. ’ I notice that Mr Hamilton has firec his gun at me again and again He i: firing with blank cartridges,” said th< Minister of Public Works, the Hon. R Semple, in reply to remarks of th< Leader of the Opposition, Mr Hamilton who in a statement from Wellingtor accused Mr Semple of “working uj agitation against an imaginary persor called the dividend king.” “I wonder just who he is referring to when he talks about my attack or dividend kings.” said Mr Semple. •] wonder if he is referring to my attach on the Southland Frozen Meat Company, which paid per cent, in dividends and placed £40.000 to reserve and in the same year (during the depression) took a subsidy from the employment funds, virtually out of the penny boxes of the poor, for building at theii Mataura works. Mr Hamilton is personally familiar with the charitable act by the Southland Frozen Meat Company. Possibly 1 1 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 of £40.000 income tax. It was not till Labour took office, made the discovery and amended the law with retrospective 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 led by the former Minister of Finance. Mr Coates, and supported by the rest of Mr Hamilton’s party in the House “If this is the type of dividend king that Mr Hamilton accuses me of attacking. I certainly plead guilty. T would not be doing my duty by the public if 1 did not expose them, but I know that Mr Hamilton has a soft spot in his heart for this type of man. T can only remind Mr Hamilton that I the public knows this and that the pub- I lie will he the judge. “I should also remind the people that '

1 took strong exception to Mr Hamil- \ ton giving a subsidy to the Prudential j Insurance Company for a new building in Wellington at a time when the poor were starting. That is the typo of dividend king 1 am going for. "I have never said a word against a *

person getting a fair return tor his ) money. 1 could not possibly class a man such as Lord Nuttield 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.”