COMPANY CRITICISED

New Zealand Herald, Volume LXXI, Issue 21972, 1 December 1934, Page 11

COMPANY CRITICISED

AUSTRALIAN GLASS COMMENTS BY MINISTERS CANBERRA, Nov. 29 Strong criticism of the Australian Glass Manufacturers Company, Limited, was expressed in the House of Representatives -by Sir Henry Gullett, Minister Directing Trade Treaties, when replying to Labour protests against the arrangement for a quota of Belgian glass imports into Australia. Sir Henry Gullett declared that this company had misused its protection, had loafed on the country and, since 1922, had made profits of £1,750,000. " It is the biggest ramp in the country at the present moment," interposed Mr. 11. A. Parkhill, Minister of Defence. " It's worse than the match combine, " exclaimed Mr. T. White, Minister of Customs.

The company was registered in Victoria in 1922. It has an authorised capital of £2,000,000, of which £1,105,478 has been issued in 175,000 £1 9 per cent preference shares and 930,478 £1 ordinary shares all fully paid. In 1924 the issued capital was increased from £950,695 to £1,105,438 by the issue of 154,743 £1 ordinary shares at par, in the proportion of one new share for every five shares held. From the year 1922-23 until 1928 the company maintained a dividend of 10 per cent on ordinary shares. In 1929 and 1930 a bonus of 2J per cent was added, but in 1931 the distribution was reduced to 6 per cent. An increase to 7\ per cent was made in 1932 and in the last two years the dividend has been at the rate of 9 per cent.