PETROL AND DIVIDENDS

New Zealand Herald, Volume LXXIII, Issue 22402, 24 April 1936, Page 17

PETROL AND DIVIDENDS

A COMPANY'S AFFAIRS . QUESTION IN THE HOUSE [BY TELEGRAPH—SPECIAL REPORTER] WELLINGTON, Thursday A request that the Government should take steps to ensure that the Associated Motorists' Petrol Company should bo run in the interests of the motorists, and not for a few private individuals, was made by Mr. H. G. Dickie (Opposition—Patea) in the House of Representatives to-day. Mr. Dickie gave notice to ask the Prime Minister, Mr. Savage, whether his attention had been drawn to the action of the so-called Associated Motorists' Petrol Company, f which, after paying a dividend of 350 per cenfr on the ordinary capital last year, had now watered the capital by 500 per cent. Was the Prime Minister aware that the total ordinary capital of the company was £'>ooo and that over fourfifths of it wan held by one family? Mr. Dickie further asked the Prime Minister whether ho was aware that £lO a share h*£;d been offered for the new £1 shares on the Stock Exchange and that there were no sellers. This would indicate that the original £SOOO was now worth over £200,000. "As this company was saved from destruction by the action of the Government," said Mr. Dickie, "will the Prime Minister take steps to ensure that the company will be run in the interests of the motorists, and not for a few private individuals?"