COMPANY DIVIDENDS

Otago Daily Times, Issue 24791, 16 December 1941, Page 6

COMPANY DIVIDENDS

LABOUR CRITICISM "MORALLY CORRUPTING" RUGBY, Dec. 12. Following an appeal from Sir Robert Kindersley, president of the National Savings Committee, to the Trades Union Congress, the leader of the latter, Sir Walter Citrine, said the T.U.C. would try to frame a declaration which would stimulate interest in the savings movement. He added: "I am not one of those who dream of a new world after the war. I do not need to be drugged by opium of that kind. I believed that had the war been fought solely for the purpose of maintaining the liberties we now enjoy, and having regard to the progress the Labour movement has made along the road to realising the things we believe in as basically good for the country as a whole, the war would have been worth fighting. Some means, must be taken if. the people of this country are really, to feel that equality of sacrifice is being shared by the whole community, and that some curtailment of. the rate of dividend will be necessary. When I see a company paying a 30 to 40 per cent, dividend I am not foolish enough to assume that the immediate investor secures a return of £ 40. The Chancellor of the Exchequer will deal with him' very effectively; arid lie might have bought his shares ;■ at a higher price than the nominal value. But it sis morally corrupting •to the human mind when workpeople have been appealed to to sacrifice, rights when higher dividends are being paid."