INCREDIBLE PROFITS.

Poverty Bay Herald, Volume XLVII, Issue 15221, 20 May 1920, Page 3

INCREDIBLE PROFITS.

♦ I ..- £16,000,000 IN "SHELL" NOW WORTH £170,000,000. The 35 per cent, that has now become the regular dividend of the Shell Transport and Trading Company is substantial enough, but an analysis of the capitalisation of the company indicates that it is by no means all the story. Three times within the period 1913---1918 the capital was increased, first by 367,964 shares issued at 66s eacji, then by 100,000 shares issued at £1 each and then by 3,041,172 shares given as a bonus. Thus, although the dividend has remained nominally at 35 per cent., the actual sum distributed in dividends has increased enormously. Here are the figures : 1913, £1,470,533 ; 1914, £1,517 - 251; 1915, £1,529,016; 1916, £1,529---016; 1917, £1,849,411; 1918, £2 913---927. ■ : ' If one takes into consideration only those shares paid for in cash, the rate of dividend is nearly 60 per cent. In addition to the dividends, each issue of shares, apart from the, bonus issue, has meant substantial bonuses for the fortunate shareholders. This was repeated last year, when the total issued capital was raised to £12,830,649 by the issue of one share for every tw6 held at par. There wero thus more than 4,000,000 shares issued at £1, -worth £13 ss, in the market to-day. If an average be taken of the whole capital, again excluding the bonuß shares, the cost per share has been £1 ss, or a little over £16,000,---000.' These shares are to-day worth £130,000,000, while, in addition, the bonus shares are worth another £40,000.---000, making the value of the ordinary shares £170,000,000. This is the -company which, because it dominates so large a share of Great Britain's petrol supply, is squeezing another 8d a gallon in order to add to its already enormous profits.— London Daily Express.