LIMIT ON DIVIDENDS.
Lang’s Electricity and Gas Bill. SYDNEY, March -3. Moving the second reading of the Gas and Electricity Bill, in the New South Wales Legislative Assembly, Mr J. Baddeley, Minister of Labour and Industry, said that the Bill .reduced the rate of dividends payable by the companies from 8 per cent to 6 per cent on ordinary shares, and from 7i per cent to 5* per cent on preference shares. Mr Baddeley said that a full-time salaried commissioner was being appointed to inquire into the prices of gas produced by the various companies. He would act under the authority of the Secretary for Labour and Industry. Mr J. Kitching was being appointed. Mr B. S. B. Stevens, deputy-leader of the Opposition, described the Bill as an outrage. He added that there were limits beyond which the public could not be expected to tolerate “ this wholesale and unblushing confiscation of the assets of industry.”
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Star (Christchurch), Volume XLIV, Issue 364, 4 March 1932, Page 1
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155LIMIT ON DIVIDENDS. Star (Christchurch), Volume XLIV, Issue 364, 4 March 1932, Page 1
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