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The portion of the national dividend which goes to labour now, in progressive countries such as Great Britain, Germany, and America, is immensely greater than it was a hundred years ago, and unless industrial progress is arrested its tendency is to rise still further.
But how many mining investors ever thought of that? And how many, when offered a ten per cent. "guaranteed dividend" for five years on their money, ever stop to reflect that, for instance, I could take your money and put it in a cracker box, and myself make money by paying it back to you, ten per cent. a year for nine years and then explaining what had happened to the cracker box!
Ten per cent. was the amount of the dividend he received; the remainder was charged to Profit and Loss, Experience being duly credited with the same amount. It was with the greatest difficulty that the judicious Easelmann prevented his friend from making a second visit in the evening of the same day.
Yes, and forthwith the same arrangement for all, Athenians, that each, taking his dividend from the public, may be what the state requires. Is peace to be had? You are better at home, under no compulsion to act dishonorably from indigence. Is there such an emergency as the present? Better to be a soldier, as you ought, in your country's cause, maintained by those very allowances.
With P. S-W. stock at thirty-eight and steadily declining; with another dividend about to be passed; and with the certainty that the July interest on the bonds will have to be defaulted unless some compromise can be effected with the bondholders " "What's that you're saying?" broke in Mackie, whose P. S-W. holdings were large. Ford drew a folded paper from his pocket and laid it on the table.
I know that while the coming transaction was still a secret, you and other, gentlemen connected with the matter bought up large interests in other lines, which you proceeded to lease to yourselves at guaranteed dividends which these lines do not earn. I know that the first large dividend was paid out of capital.
Looking back now, after the lapse of thirty years, it would seem that the government would have done better if it had given less of the land which was to prove so valuable, and had, instead, guaranteed the dividend on the stock for a term of years.
In the example which we supposed above of the company with a capital of three millions and reserve fund of one million, if the reserve fund is turned into Ordinary shares and the earning power of the company remains the same there may obviously be a temptation to the directors to modify the prudent policy under which they had hitherto placed one hundred thousand a year to reserve, because if they continued it the shareholders would discover they were really no better off and that they simply got a lower rate of dividend on the larger amount of shares, and that their actual receipts from the company were exactly the same as before.
His father had failed at a time of commercial panic as a country banker, had paid a good dividend, and had died in exile abroad a broken-hearted man. Robert had tried to hold his place in the world, but adverse fortune kept him down.
These persons will expect, and justly expect, cash on a compulsory purchase, on basis of market value, or capitalisation of dividend, so as to secure the same return of interest. Could the Irish Government borrow £50,000,000, and at what rate?
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