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Updated: May 14, 2025
In other words, the reserve fund is already the property of the shareholders, and to convert it from reserve fund into capital, making them a present of new shares, which merely represent their claim to the assets held against the reserve fund, is as empty a gift as presenting a man with a piece of paper informing him that he is the owner of his own hat.
The State would continue to pay to the shareholders the same dividends they had received on an average for, say, the previous three years. These payments would be continued to the present shareholders for life, or the payments might be limited to a stated number of years and the shares would be made non-transferable, like the railway tickets of today.
One of the visitors glanced meaningly at his companion. There was truth in what Lansing said. The angry shareholders would not discriminate carefully; they would blame the present directors, who would have to face a serious loss while Lansing had made a profit. It was a galling situation; and what made it worse was that Lansing's expression hinted that he found it somewhat humorous.
Soon after his retirement from the management of the Midland Bank, the shareholders and directors, to mark their sense of his services, and their esteem for him as a man, voted him a magnificent service of plate. A fine full-length portrait was about the same time placed in the board room of the bank. The painting is by Partridge, and is a very excellent characteristic likeness of Mr.
Extremists must be sent to Coventry, "caste" feeling dropped on the one hand, and suspicion dropped on the other; managers, directors, and labour leaders, all must learn that they are not simply trustees for their shareholders or for labour, but trustees of a national interest which embraces them all or worse will come of it.
On this occasion, the board, with the sanction of the shareholders, to mark their sense, of his admirable judgment and unceasing industry, voted him a retiring pension of £1,000 a year. His portrait now hangs in the board-room at the bank, near that of his friend, Mr. Geach.
The shares of a great district railway went down thirty per cent. Hope bade his employer and pupil observe that this was rank delusion, the dividends of the railway were not lowered one per cent. by the failure of that bank, nor could they be: the shareholders of the bank had shares in the railway, and were compelled to force them on the market; hence the fall in the shares.
The main line agrees to work it, and before receiving payment, to allow the shareholders 4-1/2 per cent. for their money; all further profits to be divided between the two companies, after paying working expenses. It was opened on the 1st July last, and hitherto the appearances of success have been most remarkable.
The current interest was £3 6s. 8d. per cent., but he would assume it to be 3-1/2 per cent., and that the Government was to lend it at that rate, and take the whole security of the railway for the loan; consequently, a line paying £7 upon £300 expended would afford ample security for the £200 lent by the State, at £3 10s. per cent., because, of such £300, one hundred would be laid out by the company, and £200 by the Government, who, taking the whole railway for their security, would have a legal claim upon the produce of the money expended by the shareholders as well as by themselves.
This sum total of the various items, with all their fractions, making up a fractional sum less than four hundred thousand pounds, might be otherwise described as a capital stock held by the shareholders of the old company trading to Africa and the Indies, each to the extent of his loss.
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