Broken Hill Shares
Sir, —There have been several letters in your newspaper regarding the Commissioner of Taxes’ ruling on the Broken Hill Proprietary shares, making them liable for income and Social ,• y Security tax. It was definitely stated by the chairman of the company that the share issue was a return of premium capital, and not taxable, therefore the shares in return of capital were in the ratio of &4 shares in every 100. The shares, which advanced to . well over £4, can now be bought for 40/- to 47/-. Far below what the shares were selling at before the dis- , tribution of capital, and risk of any taxation. The chairman stated that the earning power of the company would be no greater, which has proved to be the case, as the dividend now is 9d. a share, and before the return of capital was 1/3 a share, therefore the shareholders do not in any way benefit. I will be willing to assist other shareholders who may desire to combat this injustice to New Zealand shareholders. —I am. etc., FAIR PLAY. Pahiatua, May 1.
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https://paperspast.natlib.govt.nz/newspapers/DOM19400504.2.111.1
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Dominion, Volume 33, Issue 187, 4 May 1940, Page 13
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184Broken Hill Shares Dominion, Volume 33, Issue 187, 4 May 1940, Page 13
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