SIR W. R. MORRIS
DIVIDEND OF £200,000.
WHOLE SUM TO CHARITY.
Sir William R. Morris, head of Morris Motors (1926) Ltd., referred in a speech at Plymouth early in April to an announcement that he at last proposed to take a dividend, amounting to £200,000, from the firm.
This sum was described in the annual report of the firm as a 10 per cent, dividend, free of tax, Sir William having, during its first three years, enabled the company to build up a reserve fund of £2,000,000 by agreeing- to forgo dividend on the £2,000,000 of ordinary capital which he holds. "That sum of £200,000,” said Sir William, “has been allowed because I have not enough to pay the charitable institutions who are looking to me. “The whole of the money will go to charitable institutions of the country.” Sir William holds all the ordinary shares of the firm. The amount of dividend he could have taken in 1928 was about £l,000,000 and in 1927 he sacrificed £725,000. The net. profits of the firm last year were £1,285,181, compared with £1,314,089 in 1928.
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Southland Times, Issue 21097, 31 May 1930, Page 11
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183SIR W. R. MORRIS Southland Times, Issue 21097, 31 May 1930, Page 11
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