BIG PROFITS

Sun (Auckland), Volume II, Issue 507, 9 November 1928, Page 9

BIG PROFITS

SHAREHOLDERS OF GENERAL MOTORS BENEFIT SHARES WATERED Z\ TIMES (United P.A.—By Telegraph — Copyright) ! (Australian and N.Z. Press Reed, noon NEW YORK, Thursday, j The directors of General Motors, Ltd., met after the Stock Exchange closed, and voted an extra stock dividend, giving stockholders 2| shares for each share now held. They also declared an extra dividend of 2\ dollars on common stocks. It is expected that the new stock in 2£ split-up shares will be placed on a three-dollar annual basis, which is j equivalent to 75 dollars on the old stock. The directors also declared regular dividends on common stock of a dollar and a-quarter per share, and regular dividends on senior stock. A special meeting of stockholders has been called for December 10 to consider the change in par value of the stock, which is at present 25 dollars. For the first six months of the present year the net earnings of the General Motors Corporation amounted to £32,253,600. This total profit is reported to be the highest ever shown for an American company over a half year. During the corresponding period of 1927 the r.et earnings were £25,800,000. The company has steadily increased its business over the period under review, and it is officially announced that during the six months ended June 30 net retail sales amounted to 1,062,733 cars.